Convenience store sales reached an estimated NT$413 billion (US$13 billion) in 2023 according to an Economic Ministry’s Department of Statistics brief report released on Friday. The unprecedented number once again surpasses 14 consecutive years of record highs, with single-store sales exceeding NT$30 million (US$1 million).
The report pointed out that convenience stores in Taiwan offering a wide variety of daily necessities and diversified services 24 hours a day have become an important part of people's lives. With more than 13,000 convenience stores across the country which is an average of one shop for every 1,703 people, Taiwan is second only to South Korea in convenience store density.
In the past four years, store chains have accelerated their speed of expansion, deepened their membership ecosystems, and jointly cooperated in manufacturing, creating an average revenue growth of roughly 5.6% from 2020 to 2023, an even higher rate than the 4.1% in the four years before the pandemic.
According to statistics, beverages, tobacco, and alcohol accounted for the highest proportion of sales at approximately 60%. However, convenience stores have recently been actively launching various strategies to increase consumer willingness to try new things. With the rise of public health awareness, many healthy alternatives have been introduced, boosting the proportion of food sales from 25.4% in 2016 to 31.9% in 2022, an increase of 6.5 percentage points.