Convenience stores refer to retail establishments that offer a small assortment of essential items, such as packaged foods and medicines and are open late to accommodate customers. These stores are conveniently located where customers can rapidly obtain a wide range of products such as snacks, beverages, groceries, personal care items and household essentials, often operating for extended hours, including late nights and weekends, to provide flexible shopping experiences.
The convenience stores market consists of revenues earned by entities (organizations, sole traders, or partnerships) that operate convenience stores involved in retail service of supplying food and groceries. These stores provide quick and easy access to everyday items, typically located in residential areas or near transit hubs, catering to consumers who seek to purchase goods in small quantities with minimal effort.
The global convenience stores market was valued at $786,218.64 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Changing Consumer Lifestyles
The changing consumer lifestyles supported the convenience stores market in the historic period. As individuals increasingly manage demanding work schedules, longer commutes and various personal obligations, there is a growing preference for quick and convenient shopping options. Convenience stores cater to this need by offering fast service and are strategically located in high-traffic areas such as gas stations, urban neighborhoods and office districts. For example, in April 2023, Nestle, a Switzerland-based food and drink processing conglomerate corporation, and PAI Partners, a France-based private equity firm, have announced a joint venture aimed at revitalizing Nestle's frozen pizza business in Europe. This partnership will allow both companies to leverage their strengths in a competitive market, addressing evolving consumer preferences and industry trends. Therefore, the changing consumer lifestyles drove the convenience stores market during the historic period.
Revolutionizing Convenience Store Digital Commerce
Convenience stores are focusing on revolutionizing convenience store digital commerce with an aim to minimize the manual effort needed to maintain consistent and accurate product listings. For example, in February 2024, Vroom Delivery, a US-based company specializing in services for convenience stores, announced the launch of Commerce 360, a comprehensive digital commerce solution designed specifically for this sector. This platform automates the management of product information and inventory across various digital ordering and delivery channels, thereby enhancing the shopping experience for customers. At the core of Commerce 360 is the Automated Menu Management (AMM) system, which seamlessly integrates with critical systems such as inventory and loyalty programs, ensuring accurate product listings and reducing out-of-stock occurrences. This initiative aims to streamline operations for retailers, enabling them to boost sales while minimizing manual labor and operational costs.
The global convenience stores market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 23.9% of the total market in 2023.
Convenience Stores Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global convenience stores market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for convenience 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 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 history and forecasts market growth by geography. It places the market within the context of the wider convenience stores market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by store type, by ownership and by product type.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the convenience stores market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by store type, by ownership and by product type in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Contains information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations- This section includes recommendations for convenience stores providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Store Type: Kiosks; Mini Convenience Store; Limited Selection Convenience Store; Traditional Convenience Store; Expanded Convenience Store; Hyper Convenience Store
- 2) By Ownership: Retail Chain; Independent Retailer
- 3) By Product Type: Cigarettes And Tobacco; Foodservice; Packaged Beverages; Center Store; Low Alcoholic Beverages; Other Product Types
- Companies Mentioned: Seven & i Holdings Co., Ltd.; Carrefour Group, S.A.; Love's Travel Stops & Country Stores; Lawson Inc.; Wawa Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; convenience stores indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.