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Healthy Growth Seen for Hypermarkets

AI and personalization expected to drive sector’s expansion.

Published

3 months ago

September 22, 2023

INSTORE Staff

Costco Wholesale is a major player in the U.S. hypermarket field. PHOTOGRAPHY: Thomas De Wever/iStock.com

Global hypermarkets are expected to experience robust growth, growing from $1.6 trillion in 2022 to $2.4 trillion by 2027, a new report from ResearchAndMarkets.com concludes.

The report defines a hypermarket is a versatile retail store that combines the features of a department store and a grocery supermarket, offering consumers a one-stop shopping experience. Major players in the field include: Albrecht-Diskont (ALDI), Walmart Inc., Carrefour, Edeka Group, Lotte Corp., Renrenle Commercial Group Co. Ltd., RT-Mart International Ltd., Beijing Hualian Group, Target Corp., Fonciere Euris SA, Costco Wholesale Corp., E. Leclerc, Metro Cash & Carry, Auchan and Schwarz Beteiligungs GmbH.

Among the major factors pushing growth in hypermarkets are artificial intelligence (AI) and personalization, according to the study.

“Major companies in the sector are adopting AI to enhance their market position,” the report notes. “AI in this context focuses on creating intelligent machines and computer programs that replicate human intelligence. For instance, LuLu Group International, a prominent Indian-Emirati-based conglomerate operating hypermarkets and retail companies, introduced ‘Salem,’ an AI-powered customer service channel on WhatsApp. This innovative service allows customers to receive in-app purchase receipts, track online order deliveries, and seek purchase-related assistance.”

In addition, “the creation of personalized experiences is expected to propel the growth of the hypermarkets market in the foreseeable future,” the report states. “Personalization entails tailoring communication and services based on an organization’s understanding of individual customers. Such personalized experiences empower manufacturers, hypermarkets, and supermarkets to optimize their financial returns.”

Click here for more from the report.

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