TAIPEI (Taiwan News) — The Far Eastern Group has decided to tear down and rebuild its landmark department store near Taipei City’s Ximending shopping district, reports said Tuesday (April 27).

Company Chairman Douglas Hsu (徐旭東) took a month to mull over the proposal before deciding to go ahead and demolish the store, which has been in existence for 50 years, UDN reported.

The key issue with the Baoqing Road address was that it failed to attract sufficient shoppers despite being located right next to the Ximen Mass Rapid Transit station and the bustling Ximending area, said Nancy Hsu (徐雪芳), president of Far Eastern Department Stores.

She added that once it reopens, after five years of construction work, the department store would have to appeal more to the younger shoppers frequenting the area. No date has yet been set for the demolition of the old building and the emergence of its successor.

The Baoqing Road store’s weak performance came despite “revenge buying” by Taiwanese consumers during the pandemic, which drove Far Eastern’s business up by 40 percent in March and April compared to the same period last year.

The Far Eastern Group also runs the Sogo department stores and has interests in textile, telecom, cement, and banking.