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Business Overview for Fiscal 2010
Shopping Mall Business in Japan
Shopping Malls Renovated in Fiscal 2010
ÆON MALL carried out renovations at a record 12 shopping malls during the year. Along with renovations coinciding with the expiration of 6-year leases, this work included scrap-and-build projects, large-scale changes to layout, the adding of new functions, and floor space expansion.
Renovations Coincident with Expiry of 6-year Leases (7 malls)
This type of renovation is conducted periodically in line with the expiry of 6-year leases at ÆON MALL shopping malls. Together with a review of mall zoning and the introduction of new tenants, existing tenants undergo format changes, relocation, and refurbishment. On average, approximately 45% of the tenants in a given mall are renovated in the process.
Tenant Refurbishment/Relocation Coincident with Fixed-Lease Expiry in Fiscal 2010
| Shopping malls | Tenants | New stores | Stores refurbished/ relocated |
Percent refurbished/ relocated |
|---|---|---|---|---|
| ÆON MALL Kashihara ARURU | 243 | 24 | 51 | 31% |
| ÆON MALL Hiroshima Fuchu SOLEIL | 191 | 35 | 40 | 39% |
| ÆON MALL Kyoto Hana | 143 | 32 | 58 | 63% |
| ÆON MALL Fukuoka LUCLE | 197 | 26 | 50 | 39% |
| ÆON MALL Kisogawa KiRiO | 149 | 20 | 86 | 71% |
| ÆON MALL Sakaikitahanada prou | 160 | 29 | 45 | 46% |
| ÆON MALL Hamamatsu Shitoro | 153 | 30 | 55 | 56% |
| Total | 1,236 | 196 | 385 | 47% |
Large-scale Layout Remodeling (1 mall)
This remodeling scheme involved renovating areas vacated by large stores. Space vacated by a home improvement center at ÆON MALL Ota was converted into an approximately 10,000-square meter specialty store zone. All told, the introduction of new tenants and the relocation and refurbishment of existing ones resulted in the renovation of approximately 30% of the mall’s stores.
Renovation as an Urban Shopping Mall (1 mall)
This involves the complete renovation of old malls. ÆON MALL Neyagawa Green City (Osaka Prefecture), which first opened in 1978, underwent major renovations to later reopen as a new urban shopping mall. Approximately 90% of the mall’s tenants were replaced, including through new store openings, relocation, and refurbishment, making the renovation comparable to the opening of a completely new mall.
Addition of New Functions (2 malls)
This category of renovation seeks to add new functions not found at traditional shopping malls. ÆON MALL Higashiura saw the addition of bridal specialty stores, including ÆON MALL’s first wedding center, as well as a chapel, party space, and other functions. Renovations at ÆON MALL Kusatsu, meanwhile, saw the opening of a spa facility in the mall’s sports and leisure wing.
Floor Space Expansion
At ÆON MALL Niihama, an entirely new wing of expanded floor space was added on adjacent land, extending the total length of the mall now to 370 meters. In tandem, the mall’s tenant mix was substantially upgraded, and included the addition of tenants with new businesses and formats, store relocations, and refurbishments at the existing mall site.