According to a new research report, “Asian Convenience Store Market Forecast to 2010”, by RNCOS, the emergence of convenience store is changing the retail industry dynamics in most of the Asian economies. Many countries are witnessing rapid growth in the number of convenience stores despite the ongoing financial crisis.
The rising popularity of convenience stores in the region is accredited to better product availability, easy accessibility, low level of investment as compared to other modern retail formats, shift in consumer preference and improvement in price bargain.
According to a Sr. Research Analyst at RNCOS, “Convenience store retailing in Asia has become a major growth area for a large number of retailers operating in modern retail format, especially grocery retail. The Asian convenience store industry is witnessing fast growth due to untapped potential in most of the emerging markets like India, China, South Korea, Indonesia and Malaysia compared to high degree of saturation in European and American convenience store industries.”
Moreover, the share of convenience stores is increasing in most of the South Asian markets. These markets offer immense growth opportunities against other regions in Asia on account of strong economic growth and growing middle class. The shift towards modern trade in South Asia is dominated by China where convenience store format accounts for more than 58% of all new stores. India, one of the most attractive retail markets in the world, is dominated by unorganized retail (97%), representing growth opportunities for modern retail format such as convenience store.
The report also says that the convenience stores will prove superior to the traditional markets because they provide better service and quality to customers.
“Asian Convenience Store Market Forecast to 2010” comprehensively discusses the convenience store market in Asia and highlights new technologies being integrated into the market at a fast pace. It also gives a brief overview of key market trends along with the sales trends to help clients understand the prospects of convenience store retailing in Asia. The report gives a detailed account of future growth areas that enable clients to design their business strategies as per the changing market dynamics in the region.
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About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
