Mom and Pop Store Global Market Report 2024

The mom and pop store market size has grown rapidly in recent years. It will grow from $122.97 billion in 2023 to $142.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth observed during the historical period can be attributed to factors such as local community support, personalized customer service, niche and specialized offerings, flexibility, agility, and community engagement.

The mom and pop store market size is expected to see rapid growth in the next few years. It will grow to $246.67 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. Forecasted growth is driven by a focus on local and sustainable products, adapting to changing consumer preferences, collaborating with local artisans, enhancing customer experience, and building resilience with local support. Key trends include digital presence and e-commerce integration, digital transformation for small businesses, emphasis on local and artisanal products, community engagement, personalized service, and technology integration for efficiency.

Personalized customer service is anticipated to be a driving force behind the mom-and-pop store market's growth. This type of service involves tailoring the shopping experience to meet the unique needs of each customer, provided by the store owners or employees. The market is witnessing this shift due to customers being more conscious of their purchasing impact and seeking distinctive products. This focus on personalized service significantly enhances the overall customer experience, leading to heightened satisfaction, increased customer retention, and the establishment of customer loyalty for mom-and-pop stores. As per the State of the Connected Customer 5th Edition report by Salesforce in July 2022, 88% of customers now place equal importance on a company's experience quality alongside its products or services, marking an increase from 80% in 2020. Thus, personalized customer service plays a pivotal role in driving mom-and-pop store growth.

The mom-and-pop store market is poised for growth, driven by the expanding reach of social media platforms. These online networks allow users to create, exchange, and share content within virtual communities. For small businesses, social media provides a cost-effective means to engage with local communities, establish brand presence, and market products. This engagement fosters customer loyalty and directs foot traffic to physical stores. Moreover, these platforms enable mom-and-pop shops to spotlight their distinct offerings, share updates, and connect with a wider audience, significantly enhancing visibility and customer retention. As reported by the Search Engine Journal in July 2023, social media users increased by 150 million from April 2022 to April 2023, marking a 3.2% year-over-year rise. Presently, there are 4.8 billion social media users globally, encompassing 59.9% of the global population and 92.7% of all internet users. Hence, the burgeoning expansion of social media platforms is propelling growth within the mom-and-pop store market.

The mom-and-pop stores market is currently witnessing a significant surge in the adoption of technological innovations, emerging as a prominent trend. Leading companies within this market are actively engaged in the development of advanced technologies to enhance their market position. An exemplary case is Wisy Platforms, Inc., a US-based entity specializing in retail intelligence solutions. In July 2022, the company unveiled a groundbreaking AI platform aimed at simplifying the tracking of available products not yet displayed. This innovative solution, WisyAI, empowers retail staff by providing swift insights into inventory, minimizing losses, and optimizing product sales. Notably, WisyAI eliminates the need for manual inventory tracking, thereby reducing errors and enhancing operational efficiency.

Prominent players in the mom-and-pop stores market are strategically enhancing their offerings by introducing new services, notably B2B services, to establish a competitive advantage. B2B services, denoting business-to-business transactions, are becoming integral for companies aiming to strengthen their market position through interactions with other businesses rather than individual consumers. A case in point is Sorted Group Ltd., an India-based agritech firm, which, in May 2023, unveiled Saarthi, an extensive suite of B2B services specifically crafted for mom-and-pop shops. Saarthi's primary objective is to empower small businesses operating in the fruits and vegetables sector, potentially boosting their income by up to 5 times. The comprehensive service package includes streamlined sourcing directly from farms at competitive rates, technology integration with tools such as Point-of-Sale systems and advanced analytics, and effective demand generation through innovative marketing strategies.

In May 2021, Ezetap, a digital payments company based in India, entered into a collaborative partnership with SnapBizz, a retail company also based in India. The primary objective of this collaboration is to provide a comprehensive range of grocery solutions and value-added services tailored for small-scale retailers, particularly mom-and-pop store owners. This strategic alliance seeks to empower retailers by offering a unified platform that grants access to customized applications with exclusive features. The ultimate goal is to enhance the operating efficiency of Kirana stores through digitization, providing a seamless and integrated solution for retailers within the grocery sector.

Major companies operating in the mom and pop store market report are ITOCHU Corporation, Seven & i Holdings Co. Ltd., 7-Eleven Inc., Alimentation Couche-Tard Inc., Auchan Holding SA, Casino Guichard-Perrachon SA, Murphy USA Inc., Love's Travel Stops & Country Stores Inc., Food Lion LLC, RaceTrac Petroleum Inc., Cumberland Farms Inc., Casey's General Stores Inc., Sheetz Inc., Wegmans Food Markets Inc., Wawa Inc., QuikTrip Corporation, Pilot Company, Circle K Stores Inc., Tesco PLC, Ingles Markets Inc., Raley's Family of Fine Stores, Buc-ee's Ltd., GPM Investments LLC, Kwik Trip Inc., SPAR International, The Fresh Market Inc., Holiday Stationstores Inc., Royal Farms Inc., Farm Boy Inc., Maverik Inc., WinCo Foods LLC.

Asia-Pacific was the largest region in the mom and pop stores market in 2023. The regions covered in the mom and pop store market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mom and pop store market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mom-and-pop stores encompass various categories, including personal care, cribs and strollers, vitamins and dietary supplements, feeding supplies, and toys. Personal care items offered by these stores cater to individual hygiene, grooming, and beautification needs, including products such as skin moisturizers, shampoos, hair colors, lipsticks, nail polishes, toothpaste, and more. These products are available across a spectrum of price ranges, spanning premium, mid-range, and economy segments. Mom-and-pop stores can be operated under different ownership models, including independent retailers and retail chains, and they leverage various distribution channels such as online and offline stores to reach their customers.

The mom-and-pop stores market research report is one of a series of new reports that provides mom-and-pop stores market statistics, including mom-and-pop stores industry global market size, regional shares, competitors with a mom-and-pop stores market share, detailed mom-and-pop stores market segments, market trends, and opportunities, and any further data you may need to thrive in the mom-and-pop stores' industry. This mom-and-pop stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mom-and-pop store market includes revenues earned by entities providing different store services such as personalized products, highly interactive personalized customer service, packaging services, and convenience at shopping. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.