Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
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
