After closing six stores in the first half of 2020, the Eslite Spectrum Corporation, a Taiwanese leisure lifestyle retailer, announced that it will close three more stores in the second half of this year, including Zhongli SOGO store, Taipei MRT Station M district store, and Donghu store. It is expected that Eslite Spectrum will close a total of nine stores by the end of this year.
The outbreak of Covid-19 in the first half of 2020 poses challenges. It is necessary for Eslite Spectrum to restructure its business operations. At the shareholders meeting in May, Eslite Spectrum’s Chairman Wu Minjie pointed out that to follow the three values of Eslite Spectrum, “futuristic, profitability, and publicity,” it plans to close eight to ten community stores and department stores this year. She emphasized that “this is a physical adjustment. Don’t be afraid to close stores. It is more important to open the ‘right’ stores.”
In the first half of this year, Eslite Spectrum shuttered six stores, including Tainan Anping store, Taitung store, Shilin store, Kaohsiung Gaoyi store, Dunnan store, and Dazhi store. In the second half of the year, it will close the Zhongli SOGO store, Taipei MRT Station M district store, and Donghu store. Other than the Dunnan store, all the others were smaller outlets, which only amounted to 3% of the chain’s total earnings, said the company.
In addition to closing stores, Eslite Spectrum is also investing resources into stores with more potential, such as Xinyi store, Songyan store, Taipei MTR Station underground K district store and Hsinchu Big City Store.
Since June, Xinyi store has opened 24 hours a day, and its revenue has grown as high as US$340,072 in the first two months. The Hsinchu Big City store completed the largest renovation in eight years in July. Its sales revenue grew by 50% compared to the same period last year. It is expected that in 2021, the launch of its newly developed e-commerce platform will invite a new wave of opportunity for store openings.
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In addition, the Taipei MRT Station underground K district store and M district store have a combined retail space of nearly 7,700 square meters. It is planned to combine the two stores in the future. A shopping mall project in cooperation with Taiwanese carmaker Yulon Motor Co., Ltd. is also in the works, Eslite Spectrum revealed.