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Under Armour to close store in Taipei’s Gongguan, signals decline for commercial circle

Real estate expert Sway reports that because landlords in the area continue to hike rents, specialty stores have disappeared

Gongguan. (Wikimedia Commons photo)

Gongguan. (Wikimedia Commons photo)

TAIPEI (Taiwan News) – The Taiwanese financial and real estate expert known by the nickname "Sway" is predicting that Gongguan Commercial Circle near National Taiwan University (NTU) will decline, as reports suggest sporting goods brand Under Armour will close its Gongguan branch at the end of this month, United Daily News (UDN) reported on Tuesday (June 25).

The rent for Under Armour’s Gongguan store is reported to be NT$1 million a month. The company had agreed to rent the store until August 2022, UDN reported.

Sway said the commercial circle was originally designed to attract not only students but also tourists. However, since landlords keep hiking rents, many of the specialty stores in the area have left and been replaced by international brands.

Sway added that these stores sell well-known brands and commodities but lack character and, being ubiquitous, do not provide a compelling reason to visit or shop in the area.

Gongguan MRT Station is considered to be a transit station, and people do not usually stray far from the station to shop. Sway added that without a price advantage, most people have no pressing reason to visit the commercial circle.

Updated : 2022-05-25 05:13 GMT+08:00