Press release
2020-2030 Convenience, Mom And Pop Stores Market Opportunities And Strategies, Potential Growth
Convenience, Mom And Pop Stores market
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The global convenience, mom and pop stores market reached a value of nearly $960.8 billion in 2019, having grown at a compound annual growth rate (CAGR) of 5.5% since 2015, and is expected to grow at a CAGR of 5.7% to nearly $ 1,201.3 billion by 2023.Also the market is expected to growth to $1,370.6 billion in 2025 at a CAGR of 6.8% and to $1,851.1 billion in 2030 at a CAGR of 6.2%.
The Key drivers of the Convenience, Mom And Pop Stores market include:-
Rapid growth in technology is expected to drive market growth during the forecast period. Areas of particular development are likely to be POS (point-of-sale) technology, beacons, robotics, automation and augmented reality. For example, retail companies are increasingly investing in drone technology to reduce delivery times and increase profitability. A drone is an unmanned aerial vehicle (UAV) that is remotely controlled or flies autonomously through software-controlled flight plans in their systems.ii Major convenience store companies as 7 Eleven have started drone deliveries long before the other small competitors. 7 Eleven started its drone deliveries in December 2016 and completed about 77 such deliveries in a month. Ordered items, including food and over-the-counter medicine, were packed into special containers and flown by drones that used GPS capabilities to find addresses.iii Thus, the convenience, mom and pop stores industry is expected to benefit from the greater efficiencies offered by these technologies.
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Convenience, Mom And Pop Stores Market Segmentation:-
By Type
a. Convenience Stores
b. Mom And Pop Stores
The convenience stores market was the largest segment of the convenience, mom and pop stores market, and accounting for $515.1 billion or 53.6% share of the total market in 2019. It is also expected to be the fastest-growing segment going forward at a CAGR of 5.8%.
By Ownership
a. Retail Chain
b. Independent Stores
The independent retail segment was the largest segment of the convenience, mom and pop stores market by ownership, accounting for $552.1 billion or 57.5% of the total market in 2019. The retail chain market is expected to be the fastest-growing segment going forward at a CAGR of 6.2%.
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By Geography - The Convenience, Mom And Pop Stores market is segmented Into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
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Some of the major key players involved in the Convenience, Mom And Pop Stores market are
1.Seven & I Holdings Co., Ltd.
2.Auchan Holding SA’s
3.Carrefour SA’s
4.Alimentation Couche-Tard Inc.’s
5.FamilyMart Co., Ltd.’s
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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