Symbol groups to account for half of convenience store sales by 2020 according to new research
Symbol group operators such as Budgens and Costcutter now account for 40% of UK convenience store sales, according to new research by IGD.
The research and education charity, which gathers worldwide information on the consumer goods industry, found that Symbol group stores currently generate £13.6 billion in sales. This is nearly three times the value they delivered ten years ago. IGD predicts they will account for half of all convenience sales by 2020.
The total UK convenience market is now worth £34 billion and IGD forecasts it to increase to £44 billion by 2017.
Joanne Denney-Finch, chief executive, IGD, explained: “The convenience channel as a whole goes from strength to strength. We are forecasting it to grow by 29% over the next five years, compared to 18% for the overall UK grocery market over the same period.
Never Miss a Retail Update!“The quality of the convenience market continues to improve and symbol groups are playing an important role in this. They provide independent retailers with support across a variety of areas, from product ranges and marketing, to IT and logistics support. This helps them to deliver an excellent convenience service to local shoppers and the communities they serve.
“Our ShopperVista research shows nearly half of shoppers (47%) are extremely or very satisfied with the quality of the products at symbol stores. And there are several opportunities for them to work with suppliers to build the private label proposition and increase its awareness.”
