Taipei Financial Center Corp (TFCC, 台北金融大樓), which operates Taipei 101 — including its shopping mall, observatory deck and office space — aims to increase revenue to pre-COVID-19 pandemic levels this year after taking a hard hit from the crisis last year, it said on Thursday.
TFCC president Angela Chang (張振亞) announced the goal at a news conference, when the firm unveiled a 42 percent slump in net income to NT$1.27 billion (US$44.4 million) for last year.
The results translated into earnings per share of NT$0.87, below NT$1 for the first time in seven years, as foreign tourist arrivals virtually stopped amid COVID-19 border controls.
Photo: Chuang Shih-hsien, Taipei Times
Although the unfavorable effects of the pandemic linger, Taipei 101 is to strengthen its shopping mall operation and maintain full occupancy for its office space in the city’s central business district, where leasing demand is strong with no new space available in the near term, Chang said.
The observatory deck previously generated 30 percent of overall revenue, but made a meager contribution last year, she said.
TFCC has set a goal of growing the shopping mall’s operation by 10 percent this year, helped by a continued economic recovery, and collaborations with domestic and foreign luxury brands to bolster high-end consumption.
The mall hosted more than 200 shows and exhibitions last year to consolidate its leadership position in sales of luxury watches, jewelry and other items, raising revenue 30 percent and mitigating the effects of the pandemic to single-digit percentage points, TFCC said.
A 10 percent increase is viable given that spending by 300,000 members soared 55 percent last year, with one-third of them being active shoppers, the company said.
The skyscraper’s operator is to spend NT$1.5 billion renovating the complex’s exterior, as well as its shopping area and parking spaces to make them more welcoming, TFCC said.
Taipei 101 has been able to raise rents, with upward adjustments reaching 45 percent in some cases, thanks to its landmark status, TFCC said.
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