Taiwan Railways Corp (TRC) today announced that Shin Kong Mitsukoshi has been selected as the preferred bidder to operate the Taipei Railway Station shopping mall, replacing the current operator, Breeze Development Co Ltd.
Among eight qualified firms that delivered presentations and were evaluated by a review committee, Shin Kong Mitsukoshi was ranked first, while Breeze was named the runner-up, the rail company said in a statement.
Contract negotiations are to proceed in accordance with regulations, it said, adding that if negotiations with the top bidder fail, it could invite the second-ranked applicant to enter talks.
Photo: Taipei Times
Breeze in a statement today expressed doubts over the selection process, saying that it filed a formal objection yesterday requesting that TRC provide an explanation within three days and suspend the announcement.
The company said it has yet to receive a response from TRC, and is evaluating whether to file an administrative lawsuit.
Breeze alleged several procedural irregularities, including concerns that the results of the bid were leaked before the official announcement, potentially affecting information consistency and procedural fairness.
The company also questioned the qualifications of the selection committee members and whether conflict-of-interest protocols were strictly followed, urging the competent authority to clarify the matter.
Industry observers said the outcome has sent shockwaves through the retail sector and represents a pivotal opportunity for Shin Kong Mitsukoshi to rebuild its presence in Taipei’s western district.
Taiwan Council of Shopping Centers and Commercial Real Estate chairman Jeff Tsai (蔡明璋) said that regardless of who secures the contract, the Taipei Railway Station mall is a highly advantageous holding.
The station is a hub for five rail systems: the TRA, high-speed rail, two MRT lines and the airport MRT, he said, adding that its significant foot traffic and cash flow mean the project is essentially guaranteed to be profitable.
In 2007, Breeze took over and revamped the station mall, transforming it into a food-centric retail hub.
While the company has not disclosed actual operating figures, based on daily foot traffic of nearly 600,000 people, industry insiders estimate that the mall generated annual revenue of between NT$2.5 billion and NT$3 billion (US$79.23 million and US$95.07 million), making it Breeze’s most profitable asset.
However, the mall has faced increasing competition from Q Square Mall, the rise of Xinyi District (信義) and gentrification of the area around Zhongshan MRT Station, they said.
Whether Shin Kong Mitsukoshi could leverage its tenant mix to create a more inclusive, multifunctional environment — similar to New York City’s Grand Central Terminal, which blends public and commercial space — and enhance the station’s image as a “gateway” to the nation would be a key challenge, they added.
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