Consumer shopping preferences are changing, and grocery stores aren’t immune. The $1.4 trillion industry has stepped up its efforts in recent years to meet these changing demands, but challenges still remain. A November 2017 report by IDC, The Grocery Store is an Asset: How Food Retailers Use It In the Future Will Determine Success or Failure, cites a grocery industry in transformational turmoil, providing data from two web-based surveys of 200 food retailers and 3,000 shoppers. According to the survey results, grocers and other food retailers have lost 29 percent of their market share since 1991, or $310 billion in lost annual revenues.
