Takashimaya Co, a leading Japanese retailer, has decided to sell its stake in a jointly owned department store in Taipei to its partner as a way of withdrawing from the Taiwan retail market, the department store said yesterday.
Takashimaya is to sell its 50 percent stake in the Dayeh Takashimaya Department Store (大葉高島屋百貨) in Taipei’s Shilin District (士林) to Dayeh Group (大葉集團), which owns the other half.
The stake is to be sold at a price of NT$492 million (US$15.04 million), according to local media reports.
In 1994, Takashimaya and Dayeh teamed up to open the department store in the affluent Tianmu (天母) neighborhood, where many expatriates live.
The store once generated annual revenue of NT$5.8 billion, but has been encountering stiff competition in the Tianmu area since the Pacific Sogo Department Store (太平洋崇光百貨) and the Shin Kong Mitsukoshi Department Store (新光三越百貨) entered the market, analysts said.
In 2014, Takashimaya Dayeh spent NT$1.2 billion on a remodeling project, hoping that a new image would attract young consumers, but it has not been able to meet its goal of NT$5 billion in annual revenue.
Meanwhile, Pacific Sogo and Shin Kong Mitsukoshi have been increasing their share of business in Tianmu, which is estimated to be NT$10 billion a year.
Takashimaya Dayeh said that over the past 20 years, it has built a management team that largely comprises local talent, adding that the share sale is unlikely to affect its operations.
Dayeh Group is a Taiwanese conglomerate that has a wide range of businesses, including retail, restaurants, healthcare, car engine development and property development.
The withdrawal of Takashimaya from the department store business in Taipei follows a similar move in March by Japan-based Hankyu Hanshin Department Stores, which was a joint owner of the Uni-President Hankyu department stores (統一阪急百貨) in Taipei and Kaohsiung for about 10 years.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS