TAIPEI (TVBS News) — According to the Ministry of Economic Affairs, convenience stores in Taiwan recorded a 14-year high of NT$412.6 billion in revenue in 2023.
Further statistics indicated an individual store's revenue broke the NT$30 million mark in the same year, with an average growth rate of 5.6% from 2020-2023, improving on the pre-pandemic period's rate of 4.1% from 2016-2019.
As of the end of December 2023, Taiwan had approximately 13,706 convenience stores, amounting to one store per 1,703 people, a figure second only to South Korea, as reported by Distribution News.
Convenience stores have responded to consumer demands by increasing the frequency of marketing campaigns, offering convenient mobile payment options, and launching various integrated stores.
Notably, by co-branding with major brands, the stores have successfully stimulated significant buzz, attracting customers desirous of trying something new.
With an increasing health consciousness among Taiwanese citizens, convenience stores are actively introducing co-branded food and health products. This sector's sales structure changes have noted a continued surge.
The sales ratio of food items increased from 25.4% in 2016 to 31.9% in 2022, a total increase of 6.5 percentage points, representing the most significant increase among all types of goods.