Impact of Department Store Redevelopment and Store Closures on Customer Numbers and Losses
First written in FY2017-Q1. 6 of 14 entries say "Restated". Latest entry: FY2022-Q3.
H2o Retailing moved to the "Worse" side of this theme in 2019, 2 years after the typical company in this theme (2017).
The whole theme swung hardest in 2024: 19 of 32 companies on the "Worse" side.
10 other companies' latest entry also says "Mitigated".
- FY2022-Q3MitigatedAnnual report
「At Hanshin Umeda Main Store, which had been undergoing reconstruction, a partial opening took place on 8 October 2021, followed by the full opening of floors 1 through 9 on 8 December. The store strengthened proposals for every dining occasion, including dining out, prepared meals and home cooking. Customers responded favorably to the new experiential value centered on food, which was expanded across 4 floors, bringing in visitors from a broad range of customer segments.」
The partially and fully reconstructed Hanshin Umeda Main Store opened, with customer response to its new food-centered experiential value and visits from a broad range of customer segments reported. Progress was made in addressing the operating impact of the reconstruction. - FY2020-Q3WorsenedAnnual report
「Sales at Hanshin Umeda Main Store were 94.1% of the year-earlier period, partly due to the backlash from the boom following the opening of the Phase I building in June 2018.」
The decline in sales due to the backlash from the Phase I opening boom continued, with sales at 94.1% of the year-earlier period. - FY2020-Q2RestatedAnnual report
「Sales at Hanshin Umeda Main Store were 95.8% of the year-earlier period, partly due to the backlash from the boom following the opening of the Phase I building in June 2018.」
The decline in sales at Hanshin Umeda Main Store due to the backlash from the Phase I opening boom continued. - FY2020-Q1WorsenedAnnual report
「In addition, sales at Hanshin Umeda Main Store were 87.4% of the year-earlier period, partly due to the backlash from the boom following the opening of the Phase I building in June 2018.」
After the opening of the Phase I building, sales at Hanshin Umeda Main Store were 87.4% of the year-earlier period due to the backlash from the opening-related boom. The performance impact of the reconstruction was quantified in a new form. - FY2019-Q3WorsenedAnnual report
「At Hanshin Umeda Main Store, the reconstruction work moved to the Phase II building, reducing selling space by approximately 20%. In addition, expenses such as depreciation increased substantially following the opening of the Phase I building, resulting in operating profit declining to ¥16,277 million, or 90.6% of the year-earlier period.」
The move of the reconstruction work to the Phase II building, the approximately 20% reduction in selling space and the increase in expenses following the opening of the Phase I building clearly emerged as factors behind the decline in operating profit. - FY2019-Q2MitigatedAnnual report
「At Hanshin Umeda Main Store, the Phase I building of the reconstruction opened on 1 June 2018. Under the concept of “A department store that makes every day happy,” the store is developing initiatives to create new value for department stores by offering products, ideas, discoveries and enjoyment centered on food to enrich everyday life. Popular areas such as the relaunched Snack Park, Bread World and Liquor World attracted attention, bringing in many new customers, mainly women in their 30s and 40s, in addition to existing customers. Sales are tracking above initial expectations.」
After the Phase I building opened, popular areas that attracted attention drew new customers, and sales exceeded expectations. The response to the operating impact of the reconstruction progressed. - FY2019-Q1MitigatedAnnual report
「At Hanshin Umeda Main Store, the Phase I building of the reconstruction opened on 1 June 2018. Under the concept of “A department store that makes every day happy,” the store is developing initiatives to create new value for department stores by offering products, ideas, discoveries and enjoyment centered on food to enrich everyday life. The relaunch of Snack Park, which has been busy with many customers every day, among other factors, resulted in a smooth opening that exceeded expectations.」
The Phase I building of the reconstruction opened, and the new store got off to a strong start in addressing the operating impact of the reconstruction, with Snack Park and other areas attracting many customers. - FY2018-Q3RestatedAnnual report
「At Hanshin Umeda Main Store, reconstruction work is progressing steadily toward the spring 2018 opening of Phase I. Customer traffic struggled to grow due to the impact of the work, but sales were ¥41,516 million, or 99.7% of the year-earlier period, as sales of the core food products exceeded the previous year's level and popular Hanshin events attracted customers.」
The impact of the reconstruction work on customer traffic continued, but food sales and popular events provided support, resulting in sales of 99.7% of the year-earlier period. - FY2018-Q2RestatedAnnual report
「At Hanshin Umeda Main Store, reconstruction work is progressing steadily toward the spring 2018 opening of Phase I. Sales of the core food products were slightly below the previous year's level, partly due to the reduction in floor space caused by the work, but popular Hanshin events attracted customers and contributed to sales of ¥26,242 million, or 99.3% of the year-earlier period.」
While the reduction in selling space caused by the reconstruction work continued to affect food sales, progress on the work toward the spring 2018 opening of Phase I is reported. - FY2018-Q1RestatedAnnual report
「At Hanshin Umeda Main Store, reconstruction work is progressing steadily toward the spring 2018 opening of Phase I. Customer traffic struggled to grow due to the impact of the work, but sales were ¥12,622 million, or 98.2% of the year-earlier period, as sales of the core food products remained at the previous year's level.」
While the reconstruction work continued to weigh on customer traffic and sales, progress on the work toward the spring 2018 opening of Phase I is reported. - FY2017RestatedAnnual report
「At Hanshin Umeda Main Store, sales of the well-regarded food and women's apparel products remained firm, but customer traffic declined due to the reconstruction work. Sales were ¥55,830 million, or 94.8% of the previous fiscal year.」
The decline in customer traffic and sales associated with the reconstruction work at Hanshin Umeda Main Store was also confirmed for the full fiscal year. - FY2017-Q3RestatedAnnual report
「At Hanshin Umeda Main Store, sales of the well-regarded food and women's apparel products remained firm, but customer traffic declined due to the reconstruction work, and sales of apparel and household goods struggled. As a result, sales were ¥41,651 million, or 94.1% of the year-earlier period.」
The decline in customer traffic and sluggish sales of apparel and other products associated with the reconstruction work at Hanshin Umeda Main Store continued. - FY2017-Q2WorsenedAnnual report
「At Hanshin Umeda Main Store, sales of the store's well-regarded food products remained at the previous year's level, but apparel sales struggled due to a decline in customer traffic caused by the reconstruction work. As a result, sales for the entire store were ¥26,437 million, or 94.1% of the year-earlier period. In addition, after assessing the recoverability of the carrying amount of property, plant and equipment through cash flows during the reconstruction period at Hanshin Umeda Main Store, the company recognized an impairment loss of ¥1,089 million.」
The impact of the reconstruction work on customer traffic and apparel sales continued, resulting in sales of 94.1% of the year-earlier period. In addition, an impairment loss of ¥1,089 million was recognized based on the recoverability assessment during the reconstruction period, quantifying the additional impact. - FY2017-Q1MaterialisedAnnual report
「At Hanshin Umeda Main Store, customer traffic struggled to grow due to the reconstruction work, but sales were ¥12,856 million, or 95.6% of the year-earlier period, as sales of the store's well-regarded food products remained at the previous year's level.」
The slowdown in customer traffic caused by the reconstruction work was reflected in performance, while another store recognized an impairment loss of ¥780 million following the decision to cease operations.