Department stores in Taipei are likely to register record high sales of NT$300 billion (US$9.97 billion) this year, due to an economic recovery and efforts by retailers to adjust operating models, the Ministry of Economic Affairs said yesterday.
In the first seven months of the year, department stores posted total revenue of NT$160 billion, up 6 percent from a year earlier, the ministry said.
Department store sales have maintained positive growth over the past 10 years, except in 2006 and 2008 when they were affected by credit card debt problems and the global financial crisis respectively, the ministry said.
However, competition from foreign budget labels and the popularity of online shopping has slowed revenue growth at local department stores to 3.6 percent in 2012 and 3.1 percent last year, according to the ministry.
In an effort to boost consumer interest and sales, many department stores have given space to popular restaurant brands, the ministry said.
Food and beverages account for 16.2 percent of sales at local department stores, comprising the second-largest category after clothing and accessories — 44.1 percent. The third-largest category is personal items — 15.4 percent — the ministry said.
The fourth quarter, when annual promotions are usually launched, is the peak season for department store sales. Over the past five years, fourth-quarter sales accounted for 32.3 percent to 33.7 percent of the year’s total sales, according to the ministry.
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