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Increasing adoption of ready-to-eat culture in Asia has led to significant opportunity for Convenience store Industry in the region, says RNCOS in its latest research report.
The convenience store industry in Asia has witnessed growth in recent years on account of rising demand for changing lifestyle and eating habits, ready-to-eat or ready-to-heat food products. With the rising disposable income, the consumers agreeably are paying premium price for high-quality food products. Further, convenience stores have also been successful in tempting the Asian populace by providing variety of goods and services.
With the gaining momentum in phenomenon of increase in footfall, the convenience stores are working aggressively on expanding and revamping its infrastructure and expanding its reach in Asia. A steep rise in the number of nuclear family is among the major reason along with rising employment rates of female, for the popularity of ready-to-eat food products.
According to our latest research study, “Asian Convenience Store Market Outlook 2022”, the convenience provided by the modern retail format in different ways has led to popularity amongst other retail format channels. The expansion and addition of various services amongst the convenience store retailers has brought a faith in the Asian populace, which could rely on the goods and services of the stores.
Recently, Cheers, NTUC FairPrice’s convenience arm, and ExxonMobil Asia Pacific launched a revamped convenience store format for Esso petrol service stations, featuring a new ready-to-eat range of products. Additionally, Malaysia’s convenience store industry is also witnessing competition owing to revamped infrastructure and expansion of stores followed by roll out of more ready-to-eat products to capture growing demand from the younger population in urban areas, thereby driving the industry in the region.
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