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Report: Convenience stores fastest growing retailers
With in-store sales increasing nearly 6% in 2015, convenience stores are now the fastest growing retail vertical. That's the word from new Koupon data, which also found the vertical is now pulling in $600 billion annually.
The $600 billion mark indicates more than 18% growth since 2010 when convenience stores brought in $190 billion in in-store sales. What are people buying in these stores - consumer packaged goods. The Koupon data found the average shopper spends $6.52 per trip and checks out with under 3 items. Tobacco tops the list of items purchased (36%), followed by food service (21%) and packaged beverages (15%).
Convenience stores also more than double other retail outlets in sheer numbers - there are just over 154,000 convenience stores in the US compared to 51,000 supermarkets/centers, 41,000 drugstores, and 27,000 dollar stores.
"With the average attention span lasting only8 seconds, consumers are becoming more distracted every day, making it increasingly difficult for marketers to capture their attention. As a retail format preferred for its ability to save time, c-stores have an opportunity to deliver an experience that customers are looking for. Today, leading c-stores are launching initiatives to capture consumer attention and drive store traffic," writes the company.
The Koupons research also breaks down what shoppers are buying:
• 76% of women and 68% of men buy fresh foods
• 71% of women and 62% of men look for 'healthy' snack options
• 62% of women and 50% of men expect items to not have expired
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