Expansion of the North American premium supermarket business through the acquisition of Gelson’s
First written in FY2021-Q3. 3 of 5 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2024-Q3.
No other company in this theme has enough history to compare yet.
- FY2024-Q3AdvancedAnnual report
「1 store in California, USA (Gelson's West LA at West Edge)」
We opened 1 new Gelson's store in California, USA, advancing the rollout of the North American premium supermarket business. - FY2024-Q2AdvancedAnnual report
「Regarding overseas store openings, we opened 1 store in California, USA: Gelson's West LA at West Edge.」
We opened 1 new Gelson's store in California, USA, advancing the rollout of the North American premium supermarket business. - FY2022-Q2AdvancedAnnual report
「For the business combination with GRCY Holdings, Inc. completed on 21 April 2021, the purchase price allocation was completed and the provisional accounting treatment was finalized, resulting in a revision to the amount of goodwill in the discount business. The provisionally calculated goodwill of ¥40.898 billion decreased by ¥887 million following finalization of the accounting treatment, to ¥40.011 billion.」
For the acquisition of GRCY Holdings, Inc., which operates Gelson's, the purchase price allocation and provisional accounting treatment were finalized, and goodwill was revised from ¥40.898 billion to ¥40.011 billion. - FY2021AchievedAnnual report
「In April 2021, we acquired all shares of GRCY Holdings, Inc., the holding company of the corporate group operating the Gelson's premium supermarket chain in California, and made it a subsidiary. As a result, 27 stores were newly added to the Group's store network.」
The acquisition of all shares of GRCY Holdings, Inc. and its conversion into a subsidiary was completed, adding Gelson's 27 stores to the Group. The acquisition cost was ¥28.336 billion, and goodwill was provisionally calculated at ¥40.898 billion. - FY2021-Q3First statedAnnual report
「At a meeting of the Board of Directors held on 24 February 2021, we resolved that Pan Pacific Retail Management (USA) Co., Ltd., our consolidated subsidiary, would acquire all shares of GRCY Holdings, Inc., the holding company of the corporate group operating the Gelson's premium supermarket chain in California, and make it a subsidiary. We entered into a share purchase agreement on the same date. All shares were acquired on 21 April 2021. We expect synergies in procurement and materials sourcing, as well as improved management efficiency, in our Group's North American business. We determined that adding GRCY Holdings, Inc., with Gelson's strong brand recognition, loyal customers, and experienced management team with extensive knowledge of the market, would significantly strengthen our management base and support new store formats and multi-store expansion, thereby further enhancing our corporate value.」
In February 2021, the Group resolved to acquire all shares of GRCY Holdings, Inc. and entered into the agreement, completing the acquisition on 21 April. The purchase consideration was US$251 million, the percentage of voting rights acquired was 100%, and synergies in procurement and management efficiency, new store formats and multi-store expansion were expected in the North American business.