Westpac Director Peter Nash Avoids Major Investor Backlash Amid ASX Scrutiny 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Air Transat Reaches Tentative Agreement With Pilots, Avoids Strike and Restores Normal Operations 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
SpaceX Reportedly Preparing Record-Breaking IPO Targeting $1.5 Trillion Valuation 
Nvidia Develops New Location-Verification Technology for AI Chips 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
CVS Health Signals Strong 2026 Profit Outlook Amid Turnaround Progress 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
Convenience store sales in Japan reached a record high in 2023 for the second consecutive year, with a notable growth of 4.1 percent. This outstanding achievement was attributed to multiple factors, including removing COVID-19 restrictions, an influx of inbound tourists, and a sweltering summer.
The Japan Franchise Association, as per The Mainichi, reported a substantial increase in same-store sales for seven major convenience store operators, reaching a staggering 11.2 trillion yen ($76 billion) in 2023.
Positive Impact of COVID-19 Status Downgrade and Tourism Boom
Japan Today noted that in May, Japan made a significant decision to downgrade the legal status of COVID-19, categorizing it as the same as seasonal influenza. This step, combined with a resurgence in foreign tourists, played a vital role in the growth of customer visits, which rose by 2.9 percent, reaching a striking 15.5 billion. It is worth noting that this growth marks the second consecutive year despite still falling short of the pre-pandemic levels in 2019.
Among the popular items, "onigiri" rice balls, confectioneries, and alcoholic beverages led the charge in contributing to overall sales growth. Additionally, the scorching heat waves experienced during the summer season further boosted the sales of ice cream and beverages.
These factors collectively resulted in a remarkable increase in average spending per customer, rising by 1.1 percent to 723.5 yen.
While the convenience store industry enjoyed substantial sales growth, the outlook remains uncertain due to inflationary pressures. Higher input costs, particularly in the food sector, have increased prices. Although this has boosted sales by value, it has also encouraged consumers to exercise more cautious spending.
December Sales Reflect End-of-Year Consumption
In December alone, same-store sales reached a noteworthy 1.01 trillion yen, showcasing a 4.2 percent increase compared to the same month in the previous year. This can be partially attributed to more customers, which rose by 2.7 percent to 1.31 billion.
The removal of COVID-19 restrictions during the year-end and New Year's holidays led to increased travel flow, contributing to this growth.
Photo: Lawson Newsroom
