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04/12/2014

IGD predicts growth in retail sector for 2015

Todays_Shelf_290x141IGD’s latest research suggests significant growth in the retail sector for convenience stores, predicting that by 2019 24% of food and grocery sales could be made through local retail channels.

Currently, convenience stores are visited, on average, twelve times per month, however this rise will see the sector, along with discount and online retailing, grow by more than £31 billion over the next five years.

IGD chief executive Joanne Denney-Finch said: “Shoppers now expect grocery retailing to organise itself around their lives, rather than building their routines around store opening hours.

“Convenience isn’t always about time – it’s also about effort. Shoppers find it convenient just to spend 10 minutes shopping on their way home from work, even if that means they are shopping more frequently.

“The fundamental shifts in shopper behaviour we have seen in recent years indicate that whether you’re a retailer or a supplier, there is a huge opportunity in the convenience channel.”

From their research, IGD found that customers would respond well to an increased focus by the sector on pricing and promotions.

42% said they would favour price reductions over multi-buys, whilst 37% want it to be easier to compare offers with original prices.

With predicted growth in the sector over the next few years, IGD’s recommendations could help to increase the success of the convenience channel.

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