Small neighborhood variety stores, known as sari-sari stores, in the Philippines, reported a remarkable surge in sales in 2023, reaching over P8 billion, according to analytics startup Packworks.
This represents a significant increase of more than 21 percent compared to the previous year’s sales of P6.6 billion.
Packworks’ study, based on data from over 270,000 sari-sari stores nationwide, revealed that rural areas experienced higher sales compared to urban areas.
Regions such as CALABARZON, Cagayan Valley, and Central Luzon led in gross merchandise volume, outperforming traditional urban regions like the National Capital Region and Cebu.
Contrary to expectations, sari-sari store sales trends were not directly influenced by inflation. Instead, the report indicated that sales growth correlated more with major occasions like Christmas and Holy Week rather than inflation rates.
Packworks emphasized the essential role of sari-sari stores in providing convenience and accessibility to household goods, with more than half of the top-selling products considered essential items.
Source: PhilNews24 | February 19, 2024
