Convenience stores have become a focal point for supermarket chains, leading to a significant increase in openings.
- In the first half of 2024, convenience stores experienced substantial growth, with over 85 new locations established.
- Major grocery chains are shifting priorities towards smaller, more accessible store formats.
- Consumers’ demand for convenience and variety drives structural changes in retail spaces.
- The retail industry is investing heavily in store innovations and energy efficiency measures.
Convenience stores are witnessing remarkable growth within the retail sector, being one of the few categories to consistently expand with more than one store opening each week in 2024. This trend is reflected in the latest data from PwC, which reports 85 convenience store openings during the first half of the year.
Several major grocery chains have significantly altered their expansion strategies, favouring the establishment of convenience sites over traditional, larger supermarkets. In February, Asda announced ambitious plans to open a record-setting 110 Express stores across the UK, predominantly converting former Co-op and EG Group locations.
Alongside Asda, other prominent retailers are adapting their strategies to meet consumer demands. Morrisons aims to launch 400 additional Morrisons Daily stores, aspiring to reach 2,000 small-scale outlets by 2025. M&S has also announced plans for 10 new convenience locations with a concurrent renovation effort, targeting a billion-pound convenience operation.
Waitrose’s five-year investment plan intends to introduce up to 100 convenience outlets, driven by a one billion pound initiative, underscoring a broad shift towards meeting consumer needs for convenience and local accessibility.
The retail landscape is evolving to align with contemporary consumer trends, focusing on convenience, variety, and appeal. According to PwC’s Lisa Hooker, stores are transforming to accommodate a hybrid world, energising spaces to provide more engaging shopping experiences. Consequently, convenience retailers have amplified their investments in refurbishments and energy-efficient technologies, spending one billion pounds on improvements in the past year alone.
The surge in convenience store openings highlights a fundamental shift in retail strategies towards accessible, consumer-oriented shopping options.
