New forecasts from IGD, reveal that the UK convenience channel is set to add £7.1bn in the next five years to reach £47.2bn 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, 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.”