Sony is determined to bounce back. Months after the Japanese electronic company closed its PC business to curtail continued loss, the company is venturing into an unlikely sector to turn its finances around. The tech giant announced on Thursday that it has set up a group that will branch out into real estate by August of this year.
Sony has been plagued with a plunging electronic business amid stiff competition by South Korean rivals. The move was part of the company’s restructuring efforts by creating new business ventures to tap into. The real estate undertaking is just one among the 10 businesses the Japanese firm is looking at for the next three years as it prepares going public. The ideas came as the firm set up a special organization beginning April 1 to brainstorm for possible opportunities. Proposals mapped out will be reviewed by outside experts, including Lifenet Insurance president Daisuke Iwase, and CEO of the consumer arm of e-commerce company Enigmo, Shokei Suda, to analyze which is feasible.
Not veering away from technology, which the company is known for, Sony’s wholly-owned real estate unit will take advantage of information technology to analyze the needs and plans of potential customers in scouting for ideal properties. The company is bent on maximizing its revenue by keeping sales personnel and stores at a minimum number. Sony, which has branched out into medicine and camera technologies in the past, hopes to gain an annual sale of 50 billion yen (approx. US$488 million) in the next five years.