View
0
Download
0
Category
Preview:
Citation preview
PRIVATE AND CONFIDENTIAL
March 2015
Financial Highlights in 2014
Total GSP decreased by 5.9% YOY to RMB15.8 billion
Concessionaire rate increased to 18 2% rose by 0 4%Concessionaire rate increased to 18.2%, rose by 0.4%
point
Profit from operations reduced by 12.7% to RMB1.3
billionbillion
Profit for the year reduced by 12.5% to RMB1.1 billion
Same store sales growth (“SSSG”) declined by 5.5%
2
Financial Highlights in 2014
2013 (+/-)Year ended 31 December (RMB million) 2014
Gross Sales Proceeds (GSP)
Concessionaire Sales
( )
14 205 2
16,833.1
15 276 0
-5.9%
-7 0%
15,840.9
Concessionaire Sales Direct Sales
14,205.21,485.8
15,276.01,456.5
-7.0%+2.0%
Rental Income 149.9 84.9 +76.7%M t S i F
2,580.4 2,642.7 -2.4%Gross Profit
Management Service Fees 15.7 -100.0%-
EBIT (P fi f i ) 1 322 7 1 515 2 12 7%
284.6 233.0 +22.2%Other Operating Income
1,542.3 1,360.5 +13.4%Operating Expenses
EBIT (Profit from operations)
P fit Att ib t bl t Sh h ld
EBITDA
1,322.7 1,515.2 -12.7%
1 082 5 1 235 0 12 3%
1,577.2 1,729.7 -8.8%
Profit Attributable to Shareholders
EPS – Basic (RMB)
1,082.5
0.599
1,235.0
0.656
-12.3%
-8.7%3
2014 Margin Analysis
(+/- )Year ended 31 December 2013 (+/ )% pointsYear ended 31 December(%)
2014
Gross Margin 18.4% +0.619.0%
Concessionaire rate from concessionaire sales 17.8% +0.418.2%
Di t l i 18 3% 0 58Direct sales margin 18.3% -0.517.8%
Combined margin 17.8% +0.418.2%
Impact on combined marginfrom gold and jewellery sales +0.4
44
2014 Profit Analysis
2013 (+/- )2014Year ended 31 December(RMB million)
Profit for the year 1,234.5 -154.21,080.3
(RMB million)
Profit for the year 1,234.5 154.21,080.3
- One-off improvement work at -81.4
Nanjing Xinjiekou Store, net of tax -53.1 1H2014-28.3 2H2014
- 2014 new stores and loss making stores -24.6
- 2013 and 2014 closed stores -13.5
55
Financial Position
As at 31 Dec 2014
As at 31 Dec 2013RMB million 31 Dec 2014
Total Assets
Total Liabilities
16,517.7 15,104.0
11,102.2 9,857.6
Net Assets 5,415.5 5,246.4
Cash and Near Cash (note 1) 5,408.6 5,941.7
Short-term Loans 1,003.8 -
Total Borrowings 5,536.0 4,494.2
S di t d L d i A il 2015 2 086 6
N t (D bt ) C h (127 4) 1 447 5
10-Year Senior Notes 2,419.6 2,407.6
Syndicated Loans due in April 2015 2,112.6 2,086.6
Gearing Ratio (note 2) 33.5% 29.8%
Net (Debts) Cash (127.4) 1,447.5
6
Note 1: Cash and near cash represents bank balances and cash and various short-term bank related deposits, including investments in interest bearing instruments, structured bank deposits and restricted cash
Note 2: Gearing ratio = total borrowings / total assets 6
Cash Flow Statement
FY2013FY2014Year ended 31 December(RMB million)
Net cash from operating activities 1,275.1722.4
( )
- (Decrease) increase in deferred revenue 13.9(401.2)
(453.7) (2,391.0)Net cash used in investing activities
- (Increase) decrease in inventories 44.0(34.8)
- Changes in short-term bank related deposits 674 8
(1,061.7)
(2 173 9)
(342.2)- Capex for the year
bank related deposits 674.8 (2,173.9)
Net cash used in financing activities (114.9) (58.4)- Increase in borrowings 1 002 4 1 386 7g 1,002.4 1,386.7- Repurchase of own shares (416.1) (943.7)- Dividend paid (522.0) (352.8)
7
Net increase (decrease) in cash and cash equivalents 153.7 (1,174.3) 7
Stable Growth and Profitability
GSP & Combined Margin Revenue
400017.8% 18.2%20.0%20,000
M
3,660 3,625
1000
2500
2013 2014
RMB'M
16,833 15,841
0.0%
10.0%
10,000
15,000
2013 2014
RMB'M
Revenue
Profit from Operations (EBIT) Sales Per Ticket (same store basis)
GSP Combined Margin
41.4%1,600900
Profit from Operations (EBIT) Sales Per Ticket (same store basis)
0 5%
1,5151,323
36.5%
0 00%
20.00%
40.00%
1 000
1,300
,
RMB'M
861 865
500
700
900
RMB'M
0.5%
0.00%1,000
2013 2014
EBIT EBIT Margin
2013 2014
Sales Per Ticket (Excluding supermarket sales)
88
Expense Ratios
Staff Expense Depreciation and Amortisation
2.6%3.2%
2.0%3.0%
As a % of GSP
1.5% 1.9%
0.0%2.0%
As a % of GSP
376 431
250
500
RMB' M
214 255
200
300
RMB' M
02013 2014
Rental Expense Other Operating Expenses
100
2013 2014
1.2% 1.4%
0.0%
1.5% 4.2%5.0%
3.0%
5.0%
170 185
100
200
RMB' M 600
672
600
700MB' M
9
02013 2014
R
5002013 2014
RM
9
Business ReviewBusiness Review
10
Growing Presence in the PRCPRC
The Group’s GFA as at 23 March 2015 was 1,534,387 sq.m.
Out of 29 operating stores, 7 stores are in the format of
Hefei Suzhou
Road store
Changzhou
*NanjingXinjiekouLifestyleOut of 29 operating stores, 7 stores are in the format of
lifestyle centersHuai’an
store
KunmingLifestyleCentre
Jiahongstore
S hoXi'an
Xi’an Xiaozhai
Store
^YanchengJulonghuLifestyle
C t
Lifestyle Center
Nanjing Xinjiekou
store
Nantong store
Suzhoustore
(closed in Feb 2013)
GuomaoStore
(closed inOct 2010)
YanchengLifestyleCentre
Nanjing Zhujiang
store
Sto e(suspended in
Oct 2015)
Suqianstore
NantongYuanrongLifestyle
Center
Center
050397-99 0200 0496 06 0807 09 1001
H f i
11 12
Yang ho
1413 15
Yangzhoustore
Xuzhoustore
Xi'anGaoxin
store
HefeiDadongmen
storeHefei
Baihuajingstore
Shanghaistore
Yangzhou Jinghua
store
Liyangstore
XuzhouPeople Square
store
DanyangLifestyle
CenterKunshanLifestyle
Anhui Huaibei storeTaizhoustore
Nanjing Yancheng
store storeNanjing
Hanzhongstore
KunmingNanya store
store yCenter
11
Xianlin store
Changzhou Wujin store
Outlet store
* Nanjing Xinjiekou Store, together with the additional area of 81,098 sq.m., was upgraded to a lifestyle center in April 2014
Store Sales
The leading stylish premium department store chain in second-tier cities, catering for the mid-to-high-end retail market
Chain Store Years intooperationRetail OFA
(sq.m.)Lifestyle OFA
(sq.m.)Total OFA(sq.m.)
2014 Sales(RMB'M)
SSSG(%)
2014 ASP(RMB)
2013 ASP(RMB)
1 Nanjing XinjiekouLifestyle Center 18.5 57,182 23,427 80,609 3,121 -11.7% 1,435 1,388
(1) (2) (3) (3)
(4) (4)
2 Nantong 14 5,689 148 5,837 250 -4.9% 1,023 909
3 Yangzhou 13 27,669 1,212 28,881 1,613 -4.9% 1,039 963
4 Xuzhou 11 37,039 6,196 43,235 1,932 -6.5% 961 936
5 Xi'an Gaoxin 8.5 18,518 2,149 20,667 1,054 -12.6% 1,197 1,150(5) (5)
6 Taizhou 8 32,686 8,194 40,880 831 -0.5% 846 790
7 Kunming 7 5 31 398 46 641 78 039 655 -2 2% 898 9717 Lifestyle Center 7.5 31,398 46,641 78,039 655 2.2% 898 971
8 Nanjing Zhujiang 7 20,864 5,643 26,507 580 -13.3% 790 726(6) (6)
(1) As at 31 December 2014
12
(2) Retail OFA of 792,260 sq.m., Lifestyle OFA of 264,562 sq.m. and total OFA of 1,056,822 sq.m. as at 23 March 2015(3) Excluding supermarket sales(4) Including sales contribution from 81,098 sq.m. additional GFA soft-opened in 26 April 2014(5) Subway constructions during the period under review which are expected to be completed in 2015(6) Major store revamp during the second half of 2014
12
Store Sales (Cont’d)
Chain Store Years intooperationRetail OFA
(sq.m.)Lifestyle OFA
(sq.m.)Total OFA(sq.m.)
2014 Sales(RMB'M)
SSSG(%)
2014 ASP(RMB)
2013 ASP(RMB)
9 Huai'an 6 27,384 6,316 33,700 505 3.9% 828 775
(1) (2) (3) (3)
, , ,
10 YanchengLifestyle Center 6 44,588 16,568 61,156 1,241 1.3% 895 839
11 Yangzhou Jinghua 5 5 18 519 696 19 215 476 16 8% 606 55411 Yangzhou Jinghua 5.5 18,519 696 19,215 476 16.8% 606 554
12 Shanghai 5.5 1,614 0 1,614 155 -49.0% 3,538 3,047
13 Nanjing Hanzhong 5 5 9 783 445 10 228 279 9 6% 409 386
(7) (7)
13 Nanjing Hanzhong 5.5 9,783 445 10,228 279 9.6% 409 386
14 Nanjing Xianlin 5 29,941 3,549 33,490 714 16.2% 434 431
(8) (8)15 Hefei Dadongmen 4 6,210 2,338 8,548 88 -47.6% 1,982 2,707
16 Hefei Baihuajing 4 8,697 1,136 9,833 160 -18.1% 930 851
(8) (8)
17 Anhui Huaibei 4 22,348 5,839 28,187 331 10.5% 594 583
18 Hefei Suzhou Road 4 25,892 6,781 32,673 213 -25.0% 705 735
(1) As at 31 December 2014
(9) (9)
13
(1) As at 31 December 2014(2) Retail OFA of 792,260 sq.m., Lifestyle OFA of 264,562 sq.m. and total OFA of 1,056,822 sq.m. as at 23 March 2015(3) Excluding supermarket sales(7) Store closed for major revamp since 30 May 2014(8) Subway constructions during the period under review which are expected to be completed in 2015(9) Due to unsatisfactory property condition, OFA was reduced from 46,188 sq.m. to 32,673 sq.m. since Oct 2014
Store Sales (Cont’d)
Chain Store Years intooperationRetail OFA
(sq.m.)Lifestyle OFA
(sq.m.)Total OFA(sq.m.)
2014 Sales(RMB'M)
SSSG(%)
2014 ASP(RMB)
2013 ASP(RMB)
(1) (2) (3) (3)
19 Changzhou Jiahong 3.5 23,747 10,952 34,699 91 35.3% 512 450
20 Suqian 3 38,752 12,655 51,407 373 27.8% 582 470
21 Liyang 3 30,611 16,060 46,671 204 8.2% 538 490
22 Xuzhou People's Square 3 15,341 11,812 27,153 260 1.9% 630 553
23 Kunming Nanya 3 24,964 4,186 29,150 171 6.3% 856 810
24 Changzhou Wujin 2.5 33,034 8,880 41,914 195 -33.4% 606 842(10)
25 Yancheng Outlet 2.5 14,568 585 15,153 129 29.6% 337 312
26 Yancheng JulonghuLifestyle Center 0.3 52,981 28,268 81,249 102 - 700 -Lifestyle Center
27 Nantong YuanrongLifestyle Center
Since 20.12.2014 36,726 7,718 44,444 22 - 939 -
(1) As at 31 December 2014
14
(1) As at 31 December 2014 (2) Retail OFA of 792,260 sq.m., Lifestyle OFA of 264,562 sq.m. and total OFA of 1,056,822 sq.m. as at 23 March 2015(3) Excluding supermarket sales(10) Excluding gold and jewellery sales, SSSG would have been -2.0%
Self Owned Properties
Self-owned properties in prime locations account for 60.9%* of our GFA
* As a percentage of total GFA (sq m ) as at 23 March 2015
20.9%*Leased from related parties
18.2%*Leased from
independent 3rd parties* As a percentage of total GFA (sq. m.) as at 23 March 2015.
Store(in operation) Owned / Leased
GFA (sq. m.)
Nanjing Xinjiekou Owned / Leased 85,303 / 29,242Owned-to-leased GFA ratio
60.9 %*Owned
parties
Nantong Owned 9,297
Yangzhou Owned / Leased 37,562 / 3,450
Xuzhou Owned 59,934
Xi’an Gaoxin Owned 27 287
Owned-to-leased GFA ratioStore
(in operation)Owned / Leased
GFA (sq. m.)
Anhui Huaibei Leased 34,714
H f i S h R d L d 45 690Xi an Gaoxin Owned 27,287
Taizhou Owned 58,374
Kunming Owned 116,817
Nanjing Zhujiang Leased 33,578
Hefei Suzhou Road Leased 45,690
Changzhou Jiahong Owned / Leased 18,362 / 33,458
Suqian Owned 65,410
Liyang Owned / Leased 53,469 / 18,355
Huai’an Owned 55,768
Yancheng Owned 95,904
Yangzhou Jinghua Leased 29,598
y gXuzhou People’s
SquareOwned 37,768
Kunming Nanya Leased 36,870
Changzhou Wujin Leased 55,200Shanghai Leased 19,668
Nanjing Hanzhong Leased 12,462
Nanjing Xianlin Leased 42,795
Hefei Dadongmen Leased 10 356
g j
Yancheng Outlet Leased 18,377
Yancheng Julonghu Leased 110,848Nantong Yuanrong Owned 94,700
Danyang Leased 52 976
15
Hefei Dadongmen Leased 10,356
Hefei Baihuajing Leased 12,294
Total 1,534,387
Danyang Leased 52,976
Kunshan Owned 118,500
A Broad VIP Customer BaseBase
A broad and growing VIP customer base continued to strengthen customer loyalty to pave way for long term growth
VIP consumption
Over 1,710,300 members* VIP consumption accounted for 55.5% of total GSP in 2014
pave way for long-term growthVIP members % of Total GSP
65% 63% 63% 62% 58%56% 56% 60%
1 400 000
1,600,000
1,800,000
VIP consumption accounted for more than 58% for matured stores2 types: i) G Club: Platinum and Gold application and
30%600 000
800,000
1,000,000
1,200,000
1,400,000
i) G. Club: Platinum and Gold, application and renewal based on spending
ii) G. Point: Pre-VIP, free application and point awards only
Point awards exclusive benefits0%0
200,000
400,000
600,000
2008 2009 2010 2011 2012 2013 2014Point awards, exclusive benefitsIntroduced co-branded credit cards with different banks* As at 31 December 2014
1616
Merchandise Offering
Offer a wide range of mid-to-high-end merchandises to meet the “one-stop shopping” needs of our customers
Category2014 GSP
Contribution
2013 GSP
Contribution
(+/- )% points Top Performing Brands
Merchandise Mix in 2014
Apparel & Accessories 51.4% 52.1% -0.7
Gold, Jewellery and Ti i 20.4% 21.6% -1.2Timepieces
Cosmetics 8.8% 8.1% +0.7
Outdoors and Sportswear 4.9% 3.9% +1.0
Electronics and Appliances 4.5% 4.9% -0.4
Tobacco and Wines, Household and Handicrafts 4.5% 4.9% -0.4
Children’s Wear and Toys 2 9% 2 6% +0 3Children s Wear and Toys 2.9% 2.6% +0.3
Supermarket & Others 2.6% 1.9% +0.7 171717
Upcoming New Storesp g
18
Upcoming New Stores
Upcoming store GFA (sq.m.) Owned / Leased 2015 2016 and onwards
Jiangning Nanjing @ Leased 144 710 (mid 2015)*Jiangning, Nanjing @ Leased 144,710 (mid 2015)
Ma’anshan, Anhui @ Leased 87,568 (2H 2015)
Xinjiekou Block B, Additional @ Managed 23,800 (Dec 2015)
Wujiang, Jiangsu Owned 57,800 (Dec 2015)
*
Suzhou 2, Jiangsu Owned 176,764
Danyang Additional, Jiangsu Leased 58,100
Changzhou 3, Jiangsu Leased 60,000
Chuzhou, Anhui Managed 50,000#
& *
Chuzhou, Anhui Managed 50,000
Hexi, Nanjing @ Owned / Managed 160,000 / 114,000
Xianlin Additional, Nanjing @ Owned 150,100
Xuzhou Additional, Jiangsu Owned / Managed 48,800 / 10,000
d h ( ) @ O d 250 000*Jiangdu,Yangzhou (JV) @ Owned 250,000
Xi’an3, Shaanxi Leased 62,500
Total 1,454,142 313,878 1,140,264
% Year End GFA Increase1,534,387
20 5% 61 7%
*
% Year End GFA Increase(as at 23 Mar 2015)
20.5% 61.7%
% of Owned Property (GFA) 53.7% 59.5%
Estimated Max Capex. (RMB) 1.6 billion Around 1.5 billion each year
@ To be in the format of comprehensive lifestyle center (全生活中心)
^^
@ To be in the format of comprehensive lifestyle center (全生活中心)* Revise / addition after August 2014 Interim Presentation# 3 years managed contract from day of operation with first right to lease& Including car parking spaces of 44,741 sq.m..^^ Excluding the investment costs for joint venture companies.
19
Development of Brands andDevelopment of Brands and Product Categories
20
Development of Brands and Product Categories
Time Vallée – watch brand collection shopp
Grand opened on 9 March 2015.Operating area of 580 sq.m.
Strong brand portfolioUnparalleled shopping experienceCustomized professional services
Time Time TravelTravel L’AtelierL’Atelier Secret RoomSecret Room
21
Development of Brands and Product Categories
Introduce featured popular brandsAttract young consumers and broaden customer base
Fast fashion:5 brands (such as H&M, UNIQLO) were introduced in 2014Total operating area of 5,840 sq.m.Total operating area of 5,840 sq.m.Total GSP of RMB163 million, grew 49.4% YoY, SSSG 10.2%6 brands (such as ZARA, MANGO) to be introduced in 2015
UNIQLO at Zhujiang Store MUJI at Zhujiang Store and Kunming Block B
Creative living galleries:POPMART, POLYMONO and MEETFEEL
H&M at Kunming Block B Charles & Keith at KunmingBlock B
GAP at Kunming Block B
* Cooperation with UNIQLO, H&M and GAP are under operating leasing 22
Development of Brands and Product Categories
d lf d f h ll h
Increase the floor area for fashion collection store and improve merchandise adjustment capability
Introduces ALVEARE, a self-operated Korean fashion collection shop at Nantong Yuanrong Store for the first time to integrate resources and enhance operating efficiency and flexibility.
• Four top Korean stylish brands, namely ZISHEN, VIKI, JENNIS and OLIVIA LAUREN
• Covering ladies’ consumer goods, such as clothes, shoes, handbags and accessories
• Operating area of 188 sq.m., GSP of RMB160/sq.m. during the first three days of
operationoperation
23
Development of Brands and Product Categories
Sales fairs for unique merchandises
Take advantage of spacious operating area at lifestyle center and solid VIP customer
base, introduce sales fairs of Taiwanese and Japanese specialty products
Taiwan Fairs at Nanjing Xinjiekou Store recorded a GSP of RMB2.18 million during 11
days of operation
7 more Taiwan Fairs will be held in different stores in 2015
24
Development of Brands and Product Categories
Explore new growth drivers and introduce Focus on categories with
The Group’s categories sales with high growth potential
p ghigh quality exquisite merchandises high growth potential
1,3681,393
1,400
1,600
RMB million
high growth potential
650775
800
1,000
1,200
438458
200
400
6002013
2014DYSON - GSP RMB10,000 per month / sq.m.
Blueair
0
Cosmetics Outdoors and
sportswear
Kids' wear and toys
- GSP RMB17,000 per month / sq.m.
Elemental Kitchen - GSP RMB7,000 per month / sq.m.
Source : Nanjing Xinjiekou Store 2014 sales data j g j
25
Investing in and Developing Controllable Merchandise Resources
Buyout, distribution arrangements and equity investment – provide differentiated fine-living goods to customers, enhance the Group's profit margin
Introduce high value-for-money foreign exquisite brands
Develop self-operated brand to fill a gap in the market and enrich product categories
26
Investing in and Developing Controllable Merchandise Resources
Private label GSPPrivate label merchandise
250
300Diversified portfolio
47 private labels and approximate 400
RMB million
207 210245 254
150
200
1.5%16.7%
3.7%
p ppcounters
Comprising luxury items, menswear, ladieswear, shoes, handb
0
50
100ags, accessories, outdoor merchandises, children’s wear and lifestyle merchandises
Annual GSP of RMB254 million in 2014 02011 2012 2013 2014
Annual GSP of RMB254 million in 2014
List of key brands : International Famous Household & children Casual wear
27
Investing in and Developing Controllable Merchandise Resources
WONDERPLACE Brand’s Development in Korea
US$ million
Top Korean stylish brands collection store
Opened its first store in China at Nanjing 80
100
120
97
Zhujiang Store on 20 December 2014
Operating area of 580 sq.m.
10 stores are expected to be opened in 20
40
60
1423
43
1016stores
22stores
37stores
Sales performance
10 stores are expected to be opened in
China in 2015 02010 2011 2012 2013 2014
5144
storesstores No. of stores
28
Investing in and Developing Controllable Merchandise Resources
XESS
New popular brand from Seoul “Fashion Week”
XESS opened its first two stores in China at Nanjing Xinjiekou Store and Kunshan Store
31 J 2015on 31 January 2015
12 stores are expected to be opened at Golden Eagle premises in 2015
29
Investing in and Developing Controllable Merchandise Resources
CAROLL
French classic ladieswear, with approximately 500 retail outlets worldwide
Exclusive partnership in China
Opened its first outlet in China at Nanjing Xinjiekou Store on 14 February 2015
7 more stores to be opened at Golden Eagle in the next two years
30
Investing in and Developing Controllable Merchandise Resources
Reform cooperative relationships with established well-known brandsOptimize cooperative relationships consistently, and started to cooperate under a direct sales business model
Deepen the win-win cooperation with brand suppliers, strengthen single-product management
Reduce the risk of launching new proprietary brands into the marketReduce the risk of launching new proprietary brands into the market
Enhance gross profit margin and increase gross profit from brand operation
Strengthen news stores’ merchandise procurement and sourcing capabilities
Northland Generated RMB35.32 million GSP in 2014 Lining Generated RMB9.61 million GSP in 2014
31
Investing in and Developing Controllable Merchandise Resources
G-MartAchieving an average gross profit margin of 20.9%, an increase of 1.3 percentage points, higher than the Group’s average gross profit margin
Developed Golden Eagle Food Festivals, strengthened shopping experience, created differentiation and gained popularity
GSP of supermarketsGSP of Nanjing Xinjiekou Store
supermarket
RMB million RMB million
250
300
350
800
1,000
1,200
Souvenir, light meals and
Food, non-food, fresh food
762
1,001
235 218
306
o RMB million
100
150
200
400
600
800health supplements
Target in 2015462 377
704
151
218
121
0
50
2013 2014 2015E
0
200
2013 2014 2015E
* Nanjing Xinjiekou Store supermarket was closed for two months for renovation and upgrades in 2014
300 327 84 97
Bashu Food Festival Organic Rice FairYunnan Food Festival Lunar New Year Folk Fair 32
Investing in and Developing Controllable Merchandise Resources
O d 13 lf t d d 1 f hi d t i l
Mr. PizzaAnnual GSP of
Joint Venture between
70
80
Opened 13 self-operated and 1 franchised stores, average single-store operating area of 315 sq.m..
The number of stores is expected to increase to 40 at the end of 2015
Joint Venture between GE and Mr. Pizza
RMB million
7330
40
50
602015
Stores at Golden Eagle: Nanjing Xinjiekou Store / Yangzhou Store / Yancheng Julonghu Store / Nanjing Zhujiang Store / Nantong Yuanrong Store
210
10
20
30Store / Nanjing Zhujiang Store / Nantong Yuanrong Store
Generated GSP of RMB13.2 million during the first 8-month operation at Nanjing Xinjiekou Store
2014
2013
2013 2014As at 31 December 2014
33
Investing in and Developing Controllable Merchandise Resources
POPMART
Beijing TianjinJiangsuOpened 12 self-operated and 1 franchised stores, average single-store operating area of 170 sq.m.. Beijing
8 storesTianjin
1 storeJiangsu
4 stores
g p g q
The number of stores is expected to increase to 35 at the end of 2015
Zhongguancun – Oumeihui
Chongwenmen – Glory City
Wangfujing – APM
Jiuxianqiao – INDIGO Mall
Xizhimen – CapitalMALL
Tianjin Hang Lung PlazaYancheng - Golden Eagle Julonghu Store
Nanjing - Golden Eagle Xinjiekou Store
Nanjing - Golden Eagle Zhujiang Store
Variety of interesting goods, 3000 SKUs per store
Stores at Golden Eagle:Yancheng Julonghu Store / Nanjing Xinjiekou Store / Nantong Yuanrong Store / Nanjing Zhujiang Store Taiyanggong - CapitalMALL
Tongzhou – Wanda Plaza
Wudaokou Shopping Centre
Nantong – Golden Eagle Yuanrong S tore
Nantong Yuanrong Store / Nanjing Zhujiang Store
Jointly develops a variety of interesting promotion gift items with the Group Annual GSP
As at 31 December 2014
20
25
3026
RMB million
5
10
15
20
12
2014
2013
0
5
2013 2014 34
Integration ofIntegration of Marketing Resources and VIP ServicesVIP Services
35
BIG DAY
Focus on 19 key promotional events for 68 “BIG DAYS” during the year
Integrate chain stores’ resources, unify promotional campaigns with key merchandise brands
Achieve both GSP and operating profit growth
244250
300RMB million
192
150
200
250
100%16%
69
0
50
10024%
0Double 11 Shopping Festival
Christmas Valentine's Day
36
BIG DAY
Valentine’s Day celebration cooperation with key merchandise
brands Same store GSP per sq m
6,449
6 000
7,000
Same store GSP per sq.m.
RMB
3,6484,000
5,000
6,000
3,037 3,070
,
1 299 1,3772,000
3,000
,
783 9511,299 ,
0
1,000
Chow Tai Fook Clarins Guerlain Estee Lauder
37
Expand VIP customer base
N b f VIP bIssued China Construction Bank and Bank of Communications Co-Brand VIP Credit Cards in 2014VIP members
‘000
Number of VIP members
Introduced “Hipster Card” to engage young customers
1,170
1,710
1 0001,2001,4001,6001,800
600743
8251,020 1,070
200400600800
1,000
As at 31 December2014
0200
2008 2009 2010 2011 2012 2013 2014
38
Allowing Customers to enjoy a Comprehensive Lifestyle with a VIP Card
Issuing a VIP card to allow customers to enjoy comprehensive lifestyle services, including
shopping at department stores, food and beverage, hotels, real estates, automobiles and online
overseas shoppingHotelsHotels
Department StoresStores
Overseas Shopping
Food and Food and BeverageBeverage
AutomobilesAutomobiles
Real Real EstatesEstates
39
Allowing Customers to enjoy a Comprehensive Lifestyle with a VIP Card
Automobile integrated services
Operates Volkswagen 4S shops, offering international luxury automobile sales, automobile repairs and inspection services
Future new business
Sales and integrated services for Tesla and imported luxury automobiles
Chain operation of automobile integrated services provides extensive value-added services to VIP customers including
automobile repair, maintenance, modification and car beauty
4S stands for Sales, Spare part, Service and Survey
40
Allowing Customers to enjoy a Comprehensive Lifestyle with a VIP Card
Aquarium
Became first to introduce an aquarium in a department store, enhance customers’ shopping experience and increase foot trafficChangzhou Jiahong Aquarium opened in January 2014, operating area of 5,000 sq.m. and served 150 000 visitors during its first year of operation
q150,000 visitors during its first year of operation More Golden Eagle Aquariums to be opened in Nanjing, Yancheng and Suqian in the next three years
41
New stores opened since 2014
42
Effective Implementation the Concept ofComprehensive Lifestyle CentersCentersIn the past 12 months, a total of 5 comprehensive lifestyle centers with an average GFA of 98,000 sq.m. characterized by sizeablescale, comprehensive amenities and diverse shopping experience, were opened. These stores are customized to cater for consumptiondemands of respective cities, so as to establish a distinctive format and strengthen the leading position in the market.
西安 Xi’an
11上 海
15
陕 西Shaanxi 江 苏
Jiangsu 徐州 Xuzhou
22安 徽 6611
1144
上 海Shanghai
淮北 Huaibei
泰州 T i h扬州
盐城 Yancheng宿迁 Suqian
淮安 Huai’an11
1122
22
1122 11
安 徽Anhui
66
昆明 Kunming
11 11
云 南Yunnan 南 京
Nanjing
南通 Nantong
泰州 Taizhou扬州Yangzhou
11
1122
1133 22
丹阳Danyang 11
11
11 11
合肥 Hefei
常州 Changzhou
11
33
上海Shanghai
11
溧阳 Liyang 11
昆山g
分店数量No. of stores
Lifestyle Center
Department Store
7
A t 23 M h 2015
昆山Kunshan
43
Department Store
Total
22
29
As at 23 March 2015
Effective Implementation the Concept ofComprehensive Lifestyle CentersCenters
Nanjing Xinjiekou Lifestyle CenterlGross Floor Area: 114,545 sq.m.
Opening date: 26 April 2014
Block A and Block B are interconnected
with a space corridor
Introduced over 100 international stylish
brands to Nanjing for the first time
G-Mart achieved record-high results
among the premium supermarkets in
Nanjing during its first year of operation
2,5682,500
3,000RMB
BLOCK B monthly GSP per sq.m. in 2014
1,466
500
1,000
1,500
2,000
,500
0
500
May Jun Jul Aug Sep Oct Nov Dec44
Effective Implementation the Concept ofComprehensive Lifestyle CentersCenters
Yancheng JulonghuLifestyle Center
The third store in Yancheng City
Gross Floor Area: 110,848 sq.m. Opening date: 6 September 2014
The third store in Yancheng City
Integrated a wide range of functions including aquarium, children’s playground, G-Mart the premium supermarket and over 60 specialty F&B
Soft opening Grand opening 114 daysSoft opened on 6 September 2014:First 3-day of operation GSP of over RMB11 million and over 280 000 visitors
Grand opened on 29 November 2014:9-day of operation GSP of over RMB18 million and over 400,000 visitors
As at 31 December 2014, in 114 days of operation:GSP reached over RMB100
illi280,000 visitors million
45
Effective Implementation the Concept ofComprehensive Lifestyle CentersCenters
Nantong YuanrongLifestyle CenterLifestyle Center
Gross Floor Area: 94,700 sq.m. Opening date: 20 December 2014
The second store in Nantong City
During first 3 days of operation:
- GSP over RMB15.0 million
- Over 300,000 visitors
46
Effective Implementation the Concept ofComprehensive Lifestyle CentersCenters
Danyang Lifestyle Center
The first mega one-stop
Gross Floor Area: 52,976 sq.m. Opening date: 1 January 2015
commercial complex in Danyang
During first 3 days of operation:
- GSP of over RMB8 millionGSP of over RMB8 million
- Over 180,000 visitors
47
Effective Implementation the Concept ofComprehensive Lifestyle CentersCenters
Kunshan Lifestyle CenterGross Floor Area: 118,500 sq.m.
Operates the Group’s first light luxury collection store with brands such as POUR LA VICTOIRE, ROVIMOSS
Opening date: 31 January 2015
The first large kids section covers all ages, introducing brands such as Nautica Kids, jnby by JNBY
The largest premium supermarket in the city with an operating area of 6,100sq.m.
During first 3 days of operation:During first 3 days of operation:
- GSP of over RMB11.50 million
- Over 160,000 visitors
48
49
Recommended