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July 24, 2017

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Far Eastern chair lauds local consumers

Taiwan consumers have become more conservative yet smarter, said Douglas Hsu, chairman of the Far Eastern Group, yesterday.

Hsu made the remarks at the Tianmu branch of Sogo Department Store, part of the Far Eastern Group. The store is currently having its anniversary sale.

At the store yesterday, Hsu made juice for employees and did the "horse dance" — a routine popularized by the South Korean rapper PSY in his internationally chart-topping music video "Gangnam Style."

"President Ma wants people to exercise more, no matter how busy they are," a sweating Hsu said. "That's just what I did. You can do exercise for just 10 minutes and get good results."

"The horse dance has become an international phenomenon," he continued. "To me, exercising is pretty much the same as running a business. You always have to catch up with the latest trends."

Following the commencement of the sale on Oct. 3, business has been vibrant, with the Tianmu store set to hit its NT$800 million revenue target in 12 days compared to 20 days for its peers, said Huang Ching-wen, chairman of Sogo Department Store.

According to Hsu, Taiwanese consumers have become smarter. "The financial woes a little while ago caused Taiwanese consumers to be more cautious. Yet now that they see that things are not so bad, they're spending again, although in a more prudent and judicious manner," he said.

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