UK convenience channel powering ahead, IGD
The UK convenience channel is set to add £7.1 billion in the next five years to reach £47.2 billion by 2023, according to IGD.
Patrick Mitchell-Fox, Senior Business Analyst at IGD, says: “New store development will continue to be a key engine for the channel over the next five years, with the co-operatives, symbol and multiple retail segments leading the way. However, with the multiples taking a more conservative approach to expansion, we expect there to be an increasing focus on driving sales from existing stores too. This makes for a very positive outlook for convenience retailing and it remains one of the fastest growing channels in the UK food and grocery market.”
A key factor here is speed of shopping. As people shift away from the weekly shop to more frequent visits, the need for speed in-store becomes an important advantage. “Further enhancing how quickly shoppers can navigate stores and purchase products will be central for the convenience channel,” says Mitchell-Fox. “As more retailers globally trial till-less technology, taking payment automatically via shoppers’ own smart devices, will be key to enhancing the speed of shopping trips in the next generation of convenience stores."
