Report notes projected growth of retail sales
THE annual Scottish Local Shop Report 2024 has revealed a positive outlook for the future of the channel in Scotland, despite some recent bleak trading.
In the midst of ongoing financial strains and rising crime, the Scottish Local Shop Report – conducted between the Scottish Grocers’ Federation (SGF) and the Association of Convenience Stores (ACS) – projected a sales growth for the channel in Scotland.
According to Lumina Intelligence data the report has cited, the convenience sector in the UK is forecast to rise £54.6billion total value sales by 2027, rising up from the current amount of £49.4billion.
Further to this, the report has outlined the contribution the convenience sector in the UK has made to the economy, with over £10.8billion in gross value added (GVA) and over £9.4billion in taxes.
The sector in Scotland also welcomed some new additions as the latest figures show an increase in the number of convenience stores operating over the past year. The total number has risen up by 49 now meaning there are 5,220 convenience stores in Scotland as of 2024, which accounts for over 55,000 jobs in Scotland.
Pete Cheema, chief executive at the SGF, said: “I’m delighted to launch our annual report once again at our yearly flagship event, in Glasgow.
“The contribution of convenience stores and retail over the past few years cannot be overstated, despite the very difficult and challenging circumstances facing many in convenience retail.
“Staff and local shop owners across Scotland continue to play an indispensable role in both the Scottish economy and for people in their communities.”
And it is clear that retailers see a strength in the future too as many made massive investments into improving their businesses over the past year, with a total of £94million invested into the sector.
Those who made in-store improvement focused on introducing new refrigeration, with 55% of these stores looking to bring new chillers into their stores. And 33% focused on new shelving while 29% looked to new lighting across the store.
Cheema said: “SGF’s Local Shop Report provides a key insight into the convenience sector, the vital services our industry provides and the unstinting work of many of those who are employed in our trade.
“The information gathered in the report clearly makes the case for targeted support from government, and a more joined up approach to regulation, for our key industry.
“All so that we can continue to deliver for our local economies and communities.”
