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Two new department stores to open in Taipei this week

TAIPEI, Taiwan — This week will see the grand opening of two new department stores in Taipei City, which will offer different products to attract Chinese as well as local shoppers and will bring even more intense competition to the island's robust retail industry.

The two department stores are Momo, part of the Fubon financial conglomerate, and Hankyu, part of food giant Uni-President. The two will open respectively on Wednesday and Thursday.

Fubon last year purchased the former Asia World building, the iconic architecture at the intersection of Nanjing East and Dunhua North Roads, for NT$10 billion and has turned it into a 3,000-ping shopping space, with 1,000 pings of the total reserved for food and beverage service.

The department store will target some 80,000 nearby office workers between 25 and 40 years of age, as well as Chinese visitors staying at Sunworld Dynasty Hotel next door, said Lin Chin-feng, president of Fubon Multimedia Technology Co.

The store will offer “high-quality yet inexpensive” goods, most of which are also offered on Fubon's Momo shopping network, Lin said, adding he expects annual sales to reach NT$1.2 billion, translating into NT$100 million each month.

Hankyu, meanwhile, is inside the Taipei City Bus Station, which is right next to the MRT Taipei City Hall Station and is frequented by an average 100,000 people each day.

The department store will target office workers and commuters 30 years of age, offering popular Japanese brands that are first seen in Taiwan including: Samantha Tavasa, Uniqlo and Tsujiri, said Hankyu's president Wang Pao-min.

First day sales may top NT$120 million, and first year sales are targeted at NT$4 billion, Wang said.

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