Improving Operating Efficiency and Profitability in the International Parking Business

「At existing properties, the Company assessed demand from car commuters and facility users for each property and implemented sales measures in response to demand trends, including selling one-day parking coupons, promotional campaigns before long holidays, and reviews of monthly-contract and hourly parking rates. The Company also worked to maintain and improve utilisation rates and earning power at each property by optimising operating costs and reviewing contract terms.」

「At existing properties, profitability improved steadily through rate revisions, cost reductions and the opening of car-wash facilities using vacant space. For high-value-added services, the Company used 6,100 m² of an owner's idle assets to attract Top Kart and provided development consulting services.」

「In the overseas parking business, the company decided to liquidate its South Korean subsidiary because of the Group-wide need to improve management efficiency and the subsidiary's slowing profit growth. In Thailand, its focus market, continued strengthened sales efforts targeting the heads of conglomerates that own numerous buildings increased the number of proposals, leading to the opening of new sites including Ploenchit Center and JW Marriott Hotel Bangkok.」

「In Thailand, the Company changed its organisational structure from the current fiscal year and strengthened sales efforts targeting the heads of conglomerates that own numerous buildings, increasing the number of proposals to acquire new properties under contract. As a result, during the third quarter of the consolidated fiscal year, it newly opened 7 properties with 1,290 spaces, including Sotetsu Grand Fresa Bangkok, increasing the number of properties under operation.」

「In the overseas parking business, the Company changed its organisational structure from the current fiscal year and strengthened sales efforts targeting parking-lot owners, increasing the number of proposals to acquire new properties. As a result, during the second quarter, it began operating Ascott Thonglor Bangkok and other properties in Thailand under contract.」

「In both Thailand and South Korea, the COVID-19 state of emergency was lifted, and the economies began recovering as restrictions on foreign entry were removed. Office tenants returned as a result, and the profitability of existing properties improved for both monthly-contract and hourly parking.」

「In Thailand, the COVID-19 state of emergency was lifted for the first time in 2.5 years. Office tenants returned as a result, and the profitability of existing properties improved for both monthly-contract and hourly parking. In South Korea, occupancy rates at hourly parking facilities increased, and the profitability of existing properties improved steadily.」

「In Thailand, the COVID-19 state of emergency was lifted for the first time in 2.5 years. Office tenants returned as a result, and the profitability of existing properties improved for both monthly-contract and hourly parking. In South Korea, utilisation of hourly parking also increased, enabling the Company to improve existing properties steadily.」

「The Company focused on proposing a success-fee-based model, mainly for hotel parking facilities with low utilisation, and increased the number of contracted properties, including ibis Styles Bangkok Sukhumvit 4 and SOFITEL Bangkok Sukhumvit Hotel.」

「In Thailand, the Company focused on proposing a success-fee-based model, mainly for hotel parking facilities with low utilisation, and increased the number of contracted properties, including The Athenee Hotel Bangkok and Millennium Hilton Bangkok.」

「In Thailand and South Korea, lockdowns were eased as the number of new infections declined. Against this backdrop, utilisation of hourly parking facilities gradually recovered, and the Company strengthened proposals to large fleet operators and worked to restore monthly contracts that had declined during the lockdowns.」

「Use of monthly-contract and hourly parking at offices and commercial facilities declined, causing revenue to fall year on year. However, operating profit exceeded the previous year's level through more efficient property operations and cost reductions.」

「During the third quarter, the Company began operating 5 new properties in Thailand, including parking facilities at The St. Regis Bangkok and Mayfair Bangkok Marriott Executive Apartments, and matched them with car commuters.」

「The Company strengthened sales efforts by proposing subleases for hotels where vacant parking spaces were expected because of declining utilisation and for REIT properties whose profitability was at risk, actively capturing demand from car commuters, and launching a parking-facility listing website as part of its non-contact sales initiatives and increasing the number of listed properties.」

「Under these circumstances, the Company reviewed the forms of contract used with parking-lot owners at some properties. As access to parking-facility listing websites increased after the outbreak of COVID-19, the Company strengthened advertising and improved website design so that visits would lead to completed contracts.」

「In South Korea, China and Taiwan, the acquisition of new properties and improvement of existing properties progressed smoothly. In Thailand, the Company began addressing demand for motorcycle-only parking facilities, and improvements in service and profitability progressed smoothly.」

「At existing properties, which had occupancy rates close to 100%, the Company began addressing demand for motorcycle-only parking facilities, and improvements in service and profitability progressed smoothly.」

「In each country, the Company strengthened its organisational structure by expanding its sales workforce, improved safety, service and profitability, and focused on winning new contracts and improving existing properties. In Bangkok, Thailand, the Company's largest location, the profitability of existing properties improved through operating-cost reductions and rate optimisation, while the launch of parking facilities at large commercial properties progressed smoothly. As a result, revenue and operating income reached record highs since entering the market.」

「In each country, the Company strengthened its organisational structure by expanding its sales workforce, improved safety, service and profitability, and focused on acquiring new properties.」

「Profitability at existing properties improved through operating-cost reductions and rate optimisation, while the launch of parking facilities at large commercial properties, including DONKI MALL THONGLOR, the first Thai location of the comprehensive discount store Don Quijote, progressed smoothly. As a result, revenue and operating income reached record highs since entering the market.」

「In Bangkok, Thailand, the Company's largest location, the profitability of existing properties improved steadily through operating-cost reductions and rate optimisation. In addition to acquiring new monthly-contract customers, the Company provided high-value-added real estate consulting services to owners of existing properties. As a result, revenue and operating income reached record highs since entering the market.」

「In Bangkok, Thailand, the profitability of existing properties improved steadily through operating-cost reductions and rate optimisation. Together with the acquisition of 3 new monthly-contract properties, this resulted in record-high revenue and operating income.」

「Under these circumstances, the Company strengthened its organisational structure in each country by expanding its sales workforce, improved safety, service and profitability, and focused on winning new contracts. As a result, the number of overseas properties under operation reached 48 and total spaces under operation reached 12,824. Excluding Taiwan, where the Company newly entered the market, profit increased year on year in each country, and the overseas parking business achieved higher revenue and profit for the fiscal year.」

「In Seoul, South Korea, the Company newly began operating the Mall of K parking facility, a development project, in January this year, with 168 total spaces and 168 spaces under operation. Efforts to improve the profitability of existing properties paid off, resulting in operating profitability. As a result, the number of overseas properties under operation reached 44 and total spaces under operation reached 12,555. Revenue increased in each country, and the overseas parking business achieved operating profitability during the cumulative second-quarter period.」

「In Seoul, South Korea, efforts to launch parking facilities that opened in the previous fiscal year and improve the profitability of existing properties paid off, resulting in operating profitability. As a result, the overseas parking business achieved operating profitability for the first time since entering overseas markets during the cumulative first-quarter period of the fiscal year.」

「As a result, revenue from the overseas parking business was ¥1,024 million, up 23.9% year on year, and operating income was ¥14 million, compared with an operating loss of ¥51 million in the previous fiscal year, marking the first time the overseas business had achieved operating profitability since entering overseas markets.」

「The Korean parking business achieved monthly operating profitability for the first time since entering the market, as the number of properties under operation steadily increased and newly launched properties got off to a solid start.」

「Under these circumstances, the company worked to promote a traffic congestion reduction program and improve the profitability of existing parking facilities, while focusing on acquiring new contracts.」

「The company worked to improve the profitability of existing parking facilities by attracting monthly parking customers and streamlining hourly parking operations, while focusing on acquiring new contracts.」

「Profitability at existing sites improved as a result of measures including proactive efforts to attract monthly-contract customers, enabling the China parking business to achieve operating profitability for the first time since entering the market in the fiscal year under review.」