China's convenience stores have high growth potential: report

BEIJING -- China's convenience stores have considerable growth potential as the sector expanded in terms of overall store count and business types last year, according to an industry report.

The number of convenience stores across the country exceeded 250,000 last year, with their total sales amounting to 349.2 billion yuan (about $50.53 billion), according to the report released by China Chain Store and Franchise Association.

Convenience stores have proliferated in an increasing number of cities, and stores serving local communities have become a major way for companies to expand businesses, the report stated.

It noted that convenience store companies attach greater importance to member customers as more than 80 percent of the stores have established a membership system and launched online businesses, but brick-and-mortar businesses remain the core source of profits.

In 2021, sales of ready-to-eat food increased significantly, up 7.1 percent year-on-year while coffee sales went up 0.8 percent, the report showed.