Press release
Innovative Stores For E-Commerce Industry: Key Trend Transformation In The Convenience Stores Market 2024
Convenience Stores Market Growth
The global convenience stores market reached nearly $1.008 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.10% since 2018. The market is expected to grow from $1.008 billion in 2023 to $1.64 billion in 2028 at a rate of 10.23%. The market is then expected to grow at a CAGR of 7.48% from 2028 and reach $2.35 billion in 2033.
What strategies are being adopted by key players in the convenience stores market?
• Enhance operational capabilities by opening new stores
• Strengthen geographical footprint via strategic partnerships
• Expand global presence through innovative initiatives
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To take advantage of opportunities, The Business Research Company suggests that convenience stores companies enhance offerings:
• Launch innovative convenience store concepts
• Revolutionize digital commerce in convenience stores
• Forge strategic partnerships and collaborations
• Leverage AI to drive retail growth
What Is Convenience Stores: Market Definition?
Convenience stores refer to retail establishments that offer a small assortment of essential items, such as packaged foods and medicines and are open late to accommodate customers. These stores are conveniently located where customers can rapidly obtain a wide range of products such as snacks, beverages, groceries, personal care items and household essentials, often operating for extended hours, including late nights and weekends, to provide flexible shopping experiences.
Convenience stores cater to a diverse customer base, ranging from commuters and students to families and elderly individuals, offering a convenient shopping solution for time-constrained consumers. They are commonly located in high-traffic areas such as gas stations, urban centers, suburban neighborhoods and transportation hubs. Convenience stores play a critical role in meeting the needs of consumers in fast-paced environments, where speed, accessibility and ease of purchase are crucial.
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Who Are The Major Companies Operating In The Global Convenience Stores Market?
The top ten competitors in the market made up 23.9% of the total market in 2023. Seven & i Holdings Co., Ltd. was the largest competitor with a 6.7% share of the market, followed by:
• Carrefour Group.
• Love's Travel Stops & Country Stores.
• Lawson Inc.
• Wawa Inc.
• Alibaba Group Holding Limited.
• Alimentation Couche-Tard Inc.
• Amazon.com, Inc.
• Fomento Económico Mexicano.
• Walmart Inc.
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