Convenience retail market sees growth
So-called small retailing, including individual-owned food stores, holds considerable growth potential despite significant shrinking during the decade-long financial crisis. Those prospects were highlighted mainly during the lockdowns, when consumers rediscovered the benefits of neighborhood convenience stores.
Although these retailers declined in number from 2008 to 2020 by about 23%, while kiosks have been slashed by 50%, consumers shop from them now more often than in the past. This is making small retail very attractive to investors, whether they are supermarket chains or companies active in “quick commerce,” such as German group Delivery Hero.
IRI research data on the sector presented on Tuesday, for September-October 2021, showed 27% of spending on groceries in Greece goes to small retailers, a major figure by all accounts, when 61% goes to supermarkets and 12% ends up at online grocery stores.
The data were presented at the “Convenience Retailing” conference, which also heard researchers NielsenIQ reveal that the contribution of small retailing to the overall turnover of retail commerce amounts to 31%.
