2024 Taiwan shopping complex annual sales - top one is SKM Taichung store, Taipei 101 mall following. Both positioned as boutique shopping destinations. There are two shopping malls nearby our semiconductor science parks - Big City and T.S. Mall are ranked in Top 14.
The revenue performance of SC industry in Taiwan was influenced by multiple factors, showing diverse trends:
According to statistics from the Ministry of Economic Affairs, the annual revenue of the wholesale, retail, and food service industries reached a record high, indicating stable growth in the domestic market.
However, as more Taiwanese traveled abroad, part of their consumption budget shifted overseas, impacting the domestic shopping complexes and retail industry. For example, Far Eastern SOGO Department Store's total revenue in Taiwan for 2024 was approximately NT$52.5 billion, remaining flat compared to the previous year. Among its locations, the Fuxing store reported revenue of NT$19.06 billion, with a 6% decline in luxury goods sales, though it is still among the top 5 shopping complexes in Taiwan in terms of single-store sales performance.
Additionally, the overall boutique store in store's foot traffic in Taiwan’s shopping complexes decreased by 7.5% compared to the previous year according to ShopperTrak Index - Taiwan released, but total revenue still saw a slight increase of 1.16%, indicating challenges in attracting luxury goods visitors but general commodity goods, leisure spending maintained stable earnings.
Looking ahead, shopping complexes are expected to introduce new brands and innovative experiences to attract consumers. For instance, Shin Kong Mitsukoshi has brought in several brands making their Taiwan debut in 2024 and has undergone large-scale renovations to enhance the shopping experience.
Overall, despite challenges such as outbound travel and shifting consumer budgets, Taiwan’s shopping malls demonstrated resilience in 2024. Moving forward, continued innovation and an enhanced customer experience will be key to maintaining stable growth in an increasingly competitive market.
Comments