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.
The Grocery Store of Tomorrow
Consumers are shifting away from the weekly trip to the grocery store. The food retail industry is responding with investments in e-commerce, prepared meals, a wider assortment of goods and reconfigured grocery stores.
July 16, 2018