Summary
Major companies in the convenience, mom, and pop stores market include Itochu Corp, Seven & i Holdings Co. Ltd., Auchan Holding SA, Casino Guichard-Perrachon SA, SPAR International, Magnit, Amazon.com Inc., Tesco PLC, Love’s Travel Stops & Country Stores, and Alimentation Couche-Tard Inc.
The global convenience, mom and pop stores market grew from $1,018.42 billion in 2022 to $1,122.22 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The convenience, mom and pop stores market is expected to grow to $1,612.54 billion in 2027 at a CAGR of 9.5%.
The convenience, mom and pop stores market include revenues earned by entities by providing services through kiosks, limited format stores, traditional stores and hyper stores.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Convenience, mom and pop stores are stores 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 convenience, mom, and pop stores market in 2022.Africa was the second-largest region in the convenience, mom, and pop stores market.
The regions covered in the convenience, mom and pop stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of convenience, mom and pop stores are convenience stores and mom and pop stores.A convenience store is a small, generally franchised store that is open for longer hours than the usual store.
The convenience, mom and pop stores are taking ownership of retail chains and independent retailers with price ranges of premium, mid-range, and economy.
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 build loyalty.
Data has become critical for most retail operations. For instance, the global retail analytics market raised$5.1 billion in 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, which is expected to drive the market going forward.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the convenience, mom-and-pop store 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 breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in the 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 having 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.
Convenience and mom-and-pop stores are increasingly adopting the concept of unmanned convenience stores.The unmanned convenience store concept uses artificial intelligence and smartphone 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 actions.The deduction of the amount takes place when the customer scans the product using a smartphone.
Following the trend, in January 2022, Omantel launched E-Dukkan, middle east’s first unmanned convenience store. Other unmanned convenience stores include Amazon Go, Alibaba’s Hema, and Bingobox.
The countries covered in the convenience, mom and pop stores market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The convenience, mom and pop stores market research report is one of a series of new reports that provides convenience, mom and pop stores market statistics, including convenience, mom and pop stores industry global market size, regional shares, competitors with a convenience, mom and pop stores market share, detailed convenience, mom and pop stores market segments, market trends and opportunities, and any further data you may need to thrive in the convenience, mom and pop stores industry. This convenience, mom-and-pop stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
