TAIPEI (Taiwan News) — More than 10 large-scale shopping centers are scheduled to open across Taiwan this year, with industry forecasts projecting year-on-year growth and total annual department store revenue likely to surpass NT$500 billion (US$15.9 billion), CNA reported.

Far Eastern Sogo Department Store Chair Sophia Huang (黃晴雯) said the company’s Garden City, set to open in March, will cover 30,000 ping (about 99,000 square meters). The complex will feature a shopping mall, a cinema located on the first and sixth floors, and dining options connected to the Taipei Dome.

The company expects the new store’s annual revenue to top NT$10 billion. Including Far Eastern Sogo’s Fuxing, Zhongxiao, and Tianmu branches in Taipei, the company’s total yearly revenue could reach NT$50 billion.

The department store sector recorded NT$415.6 billion in revenue from January to November last year, a 1.9% year-over-year increase. Huang attributed the slow growth to US tariff policies, inflation, competition from e-commerce platforms, and a gas explosion that shut Shin Kong Mitsukoshi’s Taichung branch until September. The store is one of Taiwan’s highest-grossing department stores. 

Hanshin Intercontinental Mall in Taichung, with a total investment of NT$10 billion, is set to open in the second quarter, marking Hanshin Department Store Co.’s first expansion outside Kaohsiung. The seven-story, 66,000-ping mall will feature nearly 500 brands, the company’s restaurant outlets, and a cinema.

The company said the new branch is located in Beitun District, near the Central Taiwan Science Park and the under-construction Taichung Arena, underscoring its strong consumer potential.

Mitsui Fudosan Co. said that its third Mitsui Shopping Park LaLaport in Taiwan, under construction in Kaohsiung’s Fengshan District, is set to open by the end of this year. The 270-store mall will feature dining, drugstores, a large bookstore, a supermarket, and an immersive-style art space, the Arte Museum.

The company added that its additional Mitsui Outlet Park near the Taiwan High Speed Rail Tainan Station is expected to open in the first or second quarter. The 240-store mall will feature home goods stores, a Japanese-style supermarket, electronics retailers, and dining outlets.

E-da Development Corp. President Mara Wang (王香完) said that local department stores in Taiwan could face challenges if the market fails to attract more foreign tourists or new shoppers. She stressed the need for these stores to transform into mixed-use complexes.