Beijing store Chengjing Department Store “pull oil bottle”

The magic of department store format is still difficult to solve this year. According to a survey conducted by the Beijing Commercial Daily reporter, the results of the Beijing-listed department store last year was rather bleak. Operating income continued to shrink, and the slight increase in net profit did not come from the contribution of the main business. Department store format continues to play the role of dragging oil bottles. The future of the department store group is betting on emerging markets such as shopping centers and Ole. However, in the more competitive market conditions such as the rise of cross-border e-commerce and shopping mall upgrades, the difficulty and time for new store cultivating will not be comparable to that of the past. The turnaround of department stores will become a protracted war.

Camp shrinks water

The operating fatigue of the department store format was highlighted in the two transcripts of the Beijing-listed department store leader last year. Last year was the first two years of business shares and Wangfujing Department Store's operating income shrink, the operating income of the first commercial share was 12.067 billion yuan in 2013, 11.815 billion yuan in 2014, and decreased to 10.936 billion yuan in 2015. Wangfujing Department Store decreased from 19.79 billion yuan in 2013 to 18.277 billion yuan in 2014, a year-on-year decrease of 5.19% to 17.328 billion yuan.

In terms of net profit, both companies have slightly improved, but the non-core business generated a net profit contribution is not small. Last year, the net profit of First Commercial Bank was 344 million yuan, a slight increase of 2.85% year-on-year. Wangfujing Department Store's net profit was 661 million yuan, an increase of 3.96% year-on-year. Among them, Wangfujing Department Store's non-core business contributed 190 million yuan, accounting for about 1/3 of the company's total net profit.

The shrinking of commercial prepaid cards continued to affect the cash flow of department store operations. Last year, the net cash flow generated by the First Commitment's shareholding business activities was 340 million yuan, a decrease of 230 million yuan over the same period of the previous year, a decrease of 41.1%. The decrease was mainly attributable to the decrease in sales of single-purpose commercial prepaid cards, the corresponding reversal of depository funds and the decrease in sales cash inflows. First Business Shares said that except Jinyuan New Lufthansa MALL, Tianjin Xinyanshaolai, and Falla, which is mainly engaged in sports and leisure activities, other business segments have experienced different levels of decline in performance, especially in the department store sector. , directly affect the company's operating performance.

Beijing is difficult

In terms of sub-regions, the department stores in Beijing were the most seriously affected. The operating income of the First Commercial Co., Ltd. in Beijing was down 15.49% year-on-year, and the gross profit margin was 24.52%. Judging from the effectiveness of the stores, the first commercial company Beijing Department Store has a floor effect of 1,048 yuan/construction area, sq.m/year, and has a sales volume of RMB 25,500/sq.m./sq.m. and a sales growth rate of 15.5%.

Wangfujing Department Store said that due to the impact of the macro environment and policies in Beijing, the revenue of store stores has dropped significantly, affecting the overall income level of the company. The financial report shows that operating income in North China, mainly Beijing, Shanxi and Inner Mongolia, fell by 6.26%. Beijing Wangfujing Shuang'an Shopping Center's net profit fell 16.56% to 89.9742 million yuan.

The shift from shopping centers to O'Lei's position is the same strategy of the two major companies in the past two years. However, new businesses and stores are still not profitable during the incubation period. The first-tier shares of Tianjin Xinyan Shaole and New Lufthansa Gold Street projects need to be further improved; Wangfujing e-commerce continued losses, the loss amount of 36.8682 million yuan, Foshan shopping center project investment 1.2 billion, the report period the project Loss of 2.752 million yuan.

Looking forward to warming up

Due to the relatively high proportion of department stores, it is difficult for new businesses to grow positively in the short term. This year will still be a difficult year for department stores. As for the First Commercial Shares, it is expected that the company’s high-end department store status will still be in a difficult recovery period of falling and stabilizing. The number of competitors in outlets and outlets of Outlets and Shopping Centers is increasing and their strengths are getting stronger, and they will enter a more fierce battle. Volkswagen Department Stores and Fashion Department Stores are arduously limited by the scale of operations and service functions.

Faced with the severe competition situation, Shougu shares and Wangfujing Department Store's key regional development strategies are different. The First Commercial Group concentrated its development on the northern region and the Beijing-Tianjin-Hebei market. Wangfujing Department Store last year acquired Harbin Qunli Cultural Plaza Phase II, a 17.85% stake in Shenyang Setolai’s property owner Qingdao Northern Olai and Fenghua Commercial (mainly Xidi Port (Zhengzhou) Shopping Center Project). In addition, it also increased the investment of Waimao Shopping Center and Olai Xindian, invested 301 million yuan, and developed Hong Kong China Travel (Shenyang) Real Estate Co., Ltd. to develop the Phase II commercial housing project of Shenyang Setoolai Project; Xiji Port (Xi'an), which was developed at a cost of 790 million yuan. ) The shopping center project borrowed 110 million yuan from shareholders last year to expand the purchase of commercial properties and underground garages.

Wangfujing Department Store will increase the proportion of self-sustaining properties. In the next few years, the main funds will be used to build and operate the Foshan Shopping Center, Harbin Qunli Project, and the Xidi Port Mall Xi'an and Zhengzhou projects; and leased properties in Nanchang and Yinchuan to open shopping malls.

In order to increase profits, it is the common goal of the two major Beijing department stores this year. From the perspective of performance expectations, both Wangfujing Department Store and the First Commercial Bank will both recover. The first commercial share of this year is expected to achieve sales of 113.33 billion yuan and a profit of 610 million yuan.

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