Sogo Hong Kong
Encyclopedia
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese-style department stores in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It originally belonged to Japan's Sogo
Sogo
Sogo Co., Ltd. is a department store chain that operates an extensive network of branches in Japan. It once owned stores in locations as diverse as Beijing in China, Causeway Bay in Hong Kong, Taipei in Taiwan, Jakarta, Medan, Bandung & Surabaya in Indonesia, Kuala Lumpur in Malaysia, Singapore,...
, but is now owned by Lifestyle International Holdings , a company held by Hong Kong billionaire brothers Joseph Lau
Joseph Lau
Joseph Lau Luen Hung is a billionaire Hong Kong real estate investor who owns a 61% stake in Chinese Estates Holdings. His fortune is estimated by Forbes at $4.3 billion.-Wealth:...
and Thomas Lau
Thomas Lau
Thomas Lau Luen-hung is a Hong Kong entrepreneur and billionaire. He is the younger brother of Joseph Lau Luen-hung, the chairman of Chinese Estates Holdings. He is the managing director of Lifestyle International Holdings.-References:...
. It owns stores in Causeway Bay
Causeway Bay
Causeway Bay is a heavily built-up area of Hong Kong, People's Republic of China, located on the Hong Kong Island, and covering parts of Wan Chai and Eastern districts. The Chinese name is also romanized as Tung Lo Wan as in Tung Lo Wan Road...
and Tsim Sha Tsui
Tsim Sha Tsui
Tsim Sha Tsui , often abbreviated as TST, is an urbanized area in southern Kowloon, Hong Kong. The area is administratively part of the Yau Tsim Mong District. Tsim Sha Tsui East is a piece of land reclaimed from the Hung Hom Bay now east of Tsim Sha Tsui...
in Hong Kong and
Jiuguang Department Store
Jiuguang Department Store
Jiuguang Department Store is a joint venture between Chongguang Department Store, belonging to Lifestyle International Group , which continues Sogo's operations in Hong Kong after Sogo's bankruptcy, and Jiubai Group of Shanghai, China...
in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
.
History
Sogo Hong Kong, parentedParent company
A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors; the second company being deemed as a subsidiary of the parent company...
by Japan's Sogo, commenced its operations in 1985 in Causeway Bay, Hong Kong. It has been one of the important landmarks in Causeway Bay since then. In 1993, it underwent major renovation
Renovation
Renovation is the process of improving a structure. Two prominent types of renovations are commercial and residential.-Process:The process of a renovation, however complex, can usually be broken down into several processes...
to become "Jumbo SOGO", expanding its area from 120000 square feet (11,148.4 m²) to 400000 square feet (37,161.2 m²).
In 2000, Japan's Sogo declared bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
under a US$17 billion debt
Debt
A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
. Lifestyle International Holdings, owned by brothers Joseph Lau and Thomas Lau, and Chow Tai Fook Enterprises
Chow Tai Fook Enterprises
Chow Tai Fook Enterprises Ltd. is a diversified, Hong Kong-based company engaged in the property development, hotel, casino, transportation, jewelry, port and telecommunications businesses....
, owned by Cheng Yu-tung
Cheng Yu-tung
Cheng Yu-tung GBM is a Hong Kong billionaire with extensive business dealings and real estate interests in both Hong Kong and Macau. He owns the privately-held Chow Tai Fook Enterprises, a conglomerate which operates the Sheraton Marina hotel and controls the publicly listed New World group...
, acquired Hong Kong Sogo.
In 2005, Sogo Hong Kong opened its second store in Tsim Sha Tsui, Kowloon
Kowloon
Kowloon is an urban area in Hong Kong comprising the Kowloon Peninsula and New Kowloon. It is bordered by the Lei Yue Mun strait in the east, Mei Foo Sun Chuen and Stonecutter's Island in the west, Tate's Cairn and Lion Rock in the north, and Victoria Harbour in the south. It had a population of...
. It planned its third store in Nina Tower, Tsuen Wan
Tsuen Wan
Tsuen Wan is a bay in the Kowloon area of Hong Kong, opposite to Tsing Yi Island across Rambler Channel. The market town of Tsuen Wan emerged for the surrounding villages and fleets of fishing boats in the area. The town is around the present-day Tsuen Wan Station of the MTR...
, but the plan was scrapped in 2006 after failing to agree to lease terms with Chinachem Group
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
, Nina Tower's owner.