My 1999

Chapter 1084 Prince Hotel +

Mizune Finance took over the entire Seibu.

They sold some of Seibu's assets, especially some ski resorts and golf courses that were severely loss-making.

After two sales by Yoshiaki Tsutsumi and Mizuho, ​​Seibu's total assets are now $61.7 billion, and only $48.9 billion after deducting virtual assets such as goodwill.

Total debt is $27 billion.

Debt ratio is 55.2%.

It doesn't sound high, but if interest is calculated, the debt ratio will exceed 60%.

In addition, in order to repay some matured debts, Yoshiaki Tsutsumi borrowed a high-interest loan of about $5 billion in the early stage, which undoubtedly increased Seibu's debt repayment difficulty.

If it is flattened, the total debt that Seibu needs to repay in the next five years will be as high as $32 billion.

Let's look at revenue.

Seibu's revenue is divided into two major parts.

One is the revenue of the 'Seibu Department Store Series'.

The other is the revenue of the 'Prince Hotel \u0026 Resort'.

After years of sales, Seibu only has these two core assets left, and the others have been sold out.

Let's first look at the revenue of the 'Seibu Department Store Series'.

The reason why it is called a series.

It mainly includes many subsidiaries with Seibu Department Store as the core.

For example, Seibu Railway, Seibu Bus, MUJI and Yoshinoya.

In fact, the core enterprise before the 'Seibu Department Store Series' was not Seibu Department Store, but Seibu Railway.

Railway is the subway.

Unlike China, subways in Japan are allowed to be privately owned.

Many large department stores, such as Seibu, Tobu, Hanshin Hankyu, etc., peel off the skin of these large department stores, and there are subway companies inside.

If you want to be rich, you must first build roads. This principle can be said to be universal.

When there is convenient transportation, wealth will come.

In order to make money, these subway companies develop along the subway line, so many subway station exits in Japan are located in department stores, super-large hotels, stadiums, parks, etc., all located on top of subway stations.

Seibu is a typical example.

Seibu Department Store, Prince Hotel, Toshima Garden and Seibu Garden are basically the same.

After years of development, the total length of Seibu Railway's current routes is 179.8 kilometers, and the operating routes are 176.6 kilometers long.

It is mainly divided into the Ikebukuro Line and the Shinjuku Line.

It has 1,238 vehicles of various types.

And 14 vehicle bases.

Subways alone are not enough, and buses are also a necessary supplement to public transportation.

So in addition to Seibu Railway, there is also a huge Seibu Bus.

Like Seibu Railway, the latter is mainly located in Tokyo and Saitama Prefecture, operating commuter buses, sightseeing buses, long-distance buses, and also renting buses.

It owns nearly 1,500 buses of different types.

Annual revenue is about 4 billion Chinese yuan.

Add MUJI and Yoshinoya.

The total revenue of the five major companies in the entire "Seibu Department Store Series" exceeds 10 billion US dollars.

But the revenue of Seibu Railway and Seibu Bus is limited, and the retail profit of Seibu Department Store and MUJI is too low.

The net profit is only 1.55 billion US dollars.

Xu Liang put down his pen.

In the entire series, Seibu Department Store is the absolute core.

The total revenue of nearly 7 billion US dollars accounts for 70% of the total revenue.

Seibu Department Store has two major series.

Seibu and Sogo.

Seibu focuses on high-end department stores and has 24 stores in Japan, which are basically self-owned properties.

Seibu Department Stores in Hong Kong and mainland China are all owned by Dickson Pan.

As early as the 1990s, Dickson Creation, owned by Dickson Pan, obtained the overseas operating rights of Seibu Department Stores.

Including these stores that paid licensing fees, Seibu Department Stores has a total of 32.

Xu Liang doesn't care about Seibu Department Stores overseas, and even feels a little fortunate.

Seibu Department Stores can still make money in Japan, but it is almost dead in China.

Looking at the information of the 24 Seibu Department Stores, Xu Liang couldn't help but think.

"I have to thank Yoshiaki Tsutsumi."

This ambitious guy wants to be the first in everything.

The reflection of Seibu Department Store is the huge business area.

The floor area of ​​ordinary department stores in Japan is basically 30,000 to 40,000 square meters, and those above 50,000 square meters are considered huge.

But Yoshiaki Tsutsumi is different.

The Ikebukuro main store is nearly 200,000 square meters, the Shibuya store is nearly 110,000 square meters, the Osaka store is 100,000 square meters, and even the smallest Nagasaki store is 65,000 square meters.

The total operating area of ​​the 24 stores is 1.84 million square meters.

They represent Yoshiaki Tsutsumi's ambition to become a high-end retail giant in Japan.

He almost succeeded.

In the 1980s, Seibu was the number one high-end department store in Japan.

Unfortunately, the fruits of this victory were not tasted for long before they were knocked down by the Plaza Accord of the United States.

But for Xu Liang.

These huge department stores gave him enough space for transformation.

If they were well designed, they would be enough to become a commercial center that dominates the "one-stop family shopping and leisure and entertainment" within a radius of five kilometers.

Instead, it was the later merged Sogo Department Store.

Unlike the Seibu Department Store on the subway, Sogo is just a simple department store.

Moreover, the proportion of self-owned properties is far from 100% like Seibu. Except for the stores in the core areas of the city, the rest are leased.

At its peak, Sogo Department Store had nearly 30 stores in Japan and 25 overseas.

In 2000, Sogo Department Store, which was unsustainable, went bankrupt.

Then it was merged with Seibu Department Store.

After the merger, Seibu Department Store is in order to reduce expenses.

All stores under Sogo Department Store that did not have property rights were closed.

This directly reduced the number of SOGO department stores in Japan to 11, and there were only 12 left overseas.

Excluding overseas stores that are only authorized but not actually operated.

There are 33 SOGO Seibu department stores domestically and 21 overseas, for a total of 64 stores.

However, there are only 9 Sogo department stores directly operated overseas.

It needs to be emphasized that the commercial area of ​​Sogo Department Store is far less huge than that of Seibu Department Store. The main store in Osaka is only 84,000 square meters, and the rest are basically around 40,000 to 50,000 square meters.

There are 11 stores with a total business area of ​​only 634,000 square meters.

In terms of business area, Sogo Seibu Department Store is the largest department store chain in Japan.

In terms of turnover, it is second only to department store giant Takashimaya.

Without the debt of nearly 10 billion dollars, this is an enviable huge asset.

Xu Liang flipped through the pages and circled the name of Seibu Department Store in Saitama County with a pen.

I thought about it and crossed it out.

"It's better to let them decide which company to use for the pilot."

Then there is ‘Prince Hotels \u0026 Resorts’.

To be precise, it should be ‘Prince Hotel+’.

Prince Hotel + Ski Resort.

Prince Hotel + Golf Course.

Prince Hotel + Amusement Park.

Prince Hotel + Water Park.

Prince Hotel + Aquarium and more.

Some only have hotels + one business format, and some have two, three, or even more composite business formats.

Of course, not all prince hotels have additional formats, but this type of resort-style prince hotels account for the vast majority.

Just like some Prince Hotels are purely commercial luxury hotels, there are also some businesses that exist independently.

For example, Toshimaen and Seibuen under Seibu.

The former opened in 1921 and has a diameter of more than 80 years, creating many firsts in Japan.

The world's first indoor ski resort.

The world’s first floating swimming pool and more.

At its peak, Toshimaen had more than 4 million visitors every year and was the back garden of Tokyoites.

Unfortunately, even with repeated repairs, the park's facilities will inevitably age.

Coupled with the downgrade of consumption.

Annual admissions have now dropped by half.

Then there is Seibu-en. Although Seibu-en is not as good as Toshima-en, which covers an area of ​​270,000 square meters, it still has 210,000 square meters.

Apart from Disney, they are the two biggest.

Xu Liang briefly divided the tourism assets under Seibu.

It can be roughly divided into 34 pure business hotels, 39 resort hotels, and two giant amusement parks.

From this perspective, Prince Hotels Group and Universal Travel Group are really similar.

It's just that the latter does not have a pure business hotel business.

As for the integration of the two families?

Xu Liang simply gave up the idea.

There are many red tourism industries under the Global Travel Group, and it is impossible to hand them over to Japanese companies for operation. Otherwise, if they are exposed, their business will be greatly affected.

As I wrote and drew, the integration plan for the Seibu Group gradually took shape in my mind.