Compared with other retail formats, convenience stores have strong convenience, which is mainly reflected in the distance convenience, time convenience, shopping convenience and service convenience. In recent years, with the economic growth, the improvement of the public consumption level, as well as the relaxation and improvement of policies, the global convenience store market basically maintains a steady development trend.
According to the data collected and released by CCFA, the global convenience store market scale showed an increasing trend year by year from 2017 to 2019, reaching 960.8 billion dollars in 2019. However, in 2020, due to the impact of the epidemic, the global convenience store market size decreased to 908.2 billion US dollars, a year-on-year decline of 5.5%; In the following year, with the improvement of the epidemic and the recovery of public consumption power, the global convenience store market scale quickly rebounded to 963.5 billion dollars, with a year-on-year growth of 6.1%. And it is expected to maintain a compound annual growth rate of nearly 8% between 2022 and 2026. Among them, the United States, Japan, the United Kingdom, mainland China and South Korea are the world's major convenience store revenue markets, accounting for 28.8%, 12.5%, 6.0%, 5.6% and 2.4% of the global market share respectively in 2021. In conclusion, in the post-pandemic era, with the increasing demand for instant delivery, the global convenience store market still has a lot of room for development.
Indonesia, the largest economy in Southeast Asia, has witnessed rapid economic growth in recent years and a steady increase in per capita consumption. Indonesia's gross domestic product (GDP) reached 16,970.8 trillion rupiah (about 7.5 trillion yuan) in 2021, up 3.69 percent year on year, with per capita GDP rising to $4,349.5, according to data released by the Central Bureau of Statistics. The steady recovery of the economy has also laid a solid foundation for the development of Indonesia's convenience store market. According to the Report on the Market Status of Indonesia's Convenience Store Industry and the Feasibility Study of Overseas Enterprises Entering the Market in 2022 released by the Center for Industry Research of New Ideas, Indonesia is a country with a wide distribution of convenience stores. The brands involved include Alfamart, Alfamidi, Indomaret, Circle K, DAN+DAN, etc. Among them, Alfamart and Indomaret, two convenience store chains, have more than 30,000 stores in China, accounting for more than 90% market share in Indonesia. Has become the absolute "hegemon" in Indonesia's convenience store market.
Especially in recent years, with the increasing popularity of mobile payment methods, the convenience store market in Indonesia has gradually developed into a digital direction. Therefore, convenience store payment, together with electronic wallet, bank card payment, bank transfer, and payment by telecom operators constitute the electronic payment system in Indonesia. However, in the current Indonesian market, the coverage rate of banking business is still at a low level, the number of bank cards per capita is less than 1, and the popularity rate of convenience store payment in the market is not high, so there is still a large space for development in the future market.
According to the Indonesian market analyst of SunMind, in recent years, with the economic growth, the improvement of the mass consumption level, as well as the relaxation and improvement of policies, the Indonesian convenience store market has maintained a steady development trend. Although the outbreak of COVID-19 in 2020 has had an impact on the retail industry, it has not stopped the momentum of rapid development of the convenience store market. Moreover, with the increasing popularity of mobile payment methods, the convenience store market in Indonesia is gradually going digital.
