Convenience stores in Taiwan average 1 per 1,703 people

Taipei, March 18 (CNA) Taiwan had 13,706 convenience stores -- one per 1,703 people -- as of the end of last year, according to recently released Ministry of Economic Affairs (MOEA) figures.

Based on the country's population of 23.34 million, store density was ahead of Japan (one per 2,220) but behind South Korea (one per 897), MOEA data released over the weekend showed.

The largest convenience store chain in Taiwan is 7-Eleven, with 6,859 stores, ahead of FamilyMart with 4,234 at the end of 2023.

Backed by a 3.4 percent increase in the number of outlets, Taiwan's convenience store operators generated record revenues of NT$412.6 billion (US$13.06 billion) in 2023, the MOEA said.

The 8 percent annual rise in total sales in 2023 was the 14th consecutive year of year-on-year growth, with each outlet generating an average of NT$30.10 million last year, up from NT$28.83 million a year earlier, the MOEA said.

Between 2020-2023, convenience stores in Taiwan enjoyed an average increase of 5.6 percent in sales, the MOEA said.

As stores recorded an average annual increase of only 4.1 percent from 2016-2019, convenience stores appear to have bounced back in the post-COVID-19 era, the MOEA added.

According to the MOEA, this has been driven in part by a push to diversify their product, service and payment offerings.

This has included launching cross-branded products with prestigious brands and famous restaurants and providing more healthy food and drink options, the MOEA said.

Alcoholic and nonalcoholic beverages accounted for about 60 percent of the 2023 revenue, down 6.5 percentage points from a year earlier, the MOEA said.

Other food items made up 31.9 percent of the sales, up 6.5 percentage points from a year earlier, the MOEA added.

The MOEA said convenience stores usually see peak season effects in January, where a buying spree ahead of the Lunar New Year holiday, while in July and August, hot weather and summer vacation are expected to create new business opportunities for these retailers.

Taiwan's largely 24-hour convenience stores have become an integral part of urban life in recent years.

According to local media, Linsen North Road boasts the highest store density for a single street in greater Taipei, with one every 100 meters.