What: Convenience stores’ market share outrank supermarkets for the first time, amid the fast-growing trend to shop in less crowded places due to the coronavirus pandemic.

Why it is important: Sales revenue of three convenience stores (GS25, CU and 7-Eleven) accounted for 30.7% last year, following the department stores share (Lotte, Shinsegae and Hyundai). The figure surpassed the largest supermarkets, E-mart, Lotte Mart and Home Plus, by 0.3% point for the first time.

Compared to 2020, convenience stores’ sales revenue surged by 6.8% last year, whereas major supermarkets saw their sales decrease by 2.3%.

Meanwhile, retail giant Lotte Group recently announced it has completed a deal to acquire Ministop, taking control of some 2,600 branches. Taking the latest deal into account, market insiders estimate the market share of convenience stores will increase in the years to come.

Korean convenience stores outrank supermarkets