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China Distribution & Trading LI & FUNG RESEARCH CENTRE China Distribution & Trading Issue 89 August 2011 Department stores in China, 2011 IN THIS ISSUE: Overview . The total sales value of department stores in China was 249.8 billion I. Overview yuan in 2009; sales of select member enterprises of the China Commerce Association for General Merchandise registered 17.5% growth in 2010. II. Operation modes of Operation modes of department stores in China department stores in . Department stores operators in China generate revenue from (1) China commissions on concessionaire sales, (2) merchandise direct sales, (3) rental income from store tenants, (4) agency fee earned by serving as agents and (5) management fee etc. III. Competitive landscape . Commissions on concessionaire sales are the predominant source of income. IV. Challenges Competitive landscape . Compared with many mature markets, China’s department store sector is very fragmented. V. Recent developments . Domestic department store operators tend to focus on regional markets, while leading foreign department store operators have wider footprints. A growing number of department store operators look for opportunities in lower-tier cities. Challenges . Many department stores in China are poorly differentiated. Reliance on commissions from concessionaire sales is a major reason behind. Heavy initial capital outlays, lack of expertise in merchandising and long nurturing period for new brands are some common concerns Li & Fung Research Centre for operators to try out new operating models. Department stores are facing Increasing challenges from other retail 11/F, LiFung Tower formats such as shopping malls, professional stores, discount outlets and online retail stores. 868 Cheung Sha Wan Road, Kowloon, Hong Kong Recent developments Tel: (852) 2300 2399 . Some department store operators have refined their market positioning strategies to cater to specific customer demographics. Fax: (852) 2635 1598 . Department store operators pay growing attention to transform E-mail: [email protected] purchasing practices; the development of private labels and proprietary brands is drawing attention. http://www.lifunggroup.com . A number of department store operators explore opportunities online. Department store operators try to incorporate more elements of shopping experiences. Department store operators seek M&A opportunities; a number of department store operators have sought public listings in recent years. Impact of new prepaid card restrictions on department store operators remains to be seen. Li & Fung Research Centre Member of the Li & Fung Group China Distribution & Trading Issue 89 August 2011 Department stores in China, 2011 Department stores1 have long been one of the major retailing channels in China. It is the chief distribution channel for branded apparel, cosmetics, jewelry and watches, etc, targeting mid-to-high income consumers. In the past decades, many consumer companies have viewed department stores as their top-of-choice retail channel to build brand recognition in China. That said, there is growing concern over department stores gradually losing appeal to Chinese consumers due to poor differentiation. Department stores operators are also facing increasing challenges from other format retailers such as shopping malls, internet retailers, outlets, etc. They are taking steps to improve operations. I. Overview 1. The total sales value of department stores in China was 249.8 billion yuan in 2009; sales of select member enterprises of the China Commerce Association for General Merchandise registered 17.5% growth in 2010 According to the National Bureau of Statistics of China (NBS), the total sales value of department stores was 249.8 billion in 2009 (Exhibit 1). Exhibit 1: Total sales value of department stores, 2003-2009 300 249.8 250 211.0 200 162.5 148.2 150 127.5 93.0 100 59.7 50 Salesvalue (billion yuan) 0 2003 2004 2005 2006 2007 2008 2009 Source: National Bureau of Statistics of China 1 Department stores are stores with sales area between 6,000 and 20,000 m2, usually multi-storey, selling wide range of merchandises with emphasis on clothing and accessories, footwear, household items and home appliances etc. Special concessionaire counters and open shelves are the chief sales formats. Li & Fung Research Centre 2 Member of the Li & Fung Group China Distribution & Trading Issue 89 August 2011 According to the China Commerce Association for General Merchandise (CCAGM), sales revenue of its 66 member department store operators climbed by 17.5% yoy in 2010 (see Exhibit 2). Most of the surveyed enterprises are leading department store operators in China. Exhibit 2: Performance of the member enterprises by CCAGM, 2005-2010 2005 2006 2007 2008 2009 2010 Sales revenue growth (% yoy) 18.0 13.7 17.8 16.9 15.2 17.5 Source: China Commerce Association for General Merchandise (CCAGM) According to the CCAGM, 92.4% of the member enterprises enjoyed sales revenue growth in 2010, higher than that of 81.7% in 2009 (Exhibit 3). Exhibit 3: Sales growth of select member enterprises by CCAGM, 2010 Sales revenue growth Number of enterprises Share (%) Over 20% 22 33.3 Over 15% 32 48.5 Over 10% 47 71.2 With improving sales revenue 61 92.4 With declining sales revenue 5 7.6 Source: China Commerce Association for General Merchandise (CCAGM) Li & Fung Research Centre 3 Member of the Li & Fung Group China Distribution & Trading Issue 89 August 2011 II. Operation modes of department stores in China Department stores operators in China generate revenue from (1) commissions on concessionaire sales, (2) merchandise direct sales, (3) rental income from store tenants, (4) agency fee earned by serving as agents and (5) management fee etc. Commissions on concessionaire sales Under concessionaire sales arrangements, department store operators do not own the title to the goods. They enter into agreements with concessionaires and grant the latter the rights to sell the products in designated store areas. Department store operators generally provide a range of services including advertising, marketing, store decoration and renovation, inspection of goods, safety inspections, and centralized payment settlements. Concessionaires need to hand over a certain percentage of their total sales proceeds to department stores as commissions, usually with a guaranteed base-figure for sales each month (see Exhibit 4 for the concessionaire rate of select department operators listed in Hong Kong). Exhibit 4: Concessionaire rate of select department store operators, 2009-2010 2010 2009 Golden Eagle Retail Group Ltd. 20.0% 20.3% Intime Department Store (Group), Co., Ltd. 17.8% 18.0% New World Department Store China Ltd. 19.4% 20.3% Maoye International holdings Ltd. 17.5% 18.0% Source: company annual reports Merchandise direct sales Under direct sales arrangements, department store operators source and sell their own directly purchased merchandise. Department store operators own the title to the goods and profit from merchandise mark-ups. Li & Fung Research Centre 4 Member of the Li & Fung Group China Distribution & Trading Issue 89 August 2011 Rental income from store tenants Department store operators lease designated areas to other business operators and receive rental income. Department store operators do not own the title to the goods and are generally not responsible for sales management. Brand companies, as the tenants, need to pay rent, while all the revenue is independent of the department stores. Commissions on concessionaire sales are the predominant source of income Commissions on concessionaire sales are the predominant source of income for China’s department store operators. Take several listed department store operators as example. From Exhibit 5, we can see that commissions from concessionaire sales accounted for more than 50% of the total sales proceeds. That said, compared to previous years, Intime, Golden Eagle and New World Department Store were less dependent on concessionaire sales and have put more focus on merchandise direct sales. Exhibit 5: Revenue breakdown of department store operators from select companies, 2010 Intime Golden Eagle New World Parkson Department Store Commissions from concessionaire sales 60.87% 70.56% 63.91% 58.42% Sale of goods - direct sales 31.64% 27.60% 21.22% 36.20% Rental income 6.35% 1.49% 6.63% 4.59% Management fee income from the operation of 1.14% 0.35% 8.24% 0.79% department stores Source: company annual reports III. Competitive landscape 1. Compared with many mature markets, China’s department store sector is very fragmented According to China Chain Store and Franchise Association (CCFA), among the top 100 retail chain operators in 2010 (hereafter the top 100s), there were 35 players chiefly operating the department store format (see Exhibit 6). Their average growth of sales revenue and growth of number of stores was 23.2% and 18.5% respectively in 2010. Li & Fung Research Centre 5 Member of the Li & Fung Group China Distribution & Trading Issue 89 August 2011 Exhibit 6: Department store operators among the Top 100s, 2010 Enterprise Sales yoy Number of yoy Place of origin value growth stores* growth (million (%) (%) yuan) Dalian Dashang Group Co., Ltd. 86,157.7 22.1 170 6.3 Chinese Mainland 大連大商集團有限公司 Chongqing Commerce (Group) Ltd. 38,215.9 27.2 319 1.9 Chinese Mainland 重慶商社（集團）有限公司 Shandong Commercial Group 37,000.0 44.3 264 28.2 Chinese Mainland Corporation 山東銀座商城股份有限公司 Hefei Department Store Group Co., Ltd. 24,900.0 19.1 171 25.7 Chinese Mainland 合肥百貨大樓集團股份有限公司 New World Department Store China 17,900.0 19.3 37 8.8 Hong Kong Limited** 新世界百貨中國有限公司** Jiangsu Wenfeng Great World Chainstore 17,649.3 12.7 1,016 3.9 Chinese Mainland Development Co., Ltd. 文峰大世界連鎖發展股份有限公司 Beijing Wangfujing Department Store 16,600.0 25.1 22 15.8 Chinese Mainland (Group) Co., Ltd. ** 北京王府井百貨（集團）股份有限公司** Parkson Retail Group Ltd. ** 16,560.0 33.9 47 6.8 Malaysia 百盛商業集團有限公司** Changchun Eurasia Group Co., Ltd. 16,175.9 20.1 35 16.7 Chinese Mainland 長春歐亞集團股份有限公司 Rainbow Department Store Co., Ltd. 14,705.6 26.6 44 18.9 Chinese Mainland 天虹商場股份有限公司 Golden Eagle Retail Group Limited** 12,400.0 32.5 19 11.8 Chinese Mainland 金鷹商貿集團有限公司** Intime Department Store (Group) Co., 11,962.4 32.7 24 4.3 Chinese Mainland Ltd.
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