Did You Know Convenience Stores Expected to Grow by Nearly $1 Trillion?

Convenience stores seem to be everywhere these days. And it is only going to become more apparent over the next few years.

According to a report from market research firm Technavio, the global convenience store market is expected to grow by $930 billion by 2028.

One of the biggest market drivers is the growth of private-label products. Private-label brands offer products at lower prices, driving demand from retailers, the report said. Changing consumer expectations demand premium products at affordable prices, leading to the launch of new private-label brands. This trend is boosting the growth of discount convenience stores. Thus, the rising preference for private-label brands presents lucrative opportunities for the growth of discount convenience stores during the forecast period. 

With new technology available, traditional corner stores are evolving into mini, expanded and hyper convenience stores. Strategic locations, self-checkout systems, contactless payment options and mobile apps are key features, the report said. Kiosks and franchising concepts are popular, with home deliveries and fresh food becoming important offerings.