LONDON, Sept. 22, 2020 (GLOBE NEWSWIRE) -- (Companies Covered: Seven & I Holdings Co. Ltd, Auchan Holding SA, Carrefour SA, Alimentation Couche-Tard Inc., FamilyMart)
According to Nielsen, convenience stores in the US will grow faster than all other offline channels over the next five years. This is because convenience stores are located close to consumers’ homes, and typically have smaller crowds than large supermarkets or hypermarkets, both of which are necessary measures in the wake of the pandemic. Sales of household items such as fresh meats, cleaning supplies, baking staples, and others have seen an upward trend in the convenience stores market since mid-March, around the time when the coronavirus hit the USA. Considered “essential businesses” by the U.S. government during the pandemic, convenience stores are often the only and/or closest location for much-needed fuel, and food and grocery items. According to a 2018 NACS consumer survey, particularly in smaller towns, 8 in 10 rural Americans (86%) said that a convenience store was within 10 minutes of their homes.
Convenience stores source their materials from wholesalers or retailers. Perishable items such as food, groceries, and other fast-moving consumer goods are frequently purchased and stocked by convenience store owners. Due to the worldwide lockdown restrictions imposed because of the coronavirus, the supply chain of convenience stores has been greatly impacted. Logistics hubs and warehouses have been shut down, and there are travel restrictions in many countries which create hurdles in the transportation of goods domestically. Due to factories being closed and a shortage of labor, supplier reliability also went down, which caused the supply chain to break as there were missing raw materials and longer lead times.
The Business Research Company’s report titled Global Convenience, Mom And Pop Stores Market - By Type (Convenience Stores, Mom And Pop Stores), By Ownership (Retail Chain, Independent Stores), And By Region, Opportunities And Strategies - Global Forecast To 2030 covers major convenience, mom and pop stores companies, convenience, mom and pop retailers market share by company, global convenience, mom and pop stores market analysis, global convenience, mom and pop stores market size, mom and pop mattress stores market, and convenience, mom and pop stores market forecasts. The report also covers the global convenience, mom and pop stores market and its segments. The convenience, mom and pop stores market share is segmented by type into convenience stores and mom and pop stores. The convenience stores market is also segmented by ownership into independent retailer and retail chains.
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There has been a significant shift in consumer demand, with demand spikes for essential products such as sanitizers, masks, long-lasting food items, consumer packaged goods (CPG), shelf-stable items, etc. On the other hand, there is a complete lack of demand for non-essential goods such as fashion accessories and kitchenware. COVID-19 lockdown has driven demand for toiletries, ready-to-eat meals, and cleaning items.
According to a survey by the National Association of Convenience Stores (NACS) between late March and April 1st, 2020, with 105 respondents who consisted of store managers representing 1,828 stores across the United States, 52% respondents had stacked their stores with toiletries and cleaning items, 31% are focusing on ready-to-heat meals, and 28% are interested in multipack and bulk items.
The global convenience, mom and pop stores market is expected to grow from $960.8 billion in 2019 to $1,021.3 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. Growth in the forecast period can be attributed to technological advances such as POS (point-of-sale) technology, beacons, robotics, automation and augmented reality, and the growing consumer preference for shopping local.
Convenience, mom and pop stores are increasingly offering fresh, food-to-go and evening meal options to entice customers and to increase their revenues. This is an emerging trend in the convenience, mom and pop stores market. To meet the changing consumer preference and to be more convenient for customers, convenience stores are increasingly providing their customers more food options.
According to a study by Dataessential in 2018, 36% of consumers frequently buy prepared foods when they visit c-stores, and 35% do so occasionally. Companies such as 7-Eleven, known for its slurpees and hotdogs, recently started selling locally made items in select markets, including chipotle chicken bowls, chicken parmesan and macaroni and cheese, to serve a more diverse set of consumers and thus increase their revenues.
Global Convenience, Mom And Pop Stores Market - By Type (Convenience Stores, Mom And Pop Stores), By Ownership (Retail Chain, Independent Stores), And By Region, Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide convenience stores market overviews, analyze and convenience stores forecast market size and growth for the whole market, convenience stores market segments and convenience stores market geographies, convenience stores market trends, convenience stores market drivers, convenience stores market restraints, convenience stores market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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