Guang Bai Shares VS Tianhong Shopping Malls: The Sharp Gap Between Old And Famous Department Stores Is Amazing.

And quickly capitate the layout of the country in the short term with good capital leverage.

However, unlike Hong Kong, Tianhong has shown strong cross regional capabilities, and its company's store survival rate is close to 100%.

It is reported that although late in the Canton capital market, but the company's 2010 earnings report, Tianhong mall realized the total income of 10 billion 200 million yuan, the number of stores reached 43.

Both in terms of size and total sales, it is close to 2 times the total.

From face to point and from point to face

"Tianhong's" department store + supermarket +X "elastic combination format, the department stores, supermarkets, electrical appliances and other formats combined in 30 thousand to 50 thousand square meters of medium area operation.

At the same time, in the expansion of regional stores, the community shopping centers and central stores will form a pattern of "the stars and the moon". Through the reasonable proportion of 11 central stores and 31 community stores, we will increase the influence in the region and shorten the incubation period of single stores.

Feifei Sun, an analyst at Guoxin Securities, said.

According to a reporter's survey, rainbow stores keep 6-8 stores open every year.

The company signed 14 new stores last year, basically in two or three line cities. These regional traditional department stores are not strong enough to compete directly with the department stores. They can quickly form the scale advantage.

The dealer system has always been an important factor restricting the expansion of regional department stores. In the first tier cities, many local department stores exert pressure on brands to prevent brands from entering foreign department stores.

"With the expansion of the size of the rainbow area, the bargaining power is enhanced, and the procurement cost is reduced.

The total cost of management and sales expenses dropped year-on-year.

Fan Huiyuan, a Shanxi Securities researcher, said that the first time that Tianhong entered the regional stores was about 3 years, and that the incubation period for new stores in the same city was about 2 years.

At present, a number of stores in Dongguan, Nanchang and Fuzhou have realized losses, accounting for about 1/2 of the new stores will become an important source of endogenous growth in the company's performance in the next few years.

In comparison, in addition to Guangdong, Wuhan, Chengdu and Shenzhen, all of the first tier cities have adopted the dot layout. The single soldier market is not only lack of adjustable brand support, but also directly with the local department store giants, which has increased the unpredictability of the new store breeding period.

By the end of this year, there will be 12 new stores that have lost money for over two years, accounting for nearly 50% of their total stores.

"In the future, if there is a super normal store expansion, it will break the matching of revenue and cost, resulting in short-term cost pressures."

Haitong Securities analyst Lu Ying believes.

Own property double-edged sword

It is reported that Guang Bai has realized the shortage of expanding the strategy of individual soldier outside the province.

Huang Yongzhi, CEO, said that the company redefined its expansion strategy last year, and plans to develop Guangdong's Chaoshan, Jiangxi, Hubei, Fujian and other Eastern markets with Huizhou as its bridgehead, with Chongqing as its headquarters in Guangxi, Chongqing, Sichuan, Guizhou and Yunnan.

"The advantage of expansion is not obvious. Its brand resources are mainly concentrated in the Guangzhou region. They are now spreading to the periphery with the help of Guangzhou's brand influence, but the scope of external diffusion is too random."

A securities analyst said that the current adjustment strategy takes into account the convergence of brand resources. Next, we must deal with the pace of expansion and the scale of regional networks.

The rapid rise in property rents has now become a test of the expansion of the 100 billion light assets.

It is reported that Tianhong set up Tianhong Real Estate Co., Ltd. last year, and acquired a piece of land in Jiangxi, and began to pform from simple leasing to holding property and other expansion methods.

Recently, Guang Bai also took a 536 million yuan photo of a residential land, wholesale and retail, accommodation, catering and business finance plots in Jinshazhou, Foshan, and plans to open a hundred hundred department stores not less than 50 thousand square meters by 2013.

However, from the previous acquisition of property to the auction site, the territory of the 100 property holdings is also concentrated in the first tier cities and surrounding areas, which has not yet been applied to cross regional development, and its acquisition and strength have yet to be tested by the market.

"Holding property can relieve the pressure of rent rise, and the advantage is that depreciation is easier to predict."

Jiang Zhihui, an analyst with Dao Heng Securities in Hongkong, said the increase in property is a double-edged sword.

Private property has higher investment cost and less cash outflow in the future, and its impact on valuations of department stores is not very obvious.

Compared with the overseas capital market, the domestic A share refinancing channel is not smooth, and the increase of its own property is bound to aggravate the company's capital chain, so the appropriate proportion of overweight is also critical.