BEIJING—China’s convenience stores registered retail sales of 6.3% more year-over-year during the first three quarters of 2019, according to a Ministry of Commerce survey, China.org reports. The survey found out of all of the major retail formats, the sector grew at the fastest rate.
During the first three quarters of this year, China’s c-store market has exploded, with 12,000 new locations opening. “Leading convenience store companies, especially foreign firms, have hiked their investment in the Chinese market. Currently, a majority of provincial capitals have international convenience store brands,” China.org wrote.
The ministry attributed the growth partly to local government policies that encouraged the development of convenience stores and provided assistance to retailers to offer better services. “For instance, convenience stores are encouraged to open inside new subway stations in Beijing, while those selling breakfast and vegetables will be given financial support,” China.org wrote. “In the southeastern city of Xiamen, citizens can apply for temporary ID certificates and pay traffic fines at some convenience stores.”
The Ministry of Commerce has plans to help convenience stores even more in the coming year through a better business environment and a “healthy and rapid development” plan for the sector.
For a closer look at the c-store retail landscape in Asia, mark your calendars for the NACS Convenience Summit Asia, which will be held in Bangkok, Thailand, March 3–5, 2020.