Convenience stores are gaining popularity in the Asian market as consumers’ lifestyles continue to modernise and westernise.
A boom in the number of convenience stores have been fuelled by changing lifestyles, increasingly hectic schedules, favorable economic growth and increasing per capita income of Asians, according to a report by RNCOS.
South Korea, Taiwan, China, Malaysia, Philippines, Singapore, Thailand, Vietnam, India, Japan and Indonesia are the biggest convenience retail markets of the Asian region, report says.
7-Eleven has emerged as a dominant player in the Asian convenience store industry, having established operations in most Asian markets.
Aiming for 30 per cent growth in revenue, 7-Eleven Indonesian operator, PT Modern International, is planning to open 100 new outlets in the coming year.
Philippine operator, Philippine Seven Corporation, is planning a rapid roll out with 200 new stores to be opened this year.
In China, a joint venture between Mitsui & Co Ltd, Southern Hope Industrial and Seven-Eleven Investment Co Ltd is planning to open 300 7-Eleven stores in Chongqing City.