Articles by 晴天

The Three Models of Convenience Stores

Among various retail formats, convenience stores have been relatively less affected by the COVID-19 pandemic. In recent years, the market size and density of convenience stores have been on the rise, with expansion not only in first-tier cities but also in second- and third-tier cities. With the lifting of pandemic controls, the convenience store industry is set to enter a new round of expansion. According to Sun Wenju, an audit partner at KPMG China, the global convenience store market has recovered to pre-pandemic levels, and the compound annual growth rate is expected to reach 8.7% from 2022 to 2023. In terms of penetration, mainland China had one store per 7,033 people in 2021, far lower than South Korea, Japan, and the US, indicating significant growth potential. Meiyijia, Linji, and Jianfu are three representative companies in China's convenience store industry.