Chongqing Far Eastern City to Close; SOGO: Pursuing Diversified Growth Through Multiple Business Models

According to a recent short-term lease termination notice issued by Chongqing Metropolitan Plaza Pacific Department Stores Co., Ltd., lease agreements within the Far Eastern City commercial complex in Chongqing will be terminated early on April 30, 2026, with the mall ceasing operations after business hours on that day. In response, Far Eastern SOGO stated today that this is a natural adjustment based on market conditions. "The situation in mainland China is currently quite uncertain, so we hope to make some adjustments to our business strategy. This store will temporarily cease operations." SOGO pointed out that it has already initiated a transformation in the mainland market over the past decade, moving towards a "multi-business model advancement" approach. Investments in commercial real estate with development potential, such as the project in Chengdu's Tianfu Square, have shown good occupancy rates for both office and commercial spaces, providing stable annual returns and overall successful operational performance. SOGO maintains a cautiously optimistic attitude towards the mainland market, continuously seeking suitable development opportunities and locations. In the future, the company plans to further expand its flexibility in mainland operations, not only continuing its existing business models but also considering accepting contract management roles to export its mature experience in retail operations and management, thereby creating more diverse growth momentum. (Editor: Yang Kaixiang) 1150407