PUBLISHER: The Business Research Company | PRODUCT CODE: 1429378
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429378
Convenience and mom-and-pop stores offer retail services, providing consumers with essential items such as food, toiletries, and daily necessities through conveniently situated small shops.
These stores primarily consist of convenience stores and mom-and-pop establishments. A convenience store, often franchised, typically operates for extended hours compared to standard stores. Convenience and mom-and-pop stores encompass a mix of retail chains and independent retailers, offering products across premium, mid-range, and economy price ranges.
The convenience, mom and pop stores market research report is one of a series of new reports from The Business Research Company that provides convenience, mom and pop stores market statistics, including convenience, mom and pop stores industry global market size, regional shares, competitors with a convenience, mom and pop stores market share, detailed convenience, mom and pop stores market segments, market trends and opportunities, and any further data you may need to thrive in the convenience, mom and pop stores industry. This convenience, mom-and-pop stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The convenience, mom and pop stores market size has grown rapidly in recent years. It will grow from $1133.71 billion in 2023 to $1255.47 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. Historical growth can be attributed to several factors, including robust economic expansion in emerging markets, escalating population density in urban areas, foreign direct investment (FDI) in retail within developing nations, and the surging popularity of the franchising model.
The convenience, mom and pop stores market size is expected to see strong growth in the next few years. It will grow to $1822.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. Forecasted growth is propelled by technological advancements, data analytics, consumer favoring local shopping, extended store hours, and space optimization. Key trends include contact-free stores, automation, IoT solutions, robotics integration, food diversification, brand collaborations, and digital platform adoption by convenience and mom-and-pop stores.
Convenience, mom-and-pop stores are strategically adopting a robust and integrated approach to data analytics in their management strategies. This technology is being leveraged to enhance supply chain efficiency, streamline operations, engage customers, and foster loyalty. Data has become a critical component for most retail operations, with a notable recognition of its significance. According to the World Economic Forum in July 2023, 60% of corporations view big data and analytics capabilities as increasingly crucial, and this technology is anticipated to create new jobs over the next 5 years. The forecast suggests that between 2023 and 2027, data science and data analytics may generate up to 1.4 million new jobs. As retail data experiences rapid growth and technologies for data analysis become more accessible, convenience stores and mom-and-pop stores are better positioned to identify and meet the needs and expectations of their customers, thereby driving market growth.
The convenience, mom-and-pop stores market is further poised for growth due to the rising consumer preference for personalized shopping experiences. Personalized shopping entails a tailored retail experience that aligns with individual customer preferences, behaviors, and purchasing history. These small-scale, often family-run businesses optimize their earnings by providing hands-on and personalized services tailored to the unique needs of their customers. For instance, a survey conducted by Adobe in June 2022 with 1,115 consumers across the US revealed that 67% of consumers expressed a desire for personalized offers based on their spending habits. This growing consumer preference for personalized shopping experiences is a key driver propelling the convenience, mom-and-pop stores market forward.
Convenience, mom-and-pop stores are increasingly embracing the concept of unmanned convenience stores, leveraging artificial intelligence and smartphone technology to eliminate the need for service personnel or cashiers. In these unmanned stores, each customer is assigned a virtual cart upon entry, and products are added or removed based on their actions. The deduction of the purchase amount occurs when the customer scans the products using a smartphone. Reflecting this trend, in January 2022, Omantel introduced E-Dukkan, the Middle East's first unmanned convenience store. Other examples of unmanned convenience stores include Amazon Go, Alibaba's Hema, and Bingo Box.
Major companies in the convenience, mom-and-pop store sector are introducing contact-free stores to enhance revenue. A contact-free store is a retail establishment that employs technology to enable customers to shop without the need for direct human interaction during the shopping and checkout process. For example, in April 2021, Choice Market, a US-based convenience store chain, inaugurated a new contact-free store featuring Aifi-powered camera-vision technology. This technology allows shoppers to use the Choice mobile app upon entry, facilitating the retrieval of groceries and freshly prepared meals from Choice Market's scratch kitchen, all without the need for direct human interaction.
Major companies operating in the convenience, mom and pop stores market report are Seven & I Holdings Co. Ltd., Carrefour SA, Auchan Holding SA, Alimentation Couche-Tard Inc., FamilyMart, Wawa Inc., Kwik Trip Inc., EG Group, Love's Travel Stops & Country Stores, Casey's General Stores, Inc., Bianlifeng, Suning Xiaodian, Lawson, Ministop, Metcash, Think Convenience, GS25, SPAR, Tesco, Musgrave, Sainsbury's, Co-operative Group Limited, McColl's, Groupe Casino, Profi, Stokrotka Sp. z o.o., Perekrestok Express, Magnit, Zabka, Spolem, Groszek, Eurocash, 7-Eleven, Yesway, Casey's general stores, Marathon Petroleum Corporation, Raizen Conveniencias, Cencosud, Cia Brasileira de Distribuicao, Savola, Almeera Group, Al Madina Group, Lulu, Circle K, FreshStop, Food Lover's Market, Pick n Pay, Shoprite, Freshzo Foods
Asia-Pacific was the largest region in the convenience, mom, and pop stores market in 2023. Africa was the second-largest region in the convenience, mom, and pop stores market. The regions covered in the convenience, mom and pop stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the convenience, mom and pop stores market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The convenience, mom and pop stores market include revenues earned by entities by providing services through kiosks, limited format stores, traditional stores and hyper stores. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Convenience, Mom And Pop Stores Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on convenience, mom and pop stores market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for convenience, mom and pop stores? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The convenience, mom and pop stores market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.