BDA-老虎基金百盛百货深度研究报告EN-2012 12 24.pptx

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BDA-老虎基金百盛百货深度研究报告EN-2012 12 24.pptx

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ProjectParkson(3368.HK):DecreasingSSSGSince2011;HigherRiskExposureToTheOversupply/PopularityofShoppingMallsThanToE-Commerce;MostVulnerabletotheEmergenceofShoppingMallsAmongPeers;AWeakeningCompetitivenessInTheLongTerm24December,2012ForTigerGlobalOnly?BDA2012

2TableofContentsExecutiveSummaryASnapshotofParksonHypothesis1:DepartmentStoresareaCommodityHypothesis2:VulnerabilitytoOnlineShoppingHypothesis3:VulnerabilitytoShoppingMallsHypothesis4:WeakeningCompetitivenessHypothesis5:SustainabilityofMarginsAppendix

ExecutiveSummary(1/3)H1:Usingtheconcessionairemodel,departmentstoresarecommoditiesinChinaDepartmentstoresarecommoditiesinChinaandParksononlystandsoutinthesaleofprestigecosmeticsinsometier2and3cities.Merchandisingisnotadifferentiatorformid-enddepartmentstores(DS)inChinaandtheydon’thaveastrongbrandingimpactonChineseconsumersParksoniswidelyperceivedtohavethesamecapabilityofmerchandisingpopularbrandsaslocalrivals,butitdoesstandoutbysellingprestigecosmeticsinafewtier2andmosttier3cities.H2:ParksonisvulnerabletoboomingonlineshoppingduetoitsmerchandisemixMostdepartmentstores,includingParkson,don’tsenseasolidthreatfromonlinesales.However,theboominonlineshoppingdoeshaveaslightimpactintier1citiesTraditionalDScustomerstreattheonlinechannelasawayofpurchasing“cheap”,“innerwear”or“no-brand”apparelitemsand“gadget”and“non-facialtreatment”cosmeticsastheyareprimarilyconcernedabout“fitting”and“productauthenticity”.Theyhaveanegativeattitudetowardsonlineshoppinginthesetwoaspectsandmostofthemhaveseenonlyaminimalimprovementtothenegativeaspectsofonlineshoppinginrecentyears.Mostbest-sellingbrandsinDStreatonlinechannelsasamarketingtool(masstigeandprestigecosmetics)orinventoryclearance(apparel),generatingverys