Convenience store sales increased in thirteen countries in the first quarter of 2022, while ten countries witnessed a decline, a new report by NielsenIQ and NACS has unveiled.
The global convenience retailing industry report includes 23 countries in North America, Europe and the Asia-Pacific region.
Out of the total, nine growth countries were from the Asia-Pacific region, while eight countries witnessing sales decline were from Europe, the report noted.
NACS President and CEO, Henry Armour, commented, “With more than one million convenience stores globally, it is critical that convenience retailers and manufacturers who serve this industry are prepared for the future.”
Sales in the UK fuel and forecourt segment is expected (excluding fuel) to rise to £47.1 billion (€55.7 billion) by 2024, with shoppers currently spending over £1 in £5 on grocery items.
In the US, convenience stores, which account for approximately 80% of the fuel purchased in the country, saw revenues per store, per month increase by 32% in the first quarter, driven by higher gas prices.
David Johnson, president of Global Retail for NielsenIQ, said, “The last two years have seen unprecedented disruptions across the global retail and consumer products industries. [...]"
“Convenience retailers and brands must continue to adapt and intensify their focus on customer loyalty, digital transformation, supply-chain management and collaboration to effectively meet the challenges the industry faces.”
Elsewhere, a study by Lumina Intelligence unveiled that the UK convenience market is set to reach a value of £45.2 billion (€53.1 billion) this year, a 3.2% increase on 2021.