powering-the-future-of-convenience-retail

SUMMARY

POWERING THE FUTURE OF CONVENIENCE RETAIL

This report, part of IRI's "The Changing Shape of the CPG Demand Curve" series, provides insight into the recovery of the convenience channel, along with strategies that manufacturers and operators can use to successfully connect with shoppers seeking convenience in a post-pandemic world.

Observations:

• The 2020 sales for convenience and gas dipped dramatically with mobility in April–May. Even in late September, restricted mobility continued to hold convenience sales back.
• Throughout 2020, large-format stores are seen as easier and more convenient to shop than c-stores as shoppers still value one-stop-shopping and physical distancing.
• Beverage alcohol sales growth is up across channels compared to pre-COVID-19 levels, but the convenience channel lost its growth lead during the pandemic.

Opportunities:

• Manufacturers need to re-evaluate assortments, such as larger packs and multi-serve packs.
• Adapting to and communicating the key value proposition of the convenience channel will have a positive impact on it.
• Retailers will benefit from investing in innovations such as drive-thru, delivery, cashless and contactless payment.

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