Eslite Spectrum to continue China expansion
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Taiwan’s Eslite Spectrum, which runs bookstores, shopping malls and restaurants, plans to continue adding stores in the greater China market.
President Wu Wen Chieh told the group’s annual meeting that after extending its reach into Hong Kong in 2012, the company had transformed into a cultural creative brand.
Wu said the company has 46 outlets in Taiwan, Hong Kong and China through teaming up with cultural creative brands, and plans to enter Shanghai by opening a store this year. Its first China outlet launched in Suzhou in November. Another store is planned for Shenzhen in 2018.
Eslite has three stores in Hong Kong, and Wu said that the company is studying the feasibility of opening more stores there.
However, Eslite has closed two stores in Taipei and will shut down two others. Wu said the company is determined to open new stores in Taiwan this year.
Chairman Wu Ching-yu told shareholders that the company has set its sights beyond the greater China market, with the aim of opening stores in Japan and the US.
He said two property developers in Japan have made contact with Eslite, but Eslite will expand at a stable pace globally.
Eslite last year posted NT$3.82 billion (US$118 million) in sales, up 9 per cent from a year earlier, and raked in NT$412 million in net profit, up 11.6 per cent.
Questions & Answers
Q.What is Eslite Spectrum's current number of outlets across its operating regions?
What is Eslite Spectrum's current number of outlets across its operating regions?
The company currently operates 46 outlets in total. These stores are located across Taiwan, Hong Kong, and mainland China, reflecting its existing presence in the greater China market through partnerships with cultural creative brands.
Q.Which new cities does Eslite Spectrum plan to enter in mainland China and globally?
Which new cities does Eslite Spectrum plan to enter in mainland China and globally?
Eslite Spectrum plans to open a store in Shanghai this year, following its first mainland outlet in Suzhou. Another store is also planned for Shenzhen in 2018. Globally, the company aims to open stores in Japan and the US.
Q.How did Eslite Spectrum's sales and net profit perform last year?
How did Eslite Spectrum's sales and net profit perform last year?
Last year, Eslite Spectrum reported sales of NT$3.82 billion, marking a 9 per cent increase from the previous year. Its net profit reached NT$412 million, which was an 11.6 per cent rise.
Q.Are there plans to close any existing Eslite Spectrum stores, or open new ones, in Taiwan?
Are there plans to close any existing Eslite Spectrum stores, or open new ones, in Taiwan?
Yes, Eslite has closed two stores in Taipei and will shut down two others. However, the company is determined to open new stores in Taiwan this year, indicating a strategic shift in its local operations.
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