Risk of Store Closures and Deteriorating Performance Due to COVID-19
First written in FY2021-Q1. 7 of 11 entries say "Worsened", first in FY2021-Q2. Latest entry: FY2025.
Takashimaya moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2024: 2 of 7 companies on the "Worse" side.
1 other company's latest entry also says "Reframed".
- FY2025ReframedAnnual report
「Based on the experience and lessons of the COVID-19 pandemic, the company will review its business portfolio to minimise the impact of pandemics such as this and further stabilise management. It will actively introduce contactless sales mechanisms, including strengthening and expanding non-store sales channels such as e-commerce and introducing remote customer service systems using digital technology.」
The company reorganised its framework from addressing the existing COVID-19 risk to preparing for future pandemics generally by combining its business portfolio, e-commerce and remote customer service. - FY2023-Q3MitigatedAnnual report
「At domestic department stores, personal consumption remained firm after the quasi-emergency measures to prevent the spread of disease were lifted in March, and domestic demand excluding inbound demand had recovered to 2019 levels.」
The company stated that personal consumption remained firm after the quasi-emergency measures to prevent the spread of disease were lifted and that domestic demand excluding inbound demand had recovered to 2019 levels. - FY2023-Q2MitigatedAnnual report
「At domestic department stores, the quasi-emergency measures to prevent the spread of disease were lifted in March, and no restrictions on activities were imposed even during the subsequent seventh wave of COVID-19. The impact on personal consumption was therefore limited, and many customers visited the summer gift centres every day.」
The company stated that no restrictions on activities were imposed during the seventh wave at domestic department stores and that the impact on personal consumption was limited, indicating that the risk impact from store closures and activity restrictions had weakened in Japan. - FY2022WorsenedAnnual report
「However, consumer spending has remained below pre-COVID levels amid a slowdown in consumption sentiment caused by the Omicron variant.」
Although a recovery trend emerged after the state of emergency was lifted, consumption slowed because of the Omicron variant and the recovery to pre-COVID levels remained incomplete. - FY2022-Q3WorsenedAnnual report
「However, with the emergence of new variants, uncertainty continues regarding when the pandemic will end and its impact will subside.」
In light of the emergence of new variants, the company stated that the timing of the end of the pandemic and its impact on stores and performance remained uncertain. - FY2022-Q2WorsenedAnnual report
「At domestic department stores, customer traffic and sales increased significantly year on year, reflecting the rebound from the impact of the spread of COVID-19 in the previous year. However, sales fell sharply in August as infections spread again from July, and remained below pre-COVID levels.」
Although performance recovered from the previous year, sales fell sharply in August as infections spread again from July, and the recovery to pre-COVID levels remained incomplete. - FY2022-Q1WorsenedAnnual report
「However, following the third declaration of a state of emergency, 10 stores, including the large Osaka and Nihombashi stores, were temporarily closed, and inbound sales disappeared. The company therefore remains below pre-pandemic levels.」
Due to the third state of emergency, 10 stores, including large stores, temporarily closed, and the failure to recover to pre-COVID levels continued. - FY2021WorsenedAnnual report
「(1) Risks arising from the external environment ① Continued impact of the spread of COVID-19 <Expected risks> ... Impact: Particularly high * Loss of business opportunities due to store closures and reduced operating hours * Weaker consumer sentiment and lower visit frequency」
The company classified the continued impact of the spread of COVID-19 as a separate risk with a particularly high impact, citing store closures, reduced operating hours and weaker consumer sentiment. - FY2021-Q3WorsenedAnnual report
「The timing of the end of COVID-19 remains uncertain, and the stagnation of economic activity may continue for an extended period both in Japan and overseas. Business operations have resumed, but performance is still recovering. Although the government has introduced economic measures such as the Go To campaign, the spread of infections regarded as the third wave has recently been observed, and the company considers the possibility of being forced to close stores again the greatest risk.」
Following the spread of the third wave of infections, the company stated that the timing of the end of the pandemic and a recovery in performance could not be foreseen, and identified renewed store closures as the greatest risk. - FY2021-Q2WorsenedAnnual report
「The timing of the end of the COVID-19 pandemic remains unclear, and the company is unable to foresee a recovery in performance. If infections spread again, further deterioration in performance is expected.」
Regarding the risk of COVID-19-related closures and deteriorating performance, the company stated that neither the timing of the end of the pandemic nor a recovery in performance could be foreseen, and disclosed the risk of further deterioration if infections spread again. - FY2021-Q1First statedAnnual report
「The impact of COVID-19 on the Japanese economy became extremely serious. The group also recorded extremely difficult results as it temporarily closed group commercial facilities and shortened their operating hours. If infections spread again, similar risks are expected to arise.」
Temporary closures and reduced operating hours at commercial facilities, together with deteriorating performance, actually occurred because of COVID-19, and the company newly identified the same risks in the event of another outbreak.