FDBusiness.com

UK Convenience Channel to Reach £47.2 Billion By 2023

 Breaking News
  • Pernod Ricard to Acquire Super-premium Italian Gin Brand Pernod Ricard is acquiring Italian super-premium gin brand Malfy from Biggar & Leith for an undisclosed price. Malfy is a range of super-premium gins distilled by the Vergnano family in the Italian region of Moncalieri, and already present in several international markets such as the United States, United Kingdom and Germany. Each gin in the [...]...
  • Nestlé and Carrefour Give Consumers Access to Blockchain Platform Nestlé and Carrefour, the French retail group, have announced that they are giving consumers access to blockchain data for Mousline purée in France. This is the first time that Nestlé is sharing information on its products with consumers via a blockchain platform. Consumers can use their smartphone or other device to scan a QR code on [...]...
  • Plastics Action Alliance Sets Targets to Achieve Sustainable Reduction in Use of Plastic in Ireland Plastics Action Alliance, the recently formed group that comprises of 11 leading agricultural processing and food businesses in Ireland, has set out its key objectives. The industry leading group aims to significantly reducing the use of plastic packaging across its members’ operations. Formed at the end of 2018, the Plastics Action Alliance is a collaboration that [...]...
  • Carlsberg UK Gets Honest About Its Beer Carlsberg UK has launched its most ambitious and honest consumer facing campaign ever in a bid to drive reappraisal of its flagship beer brand. Expected to reach 97% of the UK, the £20 million campaign conceived in collaboration with agency partners Fold7, Clifford French and Initiative – trades on the equity of the brand’s renowned [...]...
  • Alternative Proteins Challenge Dairy Dominance The value of the sports nutrition market is set to grow by around 8% per year to reach over US$17 billion globally in 2021, according to Innova Market Insights’ forecasts. The mainstreaming of the market has led to a surge in interest in plant-based alternatives with the traditional dominance of whey and other dairy proteins [...]...

UK Convenience Channel to Reach £47.2 Billion By 2023

UK Convenience Channel to Reach £47.2 Billion By 2023
July 25
10:22 2018

New forecasts launched by IGD reveal that the UK convenience channel is set to add £7.1 billion in the next five years to reach £47.2 billion by 2023. The convenience channel will benefit from strong store growth over the period, helping to fuel the channel’s compound annual growth rate of 3.3% to 2023.

Patrick Mitchell-Fox, Senior Business Analyst at IGD, says: “Growth in the convenience channel will come from a mix of activities. 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.”

Ahead of IGD’s Convenience Retailing Summit in September, Patrick Mitchell-Fox highlights three factors underpinning the success of the UK convenience channel: “A new generation of shoppers – post-millennial shoppers, born between 1992-1999, have grown up in an era of ‘new’ convenience, shopping in convenience stores for a wider range of products than generations before them. This generation of shoppers is used to stores with longer opening hours, that offer great quality products. But while they are key to driving growth, they also have high expectations that need to be met.

“Speed of shopping – as shoppers shift away from the weekly shop to more frequent shopping, the need for speed in-store becomes an important advantage for convenience stores. Further enhancing how quickly shoppers can navigate stores and purchase products will be central for the convenience channel. 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.

“Targeting more shopping missions, more effectively – while topping up the weekly shop remains the main reason for shoppers to visit convenience stores, retailers are also focusing on driving other ways to encourage shoppers into store with more enticing ranges of food-to-go and evening meal solutions. While some traditional categories, like tobacco and news, are in decline the rise of new footfall drivers such as fresh coffee and services like parcel collection are encouraging more shoppers into store more often. In addition, the growing provision of ‘dwell-space’ is also encouraging shoppers to spend more time in store.”

Join IGD on 26-27 September at the IGD Convenience Retailing Summit to hear from the retailers and suppliers that are making the most of this fast-growing grocery channel.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 18, 2019Multimodal 2019
  • June 25, 2019BevExpo 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements