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Convenience channel will grow to £48.2bn by 2024 predicts IGD
14 August, 2019
co-op site

New forecasts from the industry thinktank IGD reveal that the UK convenience market is set to grow by £6.9bn in the next five years, to reach £48.2bn by 2024. The channel will benefit from lots of new store openings over the period, helping to fuel a compound annual growth rate of 3.1%.

Patrick Mitchell-Fox, senior business analyst at IGD, said: “While we expect relatively muted store development across the sector as a whole in the next two years, with the sector undergoing a period of consolidation, we forecast key segments – in particular co-operatives, multiples and symbols – to benefit from strong store growth again from 2021.”

Reviewing the current year in convenience, Mitchell-Fox said: “Total convenience sales are expected to grow by 2.6% in 2019. This growth is being led by the co-operatives segment above all, driven not only by a focus on opening new stores, but also by outstanding like-for-like performance underpinned by strong private label development, better fresh and chilled ranges and more competitive value.

“Multiples, though still seeing solid growth, are now opening new stores at a more modest pace, targeting only those sites with the best potential.

“Meanwhile, after a year of slower growth, the symbols segment is beginning to pick-up again, though it remains restrained as it stabilises after a period of notable disruption and instability.”


When a major car manufacturer like Ford predicts that sales of its electrified cars will outnumber petrol and diesel models by 2022, does that ring alarm bells about the possible speed of change for forecourts?