Global Convenience Stores Market To See $1,109 Billion Rise, Says GlobalData
The global convenience store market is expected to rise by 30% – the equivalent of US $1,109 billion (€990 billion) – over the next three years, accounting for a 22% share of all global retail spend by 2022, according to GlobalData, a leading data and analytics company.
Although convenience formats are still achieving impressive growth as a physical retail channel, they are still forced to compete against online delivery, according to GlobalData's report, Global Convenience Stores Retailing.
This creates demand for new concepts, to secure footfall in stores as others move online.
“Despite Russia’s Magnit and the UK’s Sainsbury’s exposure to the convenience market, their lacklustre like-for-like performances announced last week signal, among other flaws in their strategies and tough retail conditions, that even operating in a winning channel cannot safeguard footfall,” said Honor Strachan, a retail analyst at GlobalData.
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