Convenience market to be worth nearly £50 billion by 2019
The UK convenience market is set to be worth £49 billion by 2019 and will grow by over 30% over the next five years according to the Institute of Grocery Distribution.
Figures released by the institute show that symbol group operators have the biggest overall share of convenience sales, accounting for just over £4 in every £10 spent in UK convenience stores.
Unaffiliated independents and symbol groups were shown to account for over 70% of the total number of convenience stores and while growing at the fastest rate, convenience multiples still represent less than 10% of total stores.
IGD chief executive Joanne Denney-Finch said: “Convenience stores are benefiting from changing social demographics, such as smaller households, and shoppers spreading more of their spending across a variety of grocery formats. Our latest ShopperVista research shows that seven out of ten (71%) of them are using both a supermarket and convenience shop in any given month.
“Our 24-hour, seven day a week society means people can buy anything, anywhere and at any time. Convenience stores are well placed to make the most of this trend as shoppers use them more than any other type of grocery format.
“Building on the success of click and collect, convenience shops continue to offer a link between digital and physical shopping – acting both as a drop-off and collection point. This also provides another reason for shoppers to visit, helping them combine two tasks in one journey.
“With all types of retailers focusing so much on convenience, it’s an incredibly exciting time to be involved in this sector. However, it’s vital convenience shops stay close to shoppers changing needs and keep innovating to maintain this momentum.”
|Convenience sales 2014 £m||Share of sales 2014 £m||Sales change year to April 2014|
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