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Retail Enterprises Choose The Mode Of Acquisition To Achieve Pformation.

2013/7/17 13:25:00 27

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After the completion of a series of government approvals for four months, the Wangfujing department store finally announced that its controlling shareholder, Wangfujing international, agreed to purchase 39.53% of the spring 100 stock by HK $1 billion 997 million through its Belmont Hong Kong Ltd (hereinafter referred to as "Baer Mont") of its wholly owned overseas subsidiary.

P, a retail department store that has not had good news for several years, is considered to be another way to break through the department store in addition to its own business adjustment such as the pformation of shopping centers.

According to the statistical data of 81 large and medium-sized retail enterprises in China, the total sales volume of these enterprises in 2012 was only 8.92%.

the performance of Wangfujing department store is also not optimistic.

According to the financial report, the revenue of Wangfujing department store in 2012 was 18 billion 360 million yuan, and its operating profit was 910 million yuan, up 9.6% and 7.8% respectively, while the annual revenue growth of Wangfujing department store usually remained above 20%.

In the first quarter of this year, there was no marked improvement in the situation. The revenue of Wangfujing department store was 5 billion 510 million yuan, up from 9% year-on-year.

Less than P, the acquisition of spring department stores is even worse.

The department store, which owns 16 department stores and 3 Oteri J stores, earned 1 billion 289 million yuan in 2012, an increase of 0.9% over the previous year, and a net profit of 156 million yuan, down 50% over the same period last year.

in fact, Wangfujing Department began to implement differentiated management strategy two years ago.

"Wangfujing department stores are very clear about themselves. If they insist on taking the parity route, they will not have a good way out in the future. They still need to take advantage of the scale effect of chain to take the route of differentiated operation."

Shen Jun, general manager of Shanghai Rui Yong Cci Capital Ltd, told reporters.

According to Shen Jun, by the end of 2011, Wangfujing department store had planned 5 stores from all the stores as high-end department stores.

at present, the department stores in spring are distributed in 10 cities: Xiamen, Guiyang, Qingdao, Beijing, Liupanshui, Zunyi, Xi'an, Taiyuan, Changchun and Shenyang.

For the Wangfujing department stores, which are mainly in the northern market for a long time, spring stores have a lot of store resources that can join forces with existing stores.

After the completion of the paction, the number of stores under Wangfujing will reach 49, becoming the more than 3 department store in the country, next only to Wanda and Parkson.

aiming at the continuous and rapid rise of the rent of the shops, the department stores in the spring of nearly 50% of their own property are also facing a lower risk of survival.

Changjiang Securities analyst Tong LAN believes that Wangfujing's own property accounts for less than 15%. There will be an uncontrollable risk of rent rise in the future. The acquisition of spring department stores will directly increase its own property share.

in addition, the department stores owned by Spring Department is also an area that Wangfujing department stores have not yet set foot in.

Before the acquisition, spring department store had Oteri J as the focus of development.

In 2011, Beijing's outlets sold about 950 million yuan in sales, accounting for about 4 billion 810 million of the total sales of 1/5 in the spring department store.

"Annex spring department stores, Wangfujing will receive outlets and related management experience, is expected to achieve multi format management."

Tong LAN thinks.

spring department stores first entered China in the form of high-end department stores.

In 1996, the French boutique department store, Paris spring department store and Shanghai Paris spring department store and baozi International Group jointly established Paris Spring Department Store (China) Co., Ltd., which is responsible for the operation of "Paris Spring Department Store" brand in China.

2006, the parent company PPR group of spring department store in Paris, France (now renamed Kai Yun group) divested the department store business and sold Paris spring department store to the Deutsche Bank Investment Fund (RREEF) and Italy Borletti group.

This change makes Paris Spring Department Store (China) Limited no longer exist, while China's Paris spring except Shanghai stores operated by new world department stores, and the rest of the business in mainland China is taken over by the joint venture baozi international.

because Baoji International's actual controller Kenneth Chan and Chen Hanjie brothers also have a large number of brand agent companies such as Armani, Versace, MaxMara and so on. They put these brands into department stores in spring, and soon opened new stores in Xiamen, Guiyang, Qingdao, Xi'an and other places, and bought Seth group, which operates department stores and outlets.

In 2009, Chen brothers packaged the Paris spring store and the acquired Seite store into a spring department store in Hongkong.

"P >" the retail industry will make fun of spring department stores, "department stores that only have children and do not have children". They have strong ability to take projects, but the ability of location planning and on-site management does not guarantee that stores have high performance.

Shen Jun said that although the profit data of department stores in spring is not very good, the hardware resources such as location and layout of its stores are all of high quality.

this also caused a not too intense competition.

By the end of 2012, Wang Hengceng, chairman of Jinying commercial and Trade Co., Ltd., through the personal purchase of spring department stores four times in the two market, became the second largest shareholder in spring department stores.

Wang Heng had previously bought a new Nanjing 100 market through the two class market holdings in a similar way, which is widely believed to be a move by Jinying department store to try to buy spring department store in 9.

But before Wang Heng's further action, Wangfujing department store announced a joint purchase plan with the spring department store in January this year.

Wangfujing department stores showed interest in acquiring Spring Department Stores very early.

A former insider who had taken part in the acquisition had told the media that the Wangfujing and spring department stores began to consider mergers and acquisitions several years ago because of the same conditions in terms of positioning and format. However, they had spent about two years before and after they had to go through various procedures such as antitrust.

Shen Jun also said that according to his knowledge, a senior Wangfujing executive entered the department store system in the early part of 2012 as a consultant.

according to the purchase agreement reached in January this year, Baer Mont will make a purchase of HK $1.2 per share, a premium of about 10.09% compared with the previous closing price of 1.09 yuan.

Under the Hongkong purchase rules, the deal will trigger a mandatory full tender offer aimed at all the shares of listed companies, that is, the future of Wangfujing may be completely privatized in spring.

P, the chief financial officer of Wangfujing, said in an interview that the final outcome of the paction depends on the extent of market acceptance, and that the shares that may be acquired in the future will be 50%, 60% or even 70%.

previously, the market has said that after the spring acquisition of Wangfujing department store, the spring department store will be operated on large scale, and the quality assets of spring department stores will be extracted. Finally, it will be injected into the listed companies to further strengthen Wangfujing department store.

Shen Jun expects that the next thing Wangfujing department stores should do is to deal with personnel convergence as soon as possible, make adjustments to the location and brand stay of spring department stores, and start their differentiated business plan as soon as possible.

"acquisition will bring new changes to retail business in terms of business mode, personnel structure and market integration, and bring new ideas to them."

In Shen Jun's view, after struggling for a year, perhaps more retailers will choose the mode of acquisition to achieve pformation.

And their acquisition targets will be those with a small number of stores and an advantage in geographical location or popularity, but in the current consumption trend, the old department stores are becoming more and more obvious.