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The UK Convenience Market Report Update 2020 from Lumina Intelligence shows that while all convenience channels are forecast to grow in 2020, co-operatives, symbol groups and unaffiliated independents are set to outperform the total market, with forecasted growth rates of +11%, +10.9% and +9.9%, respectively.
Looking forward, the report predicts that the UK convenience retail market will reach a value of £46bn by 2023, as weekly sales per store return to more typical levels in 2021 and beyond. In addition, consumers are expected to return to foodservice, with out-of-home food and beverage spend expected to regain the share it lost in 2020.
Katherine Prowse, insight manager at Lumina Intelligence, said: “Throughout the lockdown period, convenience retailers offered a lifeline to local communities across the UK. Record year-on-year growth is a testament to the efforts of these frontline workers. As restrictions begin to tighten again, retailers can reassure shoppers that they will continue to support them.”
“Whilst we forecast growth to normalise in 2021, this period provides the perfect opportunity for retailers to cement their position within the local community and drive loyalty in order to maintain footfall once the pandemic is over.”
