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Festival boosts department stores

Most department stores in Taipei reported stronger sales during the four-day Dragon Boat Festival holiday than during the same time last year, which was seen by retailers as a sign of improving consumer confidence.

Taiwan’s biggest department store chain, Shin Kong Mitsukoshi Department Store Co (新光三越百貨), reported sales of NT$960 million (US$29.7 million) nationwide from Thursday to Sunday, an increase of 90 percent over the same period last year.

Shin Kong Mitsukoshi’s biggest competitor, Pacific Sogo Department Stores Co (太平洋崇光百貨), said yesterday that its Taipei stores, excluding the new Tianmu (天母) branch, saw sales grow 20 percent compared with the Dragon Boat Festival last year.

The Tianmu store, which opened on May 22, reported sales over the four-day period that exceeded the company’s target by 60 percent, executives said.

Other department stores in the upscale Tianmu neighborhood also performed well, analysis by store managers showed.

Sales at Shin Kong Mitsukoshi’s outlet on Saturday and Sunday were 15 percent higher than the average weekend take, while the Dayeh Takashimaya Department Store (大葉高島屋百貨) saw sales rise by 5 percent over the average.

The analysis said the new Sogo store did not have as big an effect on the competition as had been anticipated because most people who shopped there were from outside the area.

The Miramar Entertainment Park (美麗華百樂園) in Dazhi (大直) district was the only major retailer to post lower numbers during the extended holiday, with sales 2 percent lower over the holiday weekend than an average weekend.

Industry insiders attributed the weak showing to the complex’s proximity to the Neihu Science Park, which has been hit hard by the global economic downturn.

Miramar’s location outside the main part of the city also means it relies heavily on nearby residents.
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