Executive Search Firm News - Grocery Retail Sales Growth Not Keeping Pace With Inflation

Grocery Retail Sales Growth Not Keeping Pace With Inflation

Inflation is expected to outpace sales growth for grocery retailers, according to a report presented by The Food Institute.

Six retail formats – four grocery retail, convenience stores that sell gas, and military outlets – will be impacted.

“This is a conservative estimate given that rising energy prices could push the inflation rate even higher,” said Jim Hertel, senior vice president and co-founder of Willard Bishop, in their report to The Food Institute.

Traditional grocery formats will also see continued market share erosion, according to predictions in the annual “Future of Food Retailing Report” produced by Willard Bishop.

Key findings released in the study for 2005 include:

• Traditional grocery market share was 50.4%
• Non-traditional grocery outlets reached 33.4%
• Convenience store market share at 16.2%

The report predicts a steady shift in market share over the next five years, anticipated results by 2010 of:

• Traditional grocery market – 44.1%
• Non-traditional grocery outlets – 40.5%
• Convenience store – 15.4%
• “Manufacturers need to embrace the changes that are taking place in food retailing today in order to succeed over the long term,” Hertel said. “Even if new and emerging formats aren’t ‘right’ for your products, these are the types of stores where Americans are increasingly purchasing their food and consumables.”

Co-found Bill Bishop cautioned that “the key takeaway for retailers is that there’s real risk in falling behind in efforts to satisfy shopper needs. Sales are shifting more rapidly than ever before among stores, and the growth is going to the most innovative retailers.”

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