Integrated Report 2019
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PARCO CO., LTD. Integrated Report 2019 Report Integrated LTD. CO., PARCO Integrated Report 2019 PARCO Corporate Mission Creating welcoming, forward-thinking, innovative spaces that provide an enjoyable experience for customers and help our tenants prosper. The Concept Behind Our Name Our company name, PARCO, is the Italian word for “park.” Like a park, each PARCO location is a space where people come together to share time and space, where they can relax and have fun. Our Corporate Mission is “Creating welcoming, forward-thinking, innovative spaces that provide an enjoyable experience for customers and help our tenants prosper.” The “main characters” at each PARCO location are the people who gather there, that is, customers and retail shops. The role of PARCO as a company is to create stores that customers want to visit, and then visit again, and to strengthen the link between retail shops and customers. Our employees are constantly seeking to create new value that surpasses what customers expect in order to provide a space where people can feel happy and inspired. PARCO Group Long-term Vision A business group that prospers in urban markets —Designers of unique offerings for 24/7 urban life —Creative drivers of urban evolution PARCO CO., LTD. Integrated Report 2019 PARCO Corporate Mission CONTENTS Introduction 02-21 ESG Initiatives 48-57 02 History of Value Creation 48 Promotion of ESG Initiatives 08 To Our Stakeholders 48 PARCO Group CSR 10 The PARCO Group Value Creation Process 50 Environment and Society 12 PARCO Group Business Model 52 Corporate Governance 18 Consolidated Financial and Non-Financial Highlights 57 Board of Directors and Officers 20 Eleven-Year Financial and Non-Financial Summary Financial Section 58-109 Strategy 22-35 58 Management’s Discussion and Analysis 22 President’s Message 64 Consolidated Statements of Financial Position 27 PARCO Group’s Growth Strategy 65 Consolidated Statements of Income 30 Tactic 1: Evolve the Store Brands 65 Consolidated Statements of Comprehensive Income 32 Tactic 2: Produce Commercial Real Estate 66 Consolidated Statements of Changes in Equity 34 Tactic 3: Expand Soft Content 68 Consolidated Statements of Cash Flows 69 Notes to Consolidated Financial Statements 109 Independent Auditor’s Report Performance 36-47 36 Success of Value Creation Corporate Information 110-113 36 PARCO Group Business Fields 38 Group Business Overview 110 About PARCO 38 Shopping Complex Business 111 Organization Chart 40 Retail Business 112 Stock Information 41 Space Engineering and Management Business 113 Information on PARCO’s Website 42 Other Business 44 Produced by PARCO Brand 46 Fiscal 2018 Accolades and Awards Refer to the Investor Relations section of the PARCO website for more detailed information Cautionary Statement About Forecasts concerning financial reporting. Descriptions related to future prospects in this report are based on our targets and URL www.parco.co.jp/en/ir/ forecasts and are not intended to provide any assurance or guarantee. Please use this report with the understanding that future earnings of PARCO may differ from our current Refer to the Sustainability section of the PARCO website for detailed information forecasts. concerning ESG. URL www.parco.co.jp/en/csr/ “PARCO Integrated Report 2019” was compiled and edited with reference to the “International Integrated Reporting Framework” propagated by the International Integrated Reporting Council. In addition to the content found in previous reports, this latest report contains content describing non-financial business value, such as an explanation of the cycle of business activities labeled the “PARCO Group Value Creation Process” and insight into the corporate governance system that underpins business. The cover for this year’s report was produced by Cap, a design office involved in PARCO campaign posters and seasonal catalogs, as well as high-quality design advertising. Comment from the Designer Congratulations to PARCO on its 50th anniversary. I have changed the style of the block letter P in the company logo so that the vertical stroke is now on an ascending angle to symbolize PARCO’s aspirations for further growth in the next 50 years. PARCO CO., LTD. Integrated Report 2019 01 Introduction History of Value Creation 1969 Opened Ikebukuro PARCO 1973 Opened Shibuya PARCO 1973 Promoted development of the adjacent street, Via PARCO (Park Street) PARCO 50th Anniversary Since its initial opening, PARCO has proposed new lifestyles 1970s Era of PARCO Founding to the public by actively introducing the cutting edge of High economic growth Stable growth culture not only in fashion but also music, the arts, theater, and other areas. By functioning as a space for the creativity 1974 Launched a culture magazine Bikkuri Hausu (Surprise House) 1975 Opened Sapporo PARCO of many new people of talent, PARCO has also created new 1977 Opened Tsudanuma PARCO value shared by society at large. Amid the changing times and economic climate, and even transformation in consumer trends, facing these challenges and evolving the social role of the PARCO Group, namely its origin points of “Incubation,” “Urban Revitalization,” and “Trends Communication,” provides the foundation that spurs Photo by Atsushi Nishimura business growth and is leading to the realization of our 1973 Opened PARCO Theater Long-term Vision and sustained profit growth. (former Seibu Theater) Incubation A new generation always follows the emergence of dynamic new talent. 1977 At the PARCO Group, we will continue to tirelessly identify, encourage Communicating art culture information and grow alongside new talent a process we call “Incubation.” Hosted “Wall Paint” event outside of Shibuya PARCO Urban Revitalization 1975 Leveraging a wealth of expertise in store development, PARCO Sapporo PARCO opening poster pursues store operations, new development, and property renovations that contribute to the advancement and prosperity of towns and cities. To this end, we will contribute to appealing urban revitalization that strives for spaces where people can gather, share time and space, enjoy themselves and relax. Trends Communication PARCO produces quality cultural events in Japan and abroad, proposing options for enriching lifestyles. Utilizing advanced ICT, we are promoting steps to enhance services for delivering new 1974 1977 enjoyment and cultivate communication. Launched PARCO Report, a sales Launched marketing information magazine analysis newsletter for tenant owners ACROSS Monthly 02 PARCO CO., LTD. Integrated Report 2019 Introduction 1991 Opened PARCO BOOK CENTER and LOGOS GALLERY inside Shibuya PARCO 1980 Launched open competitions Japan 1993 graphics exhibit and Japan objet d’art Opened Tokyo FM Shibuya Spain Hill Studio exhibit aimed at discovering new talent 1981 inside Shibuya PARCO PART 1 in illustration and photography Opened Shibuya PARCO PART 3 1992 Launched open competition urban art exhibit 1981 1993 Opened Hibarigaoka PARCO 1980 1994 Opened Ikebukuro P’PARCO The first Afternoon Tea shop opened 1996 Expanded floor space of Matsumoto PARCO 1994 Started ACROSS fixed-point inside Shibuya PARCO PART 3 1998 Opened Nagoya PARCO South Building Opened Hiroshima PARCO observation, which continues today 1999 Opened mini-theater CINE QUINTO 1980s Era of PARCO Development 1990s to 2000s Era of PARCO Transformation High consumption society Bubble economy The Heisei Recession Surpassed Izanagi economic boom Worldwide recession (the lost decade) (Japan’s rapid growth period from 1965 to 1970) 1980 Opened Kichijoji PARCO 2001 NEUVE A CO., LTD. started Retail business 1981 Opened SPACE PART 3 inside Shibuya PARCO to serve as Opened Hiroshima PARCO New Building PARCO’s cultural dissemination center 2002 Opened an art gallery PARCO MUSEUM 1983 Opened Shin-Tokorozawa PARCO inside Shibuya PARCO 1984 Opened Matsumoto PARCO 2003 Launched swimsuit campaign 1986 Opened Kumamoto PARCO SWIM DRESS PARCO 1988 Launched free paper Gomes 2007 Opened Shizuoka PARCO 1989 Opened Chofu PARCO Opened Urawa PARCO 2001 Renovated Shibuya PARCO’s main 1983 entrance in preparation to celebrate Opened SR6 (show room 6), its 30th anniversary a small annex to Shibuya PARCO 2008 Opened Sendai PARCO 1989 Opened Nagoya PARCO 2007 Supported young designers’ activities Sponsored THEATRE PRODUCTS art floor 1988 2009 Opened Shibuya CLUB QUATTRO, Ikebukuro PARCO which offers live music 40th anniversary campaign PARCO CO., LTD. Integrated Report 2019 03 History of Value Creation 2010 Opened Fukuoka PARCO 2014 Released POCKET PARCO, the official app 2018 Revival open of mini-theater CINE QUINTO 2018 Started joint operation of BOOSTER, a crowd funding service, with CAMPFIRE, Inc. 2011 2014 Started ZERO GATE business Opened collaboration cafe THE GUEST cafe & diner 2010s Era of PARCO Evolution Low growth Abenomics 2010 Launched PARCO Corporate Message 2013 Opened Shinsaibashi ZERO GATE 2015 Expanded floor space of Fukuoka PARCO “LOVE HUMAN.” Opened Dotonbori ZERO GATE Opened Nagoya PARCO midi Launched “once A month” shop produced by PARCO Opened Hiroshima ZERO GATE 2016 Opened Sapporo ZERO GATE 2012 Held “Hello Shibuya TOKYO with Singapore” aiming 2014 Launched crowd-funding service BOOSTER Opened Sendai PARCO2 to support overseas business growth of young Launched PARCO Corporate Message “SPECIAL IN YOU.” Opened Hiroshima ZERO GATE2 Japanese creators Opened Nagoya ZERO GATE Opened “itadakimasu by PARCO” Held Tenjin Laboratory culture event aiming to Opened Fukuoka PARCO New Building 2017 Opened Kyoto ZERO GATE discover and