Why it matters
Convenience retail is arriving as new products, services and formats attract new customers to the category.
- A significant growth area for convenience retail in recent decades has been to sell products not usually associated with this channel such as hot drinks, or services such as bill payment or phone top-ups.
- The most important of these new convenience services is parcel posting and collection points because they both broaden the relevance of a retailer and attract new customers.
- Sharp consumer insights, plus strong local connections, will help convenience retailers stay relevant.
Most communities have a convenient small format retail store in their midst and often at their heart. Convenience stores come in all shapes and sizes and have a variety of names, including ‘local grocer’, ‘mom-and-pop store’, ‘the corner shop’ and ‘the shop on the local petrol/gas station forecourt’.