Investment in the UK’s local shops has reached record highs over the last year, as convenience store retailers look to futureproof their businesses.

Over the last year, convenience retailers spent a combined £1bn (up from £646m in the previous 12 months) refitting their stores, installing new energy efficient refrigeration and lighting, and detecting and preventing crime.

The findings come from the 2024 Local Shop Report, published today (10th September) by the Association of Convenience Stores. The investment figure is the highest on record since the report’s inception in 2012.

Key headlines from this year’s report include:

71% of the 50,387 stores in the convenience sector are run by independent retailers (either unaffiliated or as part of a symbol group)
More than half of independent retailers (56%) fund investment from their own reserves
Convenience stores provide local, flexible and secure employment for around 445,000 people
More than one in six convenience stores (17%) now has a self-service till, up from just 3% in 2019
Almost half of independent retailers (47%) offer some form of home delivery/click and collect service
80% of independent retailers were actively involved in their community over the last year
Speaking on the launch of the report, Association of Convenience Stores chief executive James Lowman said: “The convenience sector continues to demonstrate its importance to the UK economy at both a local and national level, as a vehicle for investment, as a job creator, and as a means of generating over £9bn in tax income for the Treasury.

“The investment figures we’ve seen this year are not surprising, as retailers tell us that they’re futureproofing their stores in two main ways. Firstly through hardware like efficient refrigeration, self-service tills and electronic shelf edge labels to increase the productivity of the business, and secondly through an increasingly diverse range of services like cash machines, banking services, Post Offices, prescription collections and dry cleaning – all services that previously would have taken their own place on the high street but are being brought under one roof to ensure that local people still have access to them.”

The full Local Shop Report is available on the ACS website here