e market is predicted to be worth £49 billion by 2019, according to a new report by IGD.The booming market is expected to grow by over 30% - from its current value of £37 billion.
Symbol groups account for over £4 in every £10 spent in convenience stores e.g. Costcutter and Nisa.
The next two groups following symbol operators are convenience multiples and unaffiliated independents, accounting for over 70% of convenience stores.
The convenience multiples were the fastest growing sector in terms of sales in the year to April 2014, but still represent less than 10% of the total number of stores.
Joanne Denney-Finch, chief executive of IGD, said the group forecasts almost £12 billion in extra sales for the convenience sector between now and 2019.
She went on to explain how 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”.
IGD’s latest ShopperVista research shows how 71% of consumers are using both a supermarket and convenience shop in any given month.
“Convenience stores are well placed to make the most of this trend as shoppers use them more than any other type of grocery format,” she said.
Building on the success of click and collect, convenience shops continue to offer a link between digital and physical shopping, she added, acting both as a drop-off and collection point and providing another reason for shoppers to visit, helping them combine two tasks in one journey.
“One convenience operator, for example, tweets alerts about seasonal products while another has an interactive digital ‘smart pad’ allowing customers to view local suppliers and leave feedback.”
