NielsenIQ and NACS released their inaugural global convenience retailing industry report that provides industry-leading data, macro trends and analysis across 23 countries in North America, Europe and Asia-Pacific regions.
Highlights of this report include:
- Thirteen countries experienced growth in convenience store sales during the first quarter of 2022 versus the first quarter of 2021, while 10 countries experienced sales declines.
- Nine of the 13 growth countries were from the Asia-Pacific region, while European countries accounted for eight of the 10 countries with sales declines.
- U.S. convenience stores, which sell an estimated 80% of the fuel purchased in the country, saw revenues per store, per month increase 32% in Q1 2022 versus the same period in 2021, largely a result of higher gas prices.
- Canadian convenience store dollar sales underperformed versus other retail channels (-0.8% vs. +2.1%).
- The U.K. fuel and forecourt industry continues to thrive, with sales (excluding fuel) expected to rise to £47.1 billion (US$57.03 billion) by 2024; sales now account for over £1 in £5 spent on grocery items.
- In China, the three most significant convenience development trends are digitalization, food service and e-commerce.
“With more than one million convenience stores globally, it is critical that convenience retailers and manufacturers who serve this industry are prepared for the future. This report uncovers the issues, opportunities and challenges that exist globally, and contributes to a global understanding of trends impacting individual trade areas,” said NACS President and CEO Henry Armour.
“The last two years have seen unprecedented disruptions across the global retail and consumer products industries,” said David Johnson, president, Global Retail for NielsenIQ. “With ongoing supply-chain issues, inflation and shifting consumer behavior, robust data, analytics and insights are critical to understanding the convenience channel market dynamics. Convenience retailers and brands must continue to adapt and intensify their focus on customer loyalty, digital transformation, supply-chain management and collaboration to effectively meet the challenges the industry faces.”