Convenience retailers spent £177m refurbishing their stores in the three months to May amid increased competition from their peers, coffee shops and food chains all vying for a bigger share of the food-to-go market.
Britain’s booming convenience market is now worth over £37bn and consists of 50,000 stores – of which less than 2,500 are run by Tesco, Morrisons and Sainsbury’s. The rest are independent operating under brands such as Costcutter and Spar.
A survey by the Association of Convenience Stores out yesterday revealed that 28 per cent of retailers said they plan to refit their shops, an increase on 24 per cent last year.
On average, independents spent £2,500 per store between February and May while supermarkets spent £6,700. Fridges were the most popular investment, suggesting stores are adapting their ranges to include more fresh food such as sandwiches to cater for busy commuters.