C-Stores Still on the Upswing

The global convenience stores market size is forecast to continue growing by $930 billion from 2024-2028, which translates to an annual growth rate of 6.78% for the period, concludes a new study from Technavio. Among the factors driving that growth are higher demand for convenient food products and an increase in demand for private-label brands.

“Convenience stores have become a staple in urban areas due to fast-paced living and increased population density,” the report notes. “These retail establishments offer necessities like groceries, household goods and essentials. Impulse purchases, such as snacks, soft drinks and confectionery items, also drive sales. Emergency products and fresh food are growing trends, with some stores expanding into the foodservice segment.”

Those factors are causing traditional corner stores to evolve into mini, expanded and hyper-convenience stores, the report notes. Such locations often feature self-checkout systems, contactless payment options and mobile apps, with kiosks and franchising concepts growing in popularity, and home deliveries and increased fresh food becoming important offerings.

The market’s major players, the report notes, include Alimentation Couche Tard Inc. (whose operations also conclude the Circle K chain and surprised the industry earlier this year by proposing to take over of the much larger operator of 7-Eleven stores), BP Plc, Caseys General Stores Inc., Kwik Trip, Magnit, Murphy USA Inc., Sheetz Inc. and Walmart Inc.

Click here for more from the report.