Figure released at the IGD’s Convenience Retail Conference today (10 November 2011) reveal the UK food and grocery convenience sector is set to grow to £42bn in five years’ time.
According to the IGD, this means the sector will have increased in value by more than a quarter form its current value of £33.6bn in 2011. Convenience’s share of the overall food and grocery market is expected to increase to 22.9% by 2016, compared to 21.4% by the end of this year.
Shoppers are seeing increasing benefits from using the convenience sector – IGD ShopperTrack research found:
- If fuel prices continue to rise, 50% of shoppers said they will use shops nearer to them to save on petrol costs
- 40% of convenience store shoppers stated that the ability to walk to a store from home was a key factor when choosing a convenience store.
- Convenience store shoppers use the format on average three times a week
Nick Everitt, director of retail insight at the IGD, said: “The convenience sector is doing well in challenging conditions and outperforming the wider grocery market.
“The convenience market’s success is down to a number of factors, including an ability to adapt to the changing demands of the UK population. Shoppers are, for example, increasingly favouring a ‘little and often’ approach, and convenience operators are responding by offering a wider range of product choices, including more fresh and chilled foods, such as fruit and vegetables.”