UK convenience to grow by £7.1 billion
New research predicts prosperous five years ahead for sector
There’s growth on the horizon for the UK convenience channel, with a new forecast projecting £7.1 billion growth in the sector by 2023.
The figures, published by food-and-grocery insight specialists IGD, predicts that the convenience channel will reach £47.2 billion within five years, with strong store growth a key factor in this.
IGD has highlighted three key areas behind the growth: post-millennial shoppers craving ‘new’ convenience, speed of shopping and the need for shoppers to target more shopping missions more effectively.
Patrick Mitchell-Fox, Senior Business Analyst at IGD, said: “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.”