ABC-MART (2670)
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Company Profile
(As of June 2009)
| Company Name | ABC-MART, Inc. | Head Office | 19F SHIBUYA MART CITY WEST 1-12-1 Dogenzaka Shibuya-ku Tokyo 150-0043 | |
| Phone | 81-3-3476-5650 | Listed on | TSE1 | |
| Established | June 6, 1985 | Exchange Listing | November 2002 | |
| Homepage | http://www.abc-mart.com/ | IR Web | http://www.abc-mart.co.jp/ir/ | |
| IR Contact | Asuka Kondo | IR Phone | 81-3-3476-5452 | |
| IR Mail | akondo@abc-mart.co.jp | |||
| Consolidated Segment Data (Sales, OP) | Footwear (99.7%, -%) | Top Shareholders | Masahiro Miki | 29.32% |
| Others (0.3%, -%) | EM Planning KK | 17.25% | ||
| Directors | Minoru Noguchi, President | Michiko Miki | 15.05% | |
| Toru Nakao, Senior Managing Director | ABC-Mart Inc. | 9.96% | ||
| Yukie Yoshida, Managing Director | The Master Trust Bank of Japan, Ltd. (trust account) | 3.2% | ||
| Masahiro Kaneshiro, Director | Japan Trustee Services Bank, Ltd. (trust account) | 3.13% | ||
| Kiyoshi Katsunuma, Director | BBH Variable Ins. Products FD3MIDC | 1.74% | ||
| Minoru Kojima, Director | The Chase Manhattan Bank NA London SL Omnibus Account | 1.35% | ||
| Takashi Kikuchi, Director | Japan Trustee Services Bank, Ltd. (trust account4G) | 1.05% | ||
| Hideo Akimoto, Standing Auditor | Trust & Custody Services Bank, Ltd. | 0.65% | ||
| Yutaka Hayashi, Auditor | ||||
| Keizo Uehara, Auditor | Shares Outstanding | 83,627 thousand shares | (As of February 2009) | |
| (As of June 2009) | Shareholders Capital | 3,483 million yen | (As of June 2009) | |
| Employees (Cons) | 2,049 | Subsidiaries | ABC-MART KOREA, INC. | |
| Employees (Par) | 1,905 | Main Banks | Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, LTD., Sumitomo Mitsui Banking Corp. | |
| Average Age (Par) | 26.8 | Credit Ratings | n.a. | |
| Annual Salary (Par) | 3,886,000yen | Auditors | Grant Thornton Taiyo ASG | |
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ABC-MART is a retailer of shoes. It sells in directly managed eponymous stores. At the end of FY02/09 company had 444 stores. Company owns several shoe brands, some of which (VANS, Hawkins) are well recognized by consumers.
Main Facilities
As of the end of FY02/09 Company operated 444 stores. 89 were standalone stores in urban areas, 69 were housed inside "fashion buildings", 262 were in shopping centers, and 24 were "roadside" (regional stand-alone).
Business Model Early in its history, Company focused on two things: sourcing its product directly from low wage low duty countries and achieving dominance in its core markets.
In terms of sourcing, management realized that having strong private brands of low cost casual shoes is the key to achieving high profitability. Historically, a lot of sourcing was done from the poorest countries, such as Myanmar, which enjoyed preferntial duty treatment in addition to its extremely low labor cost. That made VANS and Hawkins veritable cash machines providing Company with capital to expand agressively.
Expansion was done primarily in the urban "home markets" of Ueno, Shibuya, Ikebukuro etc. Shibuya is one such example. A district where thousands of young people hang out daily, it is a very deep market. It means that it is possible to open stores virtually across the street from each other and the customer traffic will be strong. ABC-MART would open stores till they start cannibalizing each other sales, squeezing out competition. Price points were low but margins high, enabled by direct sourcing.
Later company took its success to regional markets, relying heavily on shopping centers in its expansion. The fate of any such store is interlinked with the success of a particular shopping center. That makes the business proposition somewhat riskier compared to standalone stores near large stations. However, stores in shopping centers are also much cheaper to open and, importantly, to close.
Profitability Snapshot and Financial Ratios
SWOT Analysis
Strengths
Strong profitable private brands (VANS, Hawkins) that are perceived by consumers as national brands.
Expertise in direct sourcing from low cost, low duty regions and countries.
Balanced store network. Strong group of urban stores, particularly in Shibuya, supports expansion in shopping centers.
Weaknesses
Hard to differentiate from competition compared to apparel companies that ABC-MART is sometimes compared to. Casual shoes are generally commoditized despite attempts to build stronger brands; sports shoes are dominated by global brands.
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