Want To Go Gangbusters? Go Asia

Market research firm RNCOS has released a report showing the Asian c-store market is the No. 1 region for convenience store development worldwide.

The report, titled "Opportunities in Asian C-store Market," says the rapid economic development in that area, along with the booming retail industry, has been propelling growth for the c-store industry across various Asian countries.

The increasing share of modern retail outlets and emerging trends in organized retailing are anticipated to drive the growth of c-stores in Asia in the near future, the report said.

7-Eleven is one U.S.-based retailer operating in that market, while other international c-store giants there include Tesco, Taiwan FamilyMart Co. and Lawson Inc., a Japanese retailer that actually started as a convenience store in Ohio but is now located only in Japan.

The RNCOS report examines the various technologies being integrated into c-stores at a fast pace in Asia, while also offering a brief overview of consumer behavior in that market.

The report looks at c-store markets in Hong Kong, South Korea, Taiwan, China, Malaysia, The Philippines, Singapore, Thailand, Vietnam, India, Japan and Indonesia.

Canada-based Couche-Tard, which operates Circle K in the U.S., recently announced plans to build convenience stores in Vietnam.

Some of the detailed findings in the RNCOS report:

  • Share of modern retail in Asia increased to 49% in 2006 from 40% in 2001.
  • Concentration of modern retail trade in Asia is expected to account for 54% of the total retail industry by 2010.
  • Total retail sales in Asia are projected to reach $6.1 trillion by 2012, with more than 80% of retail sales concentrated in three countries (Japan, China and India).
  • North Asia accounts for close to 90% of the c-store industry.
  • C-store density is highest in Japan and Taiwan, with more than 350 stores per 1 million people.
  • In the future, Indonesia, Vietnam and India are expected to be potential c-store markets.
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