Japanese retail development
begins to show signs of life

Royal Ahold to quit Southeast Asia

Asia-Pacific’s largest mall set
to open in KL this October

First Courts store opens in Phuket

100 Lotus Supercenters in
China by 2006: CP Group

Revamps, renovations,
repositioning — S’pore malls go
all out to lure shoppers

HK’s CRE to slow expansion
plans in China

Schroder buys first retail
property in HK

Ikea’s largest Asian store
opens in Shanghai

Taipei 101 Mall set to open later
this year

Malls in S’pore fight back SARS
scare

OG to leave Great World City in
S’pore when its lease expires

More outlets outside Bangkok:
SF Cinema

Thailand’s Seacon Square earmarks Bt107 million for upgrades

 

TAIPEI 101 MALL SET TO OPEN LATER THIS YEAR

Taipei 101 Mall is as good as those found in Asia, if not the world, one analyst says

Touted as the world’s tallest building, Taipei 101 is nearing its completion after four years of construction, but its retail component, Taipei 101 Mall—located in its 23,000-ping (75,900 sqm) podium — is set to open Nov 14.

Targeting the higher-end retail market in Taipei, 88% of its total space has been leased, or 142 tenants, including world renowned designer houses, such as Louis Vuitton and Celine, as well as other fashion shops, such as Kenneth Cole and Mango.

Speaking to reporters at a press seminar, Mr Simon Van de Velde, senior development leasing and marketing manager of Lend Lease, the Australian-based company responsible for the retail planning and leasing of the mall, says that Taipei 101 will not only compete with local competitors in the neighborhood, such as Shin Kong Mitsukoshi Department Stores and the Living Mall, but that it aims to compete head-to-head with renowned shopping malls in Asia.

“Taiwan contributes very well in the regional sense to the luxury market,” Mr Van de Velde said. “The country sits as the third (in the luxury market), only behind Japa”n and South Korea.

Despite the current economic downturn, Mr Van de Velde is still optimistic about Taiwan’s luxury goods market, and retailers are staging a strong presence to attract consumer spending. Citing Louis Vuitton, a tenant occupying a 130-ping space in the mall, he says the store is part of the design house’s plan to develop a network in Taipei, including its flagship stores close to Grand Formosa Regent and on Tunghua South Road. Celine, another design house, will occupy a 75-ping flagship store in the mall.

Sources say Sogo, one of Taiwan’s largest department store chains, is negotiating with Taipei 101 Mall to set up an 800-ping outlet.

If the project is finalized, competition in the retail market of Taipei’s Hsinyi district will be further intensified, analysts warn. Already, Shin Kong Mitsukoshi chain has two branches in the neighborhood. Sogo itself currently has branches on the Chung Hsiao East Road, and Tunghua South Road.

Taipei 101 Mall represents a sea-change for mall development in Taiwan. Says Mr Calvin Wang, head of Retail Asia for Jones Lang LaSalle: “Taipei and the Hsinyi district have made rapid advances in the sophistication of the retail formats, and this development takes us to the next level. It sets the standard for all retail developments that will follow. The mall provides a truly indulgent shopping experience, and tenant retailers and shoppers alike are pampered with the space and facilities the mall offers.

“Taipei 101 Mall is as good as those found anywhere in Asia, if not the world. We don’t have to look with envy at developments in Hong Kong or Singapore anymore. What a wonderful opportunity for Taipei—to have the best office and retail facility in the same location, plus the synergy between the office tower and mall is brilliant!”

Taipei 101 building is slated to be completed next year. The 448-meter skyscraper is a build-operate-transfer project between the Taipei city government and the Taipei Financial Center Corp, owned by 14 shareholders, such as China Life Insurance, China development Industrial Bank, and China United Trust & Investment Corp.