Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
Strategy Retains Nasdaq 100 Spot Amid Growing Scrutiny of Bitcoin Treasury Model 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
SoftBank Eyes Switch Inc as It Pushes Deeper Into AI Data Center Expansion 
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
