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Convenience channel will grow to £48.2bn by 2024 predicts IGD

John Wood ·
co-op site
Co-ops are helping to fuel growth
  (Photo:  )

New forecasts from the industry thinktank IGD reveal that the UK convenience market is set to grow by £6.9bn in the next five years, to reach £48.2bn by 2024. The channel will benefit from lots of new store openings over the period, helping to fuel a compound annual growth rate of 3.1%.

Patrick Mitchell-Fox, senior business analyst at IGD, said: “While we expect relatively muted store development across the sector as a whole in the next two years, with the sector undergoing a period of consolidation, we forecast key segments – in particular co-operatives, multiples and symbols – to benefit from strong store growth again from 2021.”

Reviewing the current year in convenience, Mitchell-Fox said: “Total convenience sales are expected to grow by 2.6% in 2019. This growth is being led by the co-operatives segment above all, driven not only by a focus on opening new stores, but also by outstanding like-for-like performance underpinned by strong private label development, better fresh and chilled ranges and more competitive value.

“Multiples, though still seeing solid growth, are now opening new stores at a more modest pace, targeting only those sites with the best potential.

“Meanwhile, after a year of slower growth, the symbols segment is beginning to pick-up again, though it remains restrained as it stabilises after a period of notable disruption and instability.”

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Keywords:

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    Retail
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    wholesale
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Weekly retail fuel prices: 12 August 2019
RegionDieselLPGSuper ULUL
East132.7964.90140.57129.31
East Midlands132.3882.90140.96129.04
London132.00142.39129.64
North East131.01141.52128.85
North West131.7261.90139.66128.96
Northern Ireland129.24135.57126.71
Scotland132.0552.70140.43129.27
South East132.9759.90141.37129.82
South West132.33140.93128.95
Wales131.33136.85128.40
West Midlands132.06141.78129.37
Yorkshire & Humber131.4669.57142.64128.74

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