What: Taiwanese department store has optimistic outlook for 2023.

Why it is important:  Never underestimate customers’ appetite for retail in troubled times.

Shin Kong Mitsukoshi Department Store, a Taiwanese department store chain, aims to grow its business by 20% annually during the mid-year sales season as in-person shopping regains popularity. The company has already seen a 15% year-on-year increase in sales in the first five months of the year.

To attract customers, the store plans to offer more bonus points that can be used for goods and services, expecting customers to convert about 180,000 bonus points and enjoy up to 40% discounts.

The store has observed increased demand for golfing, yoga, and camping gear among Taiwanese shoppers, while Southeast Asian customers show interest in cosmetic products.

Shin Kong Miotsukoshi aims for 20% growth