Convenience stores market increases 23% in 2017 and total market size over RMB 190 billion. At the same time, newly opened stores increased by 13% in 2017.
Development Status of Convenience Stores in China:
- Potential market space, especially in first-tier & second-tier cities. Obvious regional performance and no national layout launched.
- Big space for profit growth. Single store sales & profit improved over the years, but still have a large gap compared with international leaders.
- Product structure needs to be elevated. Ratio of ready-to-eat and own brand are still low.
- 40% convenience store brands have not yet start franchise business.
- Over 50% convenience store brands introduced network retail and mobile payment technology fleetly popularized.
- Member system needs to be enhanced. 40% convenience store brands have built up their own member systems.
Development trend outlook of Convenience Stores in China:
Digitization will become the largest trend in Chinese convenience store market, which is driven by 3 impetus:
1. Comprehensive digitization of Chinese consumers,
2. Internet giants (such as BAT, Alibaba) stepped into the market and built up digital eco system,
3. Digital revolution in traditional convenience Stores.
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