Far Eastern Sogo Department Store (遠東SOGO) yesterday said that it would receive a boost in revenue later this year with the partial opening of its retail spaces next to the Taipei Dome (大巨蛋) complex.
Sogo Department Store chairwoman Sophia Huang (黃晴雯) shared the news at the company’s annual general meeting in Taipei, where shareholders approved a plan to distribute a cash dividend of NT$1.26 per share based on last year’s earnings per share of NT$1.69.
SIZE OF THREE STORES
Photo: Lee Jung-ping, Taipei Times
Huang said the “D” section of the new project called Sogo City might start operations in September, along with the Taipei Dome’s soft opening.
The company announced in June last year that it would run the mixed-use complex, which has four sections and a total floor space of 38,000 ping (125,620m2) next to the Taipei Dome.
Sogo City is as large as the three existing Sogo department stores on Zhongxiao E Road, Fuxing S Road and Dunhua S Road combined, Huang said.
Business recruitment was proceeding smoothly and 14 restaurant brands have agreed to open branches in the D section, Huang said, adding that all four sections could begin operating in the first quarter of 2025 and generate an extra NT$10 billion (US$325.52 million) in annual revenue.
LINK BETWEEN DISTRICTS
Sogo City would link Taipei’s Xinyi District (信義) and Daan District (大安), and aims to inject a healthy dose of vitality into the latter, Huang said.
Toward that end, it might have longer operating hours, in conjunction with the 24-hour Eslite Book Store that is to open at Songshan Cultural and Creative Park (松山文創園區), she said, not committing to a 24-hour operation model.
The lease for Sogo Department Store’s relatively small branch on Dunhua S Road is to expire in 2025 and the company has no intention of moving it elsewhere, Huang said, adding that it would invite partners to join Sogo City — her top priority for the time being.
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