The encyclopedia · Strategy & Leadership · Strategic decision · 2002–2026
Far Eastern spent 24 years building a China retail empire — its last store lasted 2
Far Eastern Group's China retail arm peaked at 13 stores — the last one, a flagship mall in Chongqing, closed after operating just 2 years.
Far Eastern Group (远东集团) · Far Eastern Department Store (远东百货) · Pacific Department Store (太平洋百货) · 2026-04-30
What happened
Far Eastern Group, one of Taiwan's largest conglomerates, entered China's department store market in 2002 by acquiring the Pacific Department Store chain. Over the next decade it expanded to 13 stores under the Far Eastern and Pacific brands across Shanghai, Chongqing, Chengdu, and other cities, operating in prime locations for over 20 years.
By the mid-2010s the department store format was fading in China as consumers shifted to luxury malls, e-commerce, and social commerce. Far Eastern's stores lost traffic to newer competitors. The last store standing was 重庆远东城 (Chongqing Far Eastern City), a shopping mall opened in May 2024 as the group's first China mall format.
The Chongqing mall lasted just 2 years. On April 30, 2026, it closed after reporting persistent severe losses. The lease termination letter stated that 'most tenants are also reporting operating losses' and that 'continuing operations serves no purpose.' Far Eastern's 24-year China retail journey was over.
Why it happened
- Far Eastern entered China through acquisition rather than organic brand building — its stores carried Taiwanese retail DNA that did not evolve for Chinese consumers
- The department store format itself collapsed in China — consumers moved to luxury malls and Douyin, leaving mid-market anchors empty
- The Chongqing mall, opened at the very end of the format's life, had no time to establish itself before losses overwhelmed it
The lesson
Opening a new department store in 2024 in China was not ambition — it was denial. The format had already been dying for a decade.
Aftermath
Far Eastern Group's China exit was complete. The group continued its operations in Taiwan and other markets. The closure was part of a 2026 wave that also saw Isetan, Galeries Lafayette, Lane Crawford, and Harrods leave or shrink in China. Over 30 department stores had closed in each of 2024 and 2025 across the country.
Sources
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