Major companies in the convenience, mom and pop stores market include 7-Eleven; FamilyMart; Alimentation Couche-Tard; Lawson and OXXO. The global convenience, mom and pop stores market is expected to grow from $908.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Convenience, Mom And Pop Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018893/?utm_source=GNW
19 billion in 2020 to $963.5 billion in 2021 at a compound annual growth rate (CAGR) of 6.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1339.8 billion in 2025 at a CAGR of 9%.
The convenience, mom and pop stores market consists of sales of goods and some services through convenience, mom and pop stores by entities (usually sole traders or partnerships but in some cases organizations) that provide the retail service of supplying food, toiletries and other daily ’necessities’ to their consumers through conveniently located small stores.
Asia Pacific was the largest region in the global convenience, mom and pop stores market, accounting for 53% of the market in 2020. Africa was the second largest region accounting for 15% of the global convenience, mom and pop stores market. Eastern Europe was the smallest region in the global convenience, mom and pop stores market.
Convenience, mom and pop stores are increasingly adopting the concept of unmanned convenience stores. Unmanned convenience store concept uses artificial intelligence and smart phone concepts to eliminate the use of service personnel or cashiers in the store. The unmanned convenience stores maintain a virtual cart for every customer that enters the stores where the products are added and removed based on the customer’s action. The deduction of amount takes place when the customer scans the product using a smart phone. Following the trend, in 2019, unmanned convenience store named, Aiquna, was launched in China. The store stocks food and daily necessities. Other unmanned convenience stores include Amazon Go, Alibaba’s Hema and Bingobox.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the convenience, mom and pop stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the convenience, mom and pop stores market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The convenience, mom and pop stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty, data has become critical for most retail operations. For instance, the global retail analytics market is expected to rise up to $5.1 billion by 2020. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for convenience, mom and pop stores to identify and meet the needs and expectations of their customers , thus it is expected to drive the market going forward.
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