The convenience store market is growing at a faster rate than supermarkets in the UK as the idea of the big weekly shop wanes.
The convenience market now accounts for more than £1 in every £5 spent on groceries and nearly £31 billion was spent in the sector in the last year, according to analyst IGD.
According to IGD’s Convenience Retailing 2010: Future Trading Strategies report, the convenience sector now accounts for 20.9 per cent of the total UK grocery market and is forecast to rise to £41.3bn by 2015 - growing at a faster pace than the overall UK grocery market.
The research revealed that Britons prefer to make more frequent trips to smaller shops instead of one large supermarket shop each week.
The report also shows that strong promotional programmes, greater format segmentation, new private label ranges and the ability to respond to changing shopper behaviour, are all contributing to the continued success of the sector.
IGD senior business analyst Jamie Trust said: “The convenience store industry has evolved significantly and is continuing to meet the changing needs of shoppers.
“It’s a challenging economic market but all of the factors that have underpinned recent growth in convenience retailing still hold true.”
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