Table of Contents1 Executive Summary . 19
2 About This Report . 20
2.1 Report Summary . 20
2.2 Definitions 20
2.3 Summary Methodology 22
2.3.1 Basic Research Methodology . 22
2.3.2 Scorecard and Heat Chart Methodology 22
3 Leading Retailer Benchmarks 24
3.1 Peer List . 24
3.2 Company Benchmarking 25
3.2.1 Top Five Asian Retail Companies, By Revenue, 2008 25
3.2.2 Top Five Asian Retail Companies, By Revenue Growth, 2008 26
3.2.3 Top Five Asian Retail Companies, By Operating Expenses, 2008 27
3.2.4 Top Five Asian Retail Companies, By Labor Productivity, 2008 28
3.2.5 Top Five Asian Retail Companies, By Capital Productivity, 2008 29
3.2.6 Top Five Asian Retail Companies, By Outlet Productivity, 2008 30
3.2.7 Top Five Asian Retail Companies, By EBIT, 2008 . 31
3.2.8 Top Five Asian Retail Companies, By EBITDA, 2008 32
3.2.9 Top Five Asian Retail Companies, By Net Income, 2008 33
3.2.10 Top Five Asian Retail Companies, By Profit Margin, 2008 34
3.2.11 Top Five Asian Retail Companies, By ROCE, 2008 35
3.2.12 Top Five Asian Retail Companies, By Capital Expenditure, 2008 . 36
3.2.13 Top Five Asian Retail Companies, By Total Assets, 2008 . 37
3.2.14 Top Five Asian Retail Companies, By Total Asset Growth, 2008 38
3.2.15 Top Five Asian Retail Companies, By Quick Ratio, 2008 39
3.2.16 Top Five Asian Retail Companies, By Working Capital, 2008 . 40
3.2.17 Top Five Asian Retail Companies, By Return on Assets, 2008 . 41
3.2.18 Top Five Asian Retail Companies, By Total Debt, 2008 42
3.2.19 Top Five Asian Retail Companies, By Debtor Days, 2008 . 43
3.2.20 Top Five Asian Retail Companies, By Debt Ratio, 2008 44
3.2.21 Top Five Asian Retail Companies, By Debt to Equity, 2008 45
3.2.22 Top Five Asian Retail Companies, By Shareholders? Funds, 2008 . 46
3.2.23 Top Five Asian Retail Companies, By Market Cap, 2008 47
3.2.24 Top Five Asian Retail Companies, By P/E Ratio, 2008 48
3.2.25 Asia Top 20 Retailer, Revenue metrics, 2008 49
3.2.26 Asia Top 20 Retailer, Productivity metrics, 2008 50
3.2.27 Asia Top 20 Retailer, Profit metrics, 2008 51
3.2.28 Asia Top 20 Retailer, Balance sheet metrics, 2008 . 52
3.2.29 Asia Top 20 Retailer, Shareholder metrics, 2008 . 53
3.3 ‘Big Five’ Focus 54
3.3.1 Revenue Vs Operating Expense Growth 54
3.3.2 Revenue Vs EBITDA Margin 55
3.3.3 Revenue Vs Capex Growth 56
3.3.4 Total Asset Vs Debt Growth . 57
3.4 Summary on Heat Chart . 58
3.5 Top 20 Retail Heat Chart 59
4 Company Benchmark: Seven & i Holdings Co., Ltd. 60
4.1 Seven & i Holdings Co., Ltd. Scorecard 60
4.2 Seven & i Holdings Co., Ltd. Company Overview 61
4.2.1 Seven & i Holdings Co., Ltd. Business Description 62
4.2.2 Seven & i Holdings Co., Ltd. Major Products & Services . 63
4.2.3 Seven & i Holdings Co., Ltd. History 64
4.3 Seven & i Holdings Co., Ltd. Key Financials . 65
4.4 Seven & i Holdings Co., Ltd. SWOT Analysis . 67
4.4.1 Seven & i Holdings Co., Ltd. Strengths 68
4.4.2 Seven & i Holdings Co., Ltd. Weaknesses . 68
4.4.3 Seven & i Holdings Co., Ltd. Opportunities 69
4.4.4 Seven & i Holdings Co., Ltd. Threats . 70
5 Company Benchmarking: AEON Co., Ltd. . 71
5.1 AEON Co., Ltd., Scorecard . 71
5.2 AEON Co., Ltd. Company Overview . 72
5.2.1 AEON Co., Ltd. Business Description 73
5.2.2 AEON Co., Ltd. Major Products & Services . 74
5.2.3 AEON Co., Ltd. History 75
5.3 AEON Co., Ltd. Key Financials . 77
5.4 AEON Co., Ltd. SWOT Analysis . 79
5.4.1 AEON Co., Ltd. Strengths 79
5.4.2 AEON Co., Ltd. Weaknesses . 80
5.4.3 AEON Co., Ltd. Opportunities 80
5.4.4 AEON Co., Ltd. Threats . 81
6 Company Benchmarking: Yamada Denki Co., Ltd. . 82
6.1 Yamada Denki Co., Ltd. Scorecard 82
6.2 Yamada Denki Co., Ltd. Company Overview 83
6.2.1 Yamada Denki Co., Ltd. Business Description . 84
6.2.2 Yamada Denki Co., Ltd. Major Products & Services 85
6.2.3 Yamada Denki Co., Ltd. History . 86
6.3 Yamada Denki Co., Ltd. Key Financials . 87
6.4 Yamada Denki Co., Ltd. SWOT Analysis . 89
6.4.1 Yamada Denki Co., Ltd. Strengths . 89
6.4.2 Yamada Denki Co., Ltd. Weaknesses 90
6.4.3 Yamada Denki Co., Ltd. Opportunities . 90
6.4.4 Yamada Denki Co., Ltd. Threats 91
7 Company Benchmarking: Li & Fung Limited 92
7.1 Li & Fung Limited Scorecard 92
7.2 Li & Fung Limited Company Overview 93
7.2.1 Li & Fung Limited Business Description . 94
7.2.2 Li & Fung Limited Major Products & Services 95
7.2.3 Li & Fung Limited History. 96
7.3 Li & Fung Limited Key Financials 97
7.4 Li & Fung Limited SWOT Analysis . 99
7.4.1 Li & Fung Limited Strengths . 99
7.4.2 Li & Fung Limited Weaknesses 100
7.4.3 Li & Fung Limited Opportunities . 101
7.4.4 Li & Fung Limited Threats 102
8 Company Benchmarking: Tokyu Corporation 103
8.1 Tokyu Corporation Scorecard: . 103
8.2 Tokyu Corporation Company Overview 104
8.2.1 Tokyu Corporation Business Description . 105
8.2.2 Tokyu Corporation Major Products & Services 106
8.2.3 Tokyu Corporation History 107
8.3 Tokyu Corporation Key Financials 107
8.4 Tokyu Corporation SWOT Analysis . 109
8.4.1 Tokyu Corporation Strengths 110
8.4.2 Tokyu Corporation Weaknesses 111
8.4.3 Tokyu Corporation Opportunities 111
8.4.4 Tokyu Corporation Threats . 112
9 Company Benchmarking: Lotte Shopping Co., Ltd. . 113
9.1 Lotte Shopping Co., Ltd., Scorecard: 113
9.2 Lotte Shopping Co., Ltd. Company Overview . 114
9.2.1 Lotte Shopping Co., Ltd. Business Description 115
9.2.2 Lotte Shopping Co., Ltd. Major Products & Services . 116
9.2.3 Lotte Shopping Co., Ltd. History . 117
9.3 Lotte Shopping Co., Ltd. Key Financials . 118
9.4 Lotte Shopping Co., Ltd. SWOT Analysis . 120
9.4.1 Lotte Shopping Co., Ltd. Strengths 120
9.4.2 Lotte Shopping Co., Ltd. Weaknesses . 121
9.4.3 Lotte Shopping Co., Ltd. Opportunities 121
9.4.4 Lotte Shopping Co., Ltd. Threats 122
10 Company Benchmarking: J. FRONT RETAILING CO., LTD 123
10.1 J. FRONT RETAILING CO., LTD. Scorecard: . 123
10.2 J. FRONT RETAILING CO., LTD. Company Overview 124
10.2.1 J. FRONT RETAILING CO., LTD. Business Description . 125
10.2.2 J. FRONT RETAILING CO., LTD. Major Products & Services . 126
10.2.3 J. FRONT RETAILING CO., LTD. History 127
10.3 J. FRONT RETAILING CO., LTD. Key Financials 128
10.4 J. FRONT RETAILING CO., LTD. SWOT Analysis . 130
10.4.1 J. FRONT RETAILING CO., LTD. Strengths 130
10.4.2 J. FRONT RETAILING CO., LTD. Weaknesses. 131
10.4.3 J. FRONT RETAILING CO., LTD. Opportunities 131
10.4.4 J. FRONT RETAILING CO., LTD. Threats . 132
11 Company Benchmarking: Shinsegae Co., Ltd. . 133
11.1 Shinsegae Co., Ltd., Scorecard: . 133
11.2 Shinsegae Co., Ltd. Company Overview . 134
11.2.1 Shinsegae Co., Ltd. Business Description . 135
11.2.2 Shinsegae Co., Ltd. Major Products & Services 136
11.2.3 Shinsegae Co., Ltd. History 137
11.3 Shinsegae Co., Ltd. Key Financials . 138
11.4 Shinsegae Co., Ltd. SWOT Analysis 140
11.4.1 Shinsegae CO., LTD. Strengths . 140
11.4.2 Shinsegae CO., LTD. Weaknesses 141
11.4.3 Shinsegae CO., LTD. Opportunities . 142
11.4.4 Shinsegae CO., LTD. Threats 143
12 Company Benchmarking: UNY Co., Ltd. . 144
12.1 UNY Co., Ltd., Scorecard: . 144
12.2 UNY Co., Ltd. Company Overview . 145
12.2.1 UNY Co., Ltd. Business Description . 146
12.2.2 UNY Co., Ltd. Major Products & Services 147
12.2.3 UNY Co., Ltd. History 148
12.3 UNY Co., Ltd. Key Financials 149
12.4 UNY Co., Ltd. SWOT Analysis 151
12.4.1 UNY Co., Ltd. Strengths . 151
12.4.2 UNY Co., Ltd. Weaknesses 152
12.4.3 UNY Co., Ltd. Opportunities . 152
12.4.4 UNY Co., Ltd. Threats . 153
13 Company Benchmarking: Takashimaya Company, Limited 154
13.1 Takashimaya Company, Limited, Scorecard: . 154
13.2 Takashimaya Company, Limited Company Overview . 155
13.2.1 Takashimaya Company, Limited Business Description . 156
13.2.2 Takashimaya Company, Limited Major Products & Services. 157
13.2.3 Takashimaya Company, Limited History 158
13.3 Takashimaya Company, Limited Key Financials 159
13.4 Takashimaya Company, Limited SWOT Analysis 161
13.4.1 Takashimaya Company, Limited Strengths 161
13.4.2 Takashimaya Company, Limited Weaknesses 162
13.4.3 Takashimaya Company, Limited Opportunities 162
13.4.4 Takashimaya Company, Limited Threats . 163
14 Company Benchmarking: China Resources Enterprise, Limited 165
14.1 China Resources Enterprise, Limited, Scorecard: . 165
14.2 China Resources Enterprise, Limited Company Overview . 166
14.2.1 China Resources Enterprise, Limited Business Description 167
14.2.2 China Resources Enterprise, Limited Major Products & Services . 168
14.2.3 China Resources Enterprise, Limited History . 169
14.3 China Resources Enterprise, Limited Key Financials . 170
14.4 China Resources Enterprise, Limited SWOT Analysis 172
14.4.1 China Resources Enterprise, Limited Strengths 172
14.4.2 China Resources Enterprise, Limited Weaknesses . 173
14.4.3 China Resources Enterprise, Limited Opportunities 174
14.4.4 China Resources Enterprise, Limited Threats 174
15 Company Benchmarking: Edion Corporation . 176
15.1 Edion Corporation Scorecard:. 176
15.2 Edion Corporation Company Overview . 177
15.2.1 Edion Corporation Business Description 178
15.2.2 Edion Corporation Major Products & Services . 179
15.2.3 Edion Corporation History 180
15.3 Edion Corporation Key Financials . 181
15.4 Edion Corporation SWOT Analysis 183
15.4.1 Edion Corporation Strengths 183
15.4.2 Edion Corporation Weaknesses . 184
15.4.3 Edion Corporation Opportunities 184
15.4.4 Edion Corporation Threats. 185
16 Company Benchmarking: Isetan Mitsukoshi Holdings Ltd 187
16.1 Isetan Mitsukoshi Holdings Ltd., Scorecard: 187
16.2 Isetan Mitsukoshi Holdings Ltd. Company Overview 188
16.2.1 Isetan Mitsukoshi Holdings Ltd. Business Description . 189
16.2.2 Isetan Mitsukoshi Holdings Ltd. Major Products & Services 190
16.2.3 Isetan Mitsukoshi Holdings Ltd. History 191
16.3 Isetan Mitsukoshi Holdings Ltd. Key Financials 191
16.4 Isetan Mitsukoshi Holdings Ltd. SWOT Analysis . 193
16.4.1 Isetan Mitsukoshi Holdings Ltd. Strengths . 194
16.4.2 Isetan Mitsukoshi Holdings Ltd. Weaknesses 194
16.4.3 Isetan Mitsukoshi Holdings Ltd. Opportunities . 195
16.4.4 Isetan Mitsukoshi Holdings Ltd. Threats . 195
17 Company Benchmarking: Suning Appliance Co., Ltd. . 197
17.1 Suning Appliance Co., Ltd. Scorecard: . 197
17.2 Suning Appliance Co., Ltd. Company Overview. 198
17.2.1 Suning Appliance Co., Ltd. Business Description 199
17.2.2 Suning Appliance Co., Ltd. Major Products & Services . 200
17.2.3 Suning Appliance Co., Ltd. History . 201
17.3 Suning Appliance Co., Ltd. Key Financials . 201
17.4 Suning Appliance Co., Ltd. SWOT Analysis . 204
17.4.1 Suning Appliance Co., Ltd. Strengths . 204
17.4.2 Suning Appliance Co., Ltd. Weaknesses . 205
17.4.3 Suning Appliance Co., Ltd. Opportunities. 205
17.4.4 Suning Appliance Co., Ltd. Threats 206
18 Company Benchmarking: Dairy Farm International Holdings Limited . 208
18.1 Dairy Farm International Holdings Limited Scorecard: . 208
18.2 Dairy Farm International Holdings Limited Company Overview. 209
18.2.1 Dairy Farm International Holdings Limited Business Description 210
18.2.2 Dairy Farm International Holdings Limited Major Products & Services 211
18.2.3 Dairy Farm International Holdings Limited History . 212
18.3 Dairy Farm International Holdings Limited Key Financials . 213
18.4 Dairy Farm International Holdings Limited SWOT Analysis . 215
18.4.1 Dairy Farm International Holdings Limited Strengths . 215
18.4.2 Dairy Farm International Holdings Limited Weaknesses 216
18.4.3 Dairy Farm International Holdings Limited Opportunities . 217
18.4.4 Dairy Farm International Holdings Limited Threats 217
19 Company Benchmarking: GOME Electrical Appliances Holding Limited 219
19.1 GOME Electrical Appliances Holding Limited Scorecard: 219
19.2 GOME Electrical Appliances Holding Limited Company Overview 220
19.2.1 GOME Electrical Appliances Holding Limited Business Description 221
19.2.2 GOME Electrical Appliances Holding Limited Major Products & Services . 222
19.2.3 GOME Electrical Appliances Holding Limited History 223
19.3 GOME Electrical Appliances Holding Limited Key Financials 224
19.4 GOME Electrical Appliances Holding Limited SWOT Analysis . 226
19.4.1 GOME Electrical Appliances Holding Limited Strengths 226
19.4.2 GOME Electrical Appliances Holding Limited Weaknesses . 227
19.4.3 GOME Electrical Appliances Holding Limited Opportunities 227
19.4.4 GOME Electrical Appliances Holding Limited Threats . 228
20 Company Benchmarking: BIC CAMERA INC. . 229
20.1 BIC CAMERA INC., Scorecard: . 229
20.2 BIC CAMERA INC. Company Overview . 230
20.2.1 BIC CAMERA INC. Business Description 231
20.2.2 BIC CAMERA INC. Major Products & Services . 232
20.2.3 BIC CAMERA INC. History . 233
20.3 BIC CAMERA INC. Key Financials . 234
20.4 BIC CAMERA INC. SWOT Analysis 236
20.4.1 BIC CAMERA INC. Strengths . 237
20.4.2 BIC CAMERA INC. Weaknesses . 237
20.4.3 BIC CAMERA INC. Opportunities . 238
20.4.4 BIC CAMERA INC. Threats 238
21 Company Benchmarking: Fast Retailing Co., Ltd. 240
21.1 Fast Retailing Co., Ltd. Scorecard: 240
21.2 Fast Retailing Co., Ltd. Company Overview . 241
21.2.1 Fast Retailing Co., Ltd. Business Description 242
