Japan’s Mitsui Fudosan Group plans to launch its first mall in Taiwan by the end of September in collaboration with Farglory Group (遠雄集團), with the venture targeting sales of NT$6 billion (US$190.26 million) in its first year of operation.
The two groups have established a joint venture — Sanxin Outlet Co Ltd (三新奧特萊斯) — to run the mall, with Mitsui Fudosan holding a 70 percent stake and Farglory owning the other 30 percent.
The mall is to be set up in a commercial area in New Taipei City’s Linkou District (林口), where Mitsui Fudosan won a 50-year lease in 2013 and plans to invest about NT$6 billion. The investment is expected to create at least 2,000 jobs.
Photo: CNA
“We expect the mall to open for business by the end of the third quarter and generate NT$6 billion in annual sales in the first year of operation,” Sanxin Outlet general manager Wadayama Ryuichi told a press conference after a beam-raising ceremony last month.
The mall will be able to accommodate 220 tenants, with 60 percent expected to be international luxury brands and 10 percent Japanese brands, Ryuichi said.
To raise customer traffic, 20 percent of Sanxin Outlet’s tenants will be food and beverage vendors, he said.
The mall will also have a supermarket, movie theaters and a bookstore, he added.
Ryuichi said about 85 percent of the tenancies have been leased, with the planned mall expected to offer discounts of between 30 percent and 70 percent on various apparel, accessories and lifestyle products.
Facing competition from Gloria Outlets (華泰名品城), another planned outlet center in Taoyuan led by the Gloria Hotel Group (華泰大飯店集團), which is to launch operations of its first phase in August, Ryuichi said the location and the earlier timing of its full opening would be an advantage for Sanxin Outlet.
In addition, Mitsui has experience operating 12 malls in Japan, Ryuichi added.
By cooperating with Farglory Group, which owns Farglory Land Development Co (遠雄建設), Mitsui Fudosan might launch more land development plans in Taiwan in the near future, he said.
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