Brits gain from c-stores’ billion pound boom
UK’s convenience store sector, now valued at £37.7 billion pounds (USD 56.8bn), gives jobs to more than 407,000 people and contributes over £5bn (USD 7.7bn) to the British economy.
The 2015 Local Shop Report, which is compiled by the Association of Convenience Stores (ACS), further said that the sector grew 5% in 2014 with two new stores opening a day. There are now 51,524 convenience stores in mainland UK.
The growth can be attributed to changing consumer behaviour as shoppers tend to make smaller yet frequent purchases rather than big weekend buys in the supermarket, reported The Telegraph.
Consumers also spend 5% more, around £6.45 (USD 9.90), every time they visit a convenience store.
This partly explains why retail giants such as Tesco and Sainsbury have opted to open smaller shops to penetrate the convenience sector, where around 75% of the stores are operated by local and independent shop owners.
The sector also adapts to the latest technology by using contactless payment system, in-store bakeries, click and collect services, and loyalty cards, reported Talkingretail.com.
Eighty-three percent of the convenience store owners have also supported community activities such as charities, sponsorships, and local events, making it one of the establishments along with pharmacies, coffee shops and specialist food shop that have the most positive impact in the community, according to a separate ACS survey.
