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Tienmu eyes status as shopping district with opening of mall

Taipei's Tienmu district might soon become the next popular shopping area after Shin Kong Mitsukoshi Department Store (新光三越) opens an outlet there to rival the 10-year-old Takashimaya Department Store (大葉高島屋).

The new shopping complex is expected to begin operation by the end of this year, Shin Kong Mitsukoshi's spokeswoman Shauna Lee (李香萩) told the Taipei Times yesterday.

The specific inauguration date will be announced at a press conference on Monday, she said.

Shin Kong Mitsukoshi, the nation's largest department store chain, with 11 outlets nationwide, is slated to sign a tenant agreement on Monday with Cathay Life Insurance Co (國泰人壽), owner of the two seven-story buildings at the intersection of Tienmu East Road and Chungcheng Road.

"With Tienmu Warner Village Cinema (天母華納威秀) occupying the fourth to seventh floors of one of the buildings, Shin Kong Mitsukoshi will operate over a 7,000-ping (23,100m2) space," Lee said.

Shin Kong Mitsukoshi becomes Cathay Life's new tenant after rival Pacific Sogo Department Store (太平洋崇光百貨), which has seven outlets in Taiwan, decided to scrap a proposed leasing deal with the insurer in July last year because of construction problems.

Takashimaya will not be the sole player anymore after Shin Kong Mitsukoshi jumps into the battlefield.

"We have to refit the restaurants in celebration of the 10th anniversary and will launch remodeling projects later this year to attract young customers," said Lin Ching-fen (林靜芬), public relations officer for Takashimaya.

She said the company would adjust its product mix after more details are revealed from the competitor's press conference next week.

Industry insiders said the new department store would create a complete shopping district in northern Taipei.

"This is a good thing [for Takashimaya] because a larger crowd will be drawn to Tienmu," said Mavis Chu (朱秀芬), a real-estate expert at the Taiwan branch of CB Richard Ellis Ltd.

If these two players can differentiate their product mix and customer base, Shin Kong Mitsukoshi will not impact Takashimaya, Chu said.

Simon Yang (楊世裕), branch chief at Sinyi Real Estate Inc (信義房屋) said a higher concentration of shopping outlets can help the area.

"This will further boost prosperity and drive up rents in the area," he said.
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