1. East Hundred mall: a stable income and growth in April to the first floor of the renovation increase of nearly 300 square meters of business area, 98 began the renovation costs will be amortized over 08 amortization completed
; East Hundred market namely the cardinal source of revenue, in 2007 still accounted because 71% of GDP. East Hundred shopping commerce area of 40,000 square meters, because its own property.
recent years, with the Ocean Department Store, Rainbow Department Store and other new competitors to combine, Fuzhou department become increasingly competitive. Give you a money-spinner money than you shake surgery
but the core business district is located in prime places in the East a hundred shopping malls, as the leading department stores in Fuzhou, and all maintained a lofty growth, which fully demonstrated the competitiveness of the East a hundred shopping malls. Figure 1 shows, in addition to other in 2005, has maintained since 2003, more than 15% sales growth. Negative growth in sales in 2005 was the year when renovation a cloud of renovation and correction of the layout, most of the floors were suspended 15-30 days.
08 in the first 15 min, the East one hundred shopping malls to keep approximately 20% increase. We understand that in April, some floors (main floor) were renovation, the aboriginal business corridor became into space, and we see that transformation, the whole first floor is still is quite perspicuous and spacious. It is understood that this transformation, the first floor of an increase of approximately 300 square meters of business area. As the most prosperous land in Fuzhou, the first floor business area will no mistrust enhance the overall increase in sales revenue.
and important opponents, the breach among East Hundred Group, mainly in cosmetics. April 8, the business area of 50 million square meters of Dior Dior East Shopping Centre officially opened cupboard salute. It is the retinue after the Ocean Department Store, Fuzhou, Dior Dior cosmetics in Fuzhou second counters. This suggests that the East languid cosmetics business with hundreds of fashionable breakthroughs. It is reported that Lancome, Biotherm, etc. are also in talks with the company.
We forecast 08 million shopping center east 26% sales growth, 9.3 million, 09,10 years of growth will reach 18% and 15%, to reach 1.26 billion by 2010. The company's goal is to achieve the 2010 East Shopping Centre 1.5 billion per tariff income, that is not comprised 1.28 billion. Vertex Financial
In addition, we learned that in 2008 the company's peak year amortization, the East 98 per mall closed for a massive renovation, when the long-term prepaid expenses increased 89.35 million yuan, aggregate amortized over 10 years, will be fully amortized over 08 completed, 2009 will be dwindled by nearly 900 million in amortization expenses.
2. Eastern Department Stores: March 2009 Gome leases expire as well, will improve the overall layout of shopping malls, will significantly improve performance
Eastern Department Store and the East is merely separated by a road a hundred shopping malls, covering one area of 26,000 square meters. Fuzhou Oriental Department Store is the most upscale shopping, and shopping hearts in the East a hundred high-end positioning to manner a good purchaser segments.
Eastern Department Store was originally a large square, Lancashire, needy management. Since 2004 the company leased a large plaza for the East Lancashire department stores, 05 to 52 million yuan in the procurement of abroad owners (Fujian) Co., Ltd. All real estate equity, the department store business area of the East to 2.6 million square meters, and has its own properties. Vertex Financial topcj.com
2004, the company has taken over the main square, Lancashire, the East department of revenue has been rising. 2006 grew 44% to 154 million, up 29% in 2007 to reach 199 million.
We understand the 5th floor of the East for the department store Gome, the original development company in overseas real estate company leased to GOME, the wharf city of Mong, this area of only 3,000 square meters Gome stores, as sales in Fuzhou second Gome stores. And its annual rent of only 150 million yuan, annual rent per square meter less than 50, obviously this is a very low level of rent. Vaughan Dongjiekou annual rent of the shop more than 800 yuan per square measure.
Gome's lease will expire in March 2009, when the 5th layer will be changed to self. Floor from the eastern department store delivery, 5th Floor, noisy family appliances shopping malls, department stores and the East does not correspond to the positioning, but likewise hindered the lust to visit the customer to persist ascent, the common customers roamed downstairs 4th floor, accordingly, 6th floor sports, men's leather city, 7th floor of the family, babies, 8th floor, edible auditorium and the metropolis, human slightly less. We comprehend that, the United States after the expiration of the lease, the company will not revive, we trust that after the 5th floor to self, not only will mushroom the effectiveness of 5, and shopping centers will improve the overall sense, 6,7,8 floor will significantly increase the flow of people, which will amend the overall profitability of the mall.
catching into account the second team or the East division cache opened, we may store above East department of the business Wusi cause some diversion, so the Orient Department Store in relatively conservative revenue growth projections, 06 and 07 to less than growth.
3. Yuan Hong shopping: the end of the introduction of Carrefour, to create living-mall, sublease rental income has been fully cover the cost of
3.1. East took over a hundred dollars before the basic position of Hong Seong
Yuan Hong Taijiang
commercial center shopping mall situated in the south, Riverside Avenue,
GHD Pink Limited Edition, northwardly of Walking Street, east Yuan Hong Jinjiang, west of the Wuyi Road, an area of 96,000 square meters .
per Hongseong Taijiang which the region, have long been regarded as low-end wholesale market. I went from starting Dongjiekou Yuan Hong, a taxi driver said to Yuan Hong as
addition to the business district of the issues, Yuan Seong own location and evolution is also problematic. Yuan Hong Seong has been in operation nearly 10 years, the lack of retail experience from the original developer to develop operations. As a shopping center, Yuan Seong has been preferably perplexing position. The starting is in full consensus with the forms to create the Mall, and the introduction of the Hong Kong brand monopoly,
GHD Midnight Gift Set 2011, financial shopping, leisure, entertainment, sports, food as a whole, whatever, due to the evolution early, and the district where the lack of ample purchasing power patronize, and Taijiang district has been considered low-end wholesale market,
GHD Purple Gift Set, leadership to the positioning element Hongseong dripping lower and lower, and eventually transform the main consumer group for the surrounding counties and cities of Fuzhou comprehensive shopping center.
mall stores department stores make sure the main flow of people throughout the mall, consumption level. In the opening end of 05 per Hongseong over 10,000 square meters of business area of the Lotte Department Store, department stores, as outsiders, Fuzhou, has ambitious, pre-opening 2-3 stores in Fuzhou, but after entering unit Hongseong hard, has been incapable to reverse the losses. To give you vibrate your money better than money tree surgery
3.2. Dongbai investment with their own strength, the sublease rental income to offset the cost of
the subject of a hundred million Hong Eastern Department Store has been in May 1, 2007 opening, Mall October 1, 2007 fully opened.
East Hundred Group, with the local market understanding and good cooperation with the supplier relationship, took over the yuan Hongseong, the institution of 40,000 square meters of the main department stores, shopping centers not only assist to enhance the overall attractiveness of, and to increase the rent level.
It is understood that a hundred into the quondam in the East, Yuen Seong year, less than 10 million of rental income and property absence to own staff costs. East Hundred came in, under the accord, to pay 2.2 billion 11 years ahead the hire, and property costs borne by the East Hundred. Obviously, this is a agreeable thing for developers. Shake money tree to see the money under the operation
but East did not take also many risk of a hundred, a hundred such as East and strength into the retailer, to improve the grade of the all shopping center, and the introduction of a number of brand tenants. Such as Pizza Hut, Sony, Ajisen Ramen, farm, etc., so rents can be improved. 2007 East Hundred Group Element Hongseong sublease income is 1600 million yuan this year in between 2500-3000, 09 years after the rent increase will be slow, which manner that sublease income to be competent to cover the entire building rental costs (rent 13 million yuan in 2008, followed by 5 years 25 million per year, more than 400 million yuan commission) and the renovation costs of amortization (7,000,000 yuan per year),
GHD MK4 Pure Straighteners, which manner 40,000 square meters of the subject department stores, in fact, just assume personnel, water and electricity costs.
3.3. Carrefour will be settled before the end of the negate layer
We also studied in the research, Carrefour will be settled before the end of the negative layer, about 7 million annual rent. Negative one for the present Silk Street, is the element Hongseong the original tenants, most will expire at the end. East Hundred Group seeing for those tenants in the 8,000 square meters near the behind place of business, Silk Street, will be the overall relocation. If everything works smoothly, 10 months ago Carrefour may be settled. In addition to the rental income directly, the Carrefour's push also benefits:
Carrefour settled, will bring strong flow of people and enhance the overall rental level shopping center, the first floor area of the remaining rent will be increased substantially. Yuan Hong Seong negative layer, in fact, only half layers in the ground, such a chart, a layer and negative for the rental of a city, business is good. We understand that clever management, and overall did not leased to Carrefour, the negative layer, and then shared by the Carrefour stores approximately the flow of sublease rental income brought about, so this will be huge benefits for the East Hundred own to share.
Carrefour shopping center will enhance the overall operating level, the overall shopping services, format portfolio will be more faultless. The existence of Silk Street shopping mall is difficult to heave the overall grade. Carrefour came in, the Shopping Center will form a Currently the Sony store, Ajisen Ramen, a bumper crop has been assigned to hotels and other brands.
, of way, will continue to be adapted per Seong, along with the overall instruction is to gradually improve the building of consumer groups, business grade will be additional gradually. Vertex Financial topcj.com
expected 2008 sales of about 2.2 billion (equitable a department store in portion), rent 27 million yuan, is expected to profit in 2000 million. While rental costs in 2009 will increase to 2,500 million, but there will still be 15 million yuan is expected to effect income.
4. group or International: signing GUCCI, to build the most exclusive shopping areas in Fuzhou
group or trunk Bayiqi international business in Fuzhou Road, south Taijiang commercial center, the north district Dongjiekou Gulou District of Fuzhou. International E block group or department store, an area of 34,000 square meters, the lease term is 15 years. Rent in the form of sales commission and rent benefit sharing, the first year rent-free, the second to the third set the security at the end of the rent, the sixth at the end of the rent of not less than 20 million yuan.
It is understood that the property group or international allocation will be in June, maneuvers to open September 25-26. 09 million in rent is only 400. Vertex Financial
group or even the worldwide positioning of Fuzhou, Fujian's most upscale shopping. After repeated exertions, the enterprise recently and signed the outstanding elegance mark GUCCI, GUCCI settled nearly certain group or worldwide, and this is the first in Fujian GUCCI compromise counters. It is understood, GUCCI concession counters in the area of 350 square meters, opened up after 3 years, 2nd Floor, distended to 700 square meters. East Hundred will bear the concession counters of the upkeep costs, the estimated price of 800 million. GUCCI domestic stores under the consistent representation of the first annual behind a conservative opening is anticipated to attain 20 million yuan of bargains income ,2-3 years to approach 50 million yuan.
GUCCI's settled, in addition to sending straight revenue, the greater significance is create for the group or the international most exclusive shopping areas of Fujian has no suspense and difficulties. Because, GUCCI's settled, the presentation of other luxury brands, domestic and international famous brand
opening group or international, will fascinate local and surrounding luxury consumers. Hangzhou, the magnificent success of that building, second-tier cities may not be back the luxury market in Shenzhen, Beijing, Shanghai and other cities, Hangzhou, China Building, a luxury department store department store sales winner and then to become the first brand enterprises in China, thanks to the adult Zhejiang the personal economy. As a private economic development in Fujian, and is a famous hometown of overseas luxury goods market potential. Therefore, we are optimistic about prospects for group or international market.
5. Fuzhou department store competition, the status of East Hundred guiding tight
5.1. Ocean Department Store, the
visit our investigation and to gather information found in the department store industry is not calm in Fuzhou, in recent years become increasingly competitive. Currently, the Cannes department stores, Rainbow Department Store currently Renqibuwang,
GHD Purple Butterfly 2011, Fuzhou department stores formed the main line Bayiqi Road, Ocean department stores and local business governors East Hundred Group's two-competitive outlook.
Ocean Department Store
intensive offense and defense. The end of 2007 and the end of April 2008, the two oceans department store (Guanya Plaza Shop), 3 stores (May Square) have been opened. In this way, Ocean Department Store now has 3 stores. But 3 stores in close vicinity, are in the Dongjiekou district, separated in kilometers hardly ever. Now, three stores of the brand overlap is high, but the distribution is so near to every other and no meaningful feud, positioning are the form, boutique high-end department stores. Ocean Department Store This shop will obviously outcome in its diversion of consumer groups,
GHD Hair Straightener NZ, thereby reducing the floor effect. In addition, the high price from the ocean and the Wangfujing Department Store, Hong Kong New World won the competition two of its stores from the proximity of the May Square, it was a bit wondered, in truth, is among reason: Wangfujing, Hong Kong Once in Fuzhou, New World, the first impact is the Ocean Department Store, at the end of the day, the East has the absolute opportune hundred groups, status is difficult to shake. East Hundred Group's strategic layout even more avails. Intensive aggression relating Ocean Department Store, East Hundred Group's strategic layout more competitive. Fuzhou Article 4 stores, including two in the Dongjiekou, two in Taiwan, Jiang, Jiang Dongjiekou with Taiwan about 3 km individually, separated by a differ district. In positioning is also a explicit difference. Dongjiekou hundred stores and Oriental East were defined as high-end department stores and boutique high-end, Taiwan's Yuan Hong Jiang rise shopping centers and groups were defined as the hunk of international shopping and leisure and Fujian's most high-end shopping.
In addition, East Hundred Group of network location and the long-standing position also determines the brand's leading position in the East a hundred difficult to shake.
for expansion appearance of Fuzhou, East Hundred Group expressed effectively in two ways:
1, consider the acquisition of second-tier cities cross the country's leading enterprises. This is actually a company in recent years has been driven thing; East hundreds that line the city competition, and similar such enterprises in Fuzhou city in the shop or the acquisition of first-line consumers and be difficult to win admission of acquisitions, while second-tier cities leading enterprises are generally subjugate prime locations, some did not not have the opportunity to expand market opportunities for business, the platform can make use of the East one hundred and expansion to achieve finance, hundred of East, the smaller the risk of off-site expansion.
2, the surrounding open new stores in Fuzhou. In 2008 the company will open a boutique in Putian, mainly busy in jewelry, shoes and sporting goods. To give you shake your money better than money tree surgery
5.2. Fuzhou, the potential is still colossal department stores, department stores inhibiting
Ocean department stores even opened two stores, East Hundred Group has built 10 million square meters of shopping center and the most upscale Yuanhong shopping group or international, in appending to the administration Bayiqi Road Commercial Street The overall transformation, along Bayiqi Road south, Guanya Plaza, Dragon Spirit Chating, Shimao Chating Street, group or international, in the Pavilion Street, lined up, and Baolong city square and Vientiane City, and other non-urban Centre commercial projects have been started, which makes some investors anxious that the carrying capability of department stores in Fuzhou. We believe that the potential of Fuzhou, the department store industry is still large, the competition is still relatively modest:
First of all, the competition presents the basic pattern of duopoly competition, this situation is difficult to damage within 3 years. Relative Wuhan, Nanjing, Shanghai, Beijing and other places, Fuzhou, competition is still very relaxed department.
Secondly, clothing stores, department stores to make way street shops. Fuzhou Ting Street, side streets such as the street of small shops, and similar meta-Seong such original wholesale market, in Fuzhou to occupy a high share of the retail industry, and also the surrounding counties and cities of Fuzhou and frequent shopping. It should be said that the retail industry is characterized by Fuzhou and Fuzhou, has long been the lack of competition in the department store industry.
department stores as emulation intensifies in Fuzhou, a diversity of vacation improvements, especially to carry out promotional activities, the last impact is no the department store, but the format of the street on benefit of lower store, clothes store. Because department stores and clothes stores target customers, many of overlap. With this heavy expansion of 2 department stores in Fuzhou, the mall category of the bun from the store down the street a richer, extra fashionable, more proficient by integrating sale resources and more renowned department store convey, which is inevitable.
6. profit predictions and appraisals
such as the former thinking, we forecast 2008 sales revenue of 14.8 billion yuan, gross margin will be increased slightly. The following is the most critical analysis of costs, especially cost of sales.
07 per group in the East cost of sales increased from 2006 2.72% to 6.97%, from the total measure of outlook, the 2410 from 06 yuan to 07 of the 78 million yuan. We understand that cost growth was mainly the emulating reasons: increased cost of RMB 26 million yuan Hong stores (including amortization of 7 million yuan, personnel costs 7 million yuan, utilities 15 million yuan), an additional increase in the cost of the InterContinental Hotels 700 million. We expect that, overall, the increase in cost of sales in 2008 of about 2100 million. Yuan Hong increase in rental expenses which 13 million yuan, the company increased wages by about 30% or 6.5 million yuan.
Home real possession projects Lancashire
company plans adjusted by the government has even now started. Covers an area of 130 acres of the original project, the Government plans to change pre-built ponds in the vicinity, accounting for about 30 acres, and the remaining 100 acres. But the project floor area ratio increases, so the overall erection area is still about 15 million square meters. Reservoir for the month, company project is located in the peninsula location, among by lakes, the landscape is excellent. We are carefully optimistic about the project, but because the project is expected to start the second half of 2009 pre-sale development in two periods, the performance will be mainly reflected in the 2010, 2011. Shake the money technique: temper black horse breeds
we portend 08 and 09 East hundred years of EPS reached 0.41 yuan and 0.54 yuan. We expect 2010 growth for the company is on the eruption, for the advance of Commercial Street with the government, the heave of Taijiang district, and Yuan Hong Carrefour shopping center after the introduction of the perennial operating adjustments in place, group or international will gradually mature , Yuan Hong shopping centers, group or the gunpowder growth of international value the wait.
view of the East and the Oriental Department Store Shopping hundred irreplaceable location, and property owned, the company also has a good defensive.
famous treatment crew, with good incentives of personal corporation. The pace of expansion from the company in recent years, network way and transformation, competitive tactics, not laborious to find an wonderful treatment crew. The stimulus machinery, the management team via the buy of shares to large shareholders of the access ahead. With the increase of income level employees, companies up and down basically put in area incentives, incentives for the meticulous management of the retail industry is very major.
Analysis of division stores in Fuzhou
Linear Mode
