Pacific Sogo Department Store (
The two parties have signed a memorandum of understanding for their proposed plan, Nancy Ting (
Shihlin Electric & Engineering is planning to construct a 19-story office building in Tienmu, with Sogo leasing the building's first five floors, Ting added.
The new Sogo store on Chungshan North Road (Sec. 6) will occupy 14,000 pings and will be the retailer's fifth outlet in Taiwan. Sogo, which expects NT$26 billion in sales this year, hopes to create annual sales of up to NT$5 billion at the new outlet during the first year after it opens in the third quarter of 2008.
"This outlet will target female customers with high purchasing power by enhancing its selection of quality and stylish imported goods," Sogo vice president and spokesman Lee Kuang-rong (
Sogo attributed its alliance with Shihlin Electric & Engineering to the long-term relations between the families of both companies' chairmen, Lee said in the statement.
The 40-year-old Shihlin specializes in manufacturing heavy electrical and manufacturing-automation products as well as in distributing digital imaging products. Shihlin reportedly could gain at least NT$300 million per year in rent from Sogo.
Sogo originally planned to launch a fifth outlet in the Tienmu area through a collaboration with Cathay Life Insurance Co (
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
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