Medium-Term Management Plan - (FY2017 to FY2019) 東証１部 8905
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Medium-Term Management Plan
(FY2017 to FY2019)
（東証１部：8905）
Growth Initiatives
1
Growth Initiatives
Overseas (China/ASEAN) Japan
Demographic change Household change
High growth Emergence of the
(low birthrates, aging (rise of single and
characteristics of the modern SC with GDP
Environment
and falling dual-income
retail market growth
External
population) households)
Change in consumption
Acceleration of store
Concern of slowing behavior (EC penetration,
openings via
Chinese economy propensity to save, sharing
competing DV
behavior)
(2) Development of Latent Sources of
Domestic Demand
(1) Capturing Asian Growth (3) Becoming the Overwhelmingly
Initiatives
Opportunities Dominant Mall in Each Region
Growth
(4) Capturing Urban Growth
Opportunities
(5) Optimal Financing Mix / Organizational Structures to Support Growth
2
Growth Initiatives
I. Reaping benefits of rising brand penetration (via area-dominant strategy)
(1) II. Development and management of superior malls
Capturing Asian Growth Opportunities III. Measures to increase operating revenues
IV. Promotion of local management
(2)
I. Happiness Mall project
Development of Latent Sources of
II. Promotion of localization
Domestic Demand
I. Floor expansion and effective revitalization measures
(3)
II. New mall openings in untapped territory
Becoming the Overwhelmingly
III. Development of new formats
Dominant Mall in Each Region
IV. Improvement of ES for tenants
I. Establishment of branding for new OPA
(4) - Development of new format in urban locations
Capturing Urban Growth Opportunities - Promotion of renewal of existing stores and strategic S&B/refining
- Opening of New Stores in urban areas
(5)
I. Financing to support growth business model
Optimal Financing Mix / Organizational
II. Promotion of diversity management
Structures to Support Growth
3
Consolidated Business Targets
4
Consolidated Business Targets
◆Consolidated Results
[Actual] [Actual] [Plan] [Plan]
Average growth
FY2016 FY2017 FY2018 FY2019 rate over
three years
Operating
revenue ¥269.7 bn ¥288.1 bn ¥320.0 bn ¥340.0 bn ＋8.0 %
Operating
income ¥44.9 bn ¥49.2 bn ¥53.5 bn ¥60.0 bn +10.1 %
Change in Operating Income
Average
(Billion yen) growth rate
over three
70.0
years:
60.0 +10.1%
50.0
40.0
30.0 Average Average
growth rate growth rate
20.0 over three over three
years: years:
10.0 +2.1% +2.1%
0
FY2010 FY2013 FY2016 FY2017 FY2018 FY2019
5
Consolidated Business Targets
• Overseas business achieved a ¥2.9 billion year-on-year improvement in profit in FY2017. There is no change to the FY2019 profit target of ¥5.0 billion,
an ¥8.8 billion increase from FY2016.
• Improvement in profitability of the urban shopping center business (OPA) was slow, and fell short of the FY2017 target by ¥2.1 billion. The FY2017
profit target is changed to ¥2.0 billion, which is ¥2.0 billion lower than the initial target.
• The domestic mall business performed well due to revitalization efforts such as floor area expansions and with FY2017 specialty stores sales +2.2%
YoY, compared with the initial plan of +1%. Revenue of existing malls has improved, so we have revised our FY2019 profit target to ¥53.0 billion, up
¥2.0 billion from the initial target.
◆ Results by Segment (Billion yen)
Overseas Business (China/ASEAN) Domestic Mall Business Urban Shopping Center Business
FY2019
Increase over （Plan） FY2019
three years: +8.8 Increase over （Plan）
billion yen FY2019
Increase over
three years: +3.5 three years: +2.8
（Plan）
billion yen billion yen
FY2016
（Actual） FY2016
（Actual）
FY2016
（Actual）
FY2019 Increase over FY2019
Increase over （Plan）
three years: +5.5
（Plan）
FY2018
three years: +8.8 billion yen （Plan）
billion yen
FY2017 Increase over
FY2018 （Actual） three years: +0.8
FY2016 （Plan）
FY2017 billion yen FY2019
（Actual） （Actual） FY2016 （Plan）
（Actual）
FY2016
（Actual） FY2017 FY2018
（Actual） （Plan）
6
Consolidated Business Targets
We plan to open a total of 27 new malls during the three years of the medium-term management plan.
＜変更後計画＞
The number of mall openings overseas will exceed those in Japan as our overseas shift gains momentum.
(10 malls in Japan, 12 malls overseas, 5 urban shopping centers)
Overseas
• New openings will decrease by 1 mall in China and 2 malls in Indonesia from the initial plan, but these are only delays, and our
policy of accelerating mall openings is unchanged.
Japan
• We have slowed the pace of new mall openings as construction costs remain high.
• At existing malls, floor area expansions are planned at eight malls over the three years, in addition to revitalization centered on
tenant replacement upon the expiration of fixed-term leases of tenants at around 10 malls per year.
◆ Number of New Mall Openings and Malls to Be Revitalized
Overseas (China & ASEAN) Japan
[Actual] [Plan] [Plan]
[Actual] [Plan] [Plan] [Actual] [Plan] [Plan]
FY2017 FY2018 FY2019 Total FY2017 FY2018 FY2019 Total
Overseas 5 3 4 12 Mall *1 5 4 1 10
China 4 2 2 8 Urban Shopping Center 2 2 1 5
ASEAN 1 1 2 4
FY2017 FY2018 FY2019 Total
Increase in floor area *2 2 2 4 8
Renew al 12 8 10 30
*1(New mall) ＋*2(Increase in floor area) 7 6 5 18
7
Consolidated Business Targets
• Capital investments in FY2017 included ¥50.0 billion in unplanned investments related
to the purchase of existing assets of AEON MALL Hiroshima Fuchu and other properties in
Japan.
• Because of the factor above, total investments for the three-year period have been
adjusted upward by ¥50.0 billion from the initial plan to ¥500 billion.
◆ Capital Investment
[Actual] [Plan] [Plan] (Billion yen)
Total of three
Revised plan FY2017 FY2018 FY2019
years
Difference vs. Difference vs.
initial plan initial plan
Capital Investment ¥190.0 ＋40.0 ¥190.0 120.0 500.0 ＋50.0
Japan 155.0 ＋55.0 140.0 75.0 370.0 ＋70.0
Store openings of new
80.0 ＋30.0 90.0 30.0 200.0 ＋30.0
malls
Revitalization of
70.0 ＋40.0 30.0 40.0 140.0 ＋40.0
existing malls
Urban SC (OPA) 5.0 -15.0 20.0 5.0 30.0 ±0
Overseas 35.0 -15.0 50.0 45.0 130.0 -20.0
China 15.0 -5.0 10.0 5.0 30.0 -30.0
ASEAN 20.0 -10.0 40.0 40.0 100.0 ＋10.0
8
Consolidated Business Targets
• Funding for the ¥500 billion in capital investments over the three years will be provided by the following sources:
Operating cash flow: ¥270 billion Funds on hand: ¥30 billion Use of debt and REIT: ¥200 billion
• Overseas business is entering the stage of generating cash flow, and significant improvement in free cash
flow can be expected in the next medium-term management plan and beyond.
• We will use leverage during this medium-term management plan, and will keep the net debt-equity ratio at around
1.0 times to maintain financial soundness over the medium to long term.
◆ Financing Plans and Investment Breakdown (Billion yen)
＜Initial plan＞ 3-year Plan ＜Revised plan＞ 3-year Plan FY2018 (Plan)
Funds on
Japan hand Use of Japan Funds on Japan
hand Use of Use of
debts, REIT, Funds on
debts, REIT, debts, REIT,
etc. hand
etc. etc.
Operating Operating
cash flow Operating
cash flow cash flow
Overseas Overseas Overseas
FY2017 (Plan) FY2017 (Actual) FY2019 (Plan)
Funds on Japan Use of
Funds on
Japan hand Use of debts, REIT,
Japan Funds on Use of hand
debts, REIT, etc.
hand debts, REIT, Operating
etc.
etc. cash flow
Operating
cash flow Operating
cash flow Overseas
Overseas
Overseas
9Overseas Business
10(1) Capturing Asian Growth Opportunities
I. Reaping Benefits of Rising Brand Penetration (via Area-Dominant Strategy)
Strategic area Improvement of leasing conditions Benefits of Suzhou Area Dominant Strategy
Area-dominant strategy being implemented in 4
Chinese regions and 3 countries in ASEAN
Beijing / Tianjin / Shandong Area - AEON MALL Beijing International Mall
- AEON MALL Beijing Fengtai Hanoi
- AEON MALL Tianjin TEDA
- AEON MALL Tianjin Zhongbei Vietnam
- AEON MALL Tianjin Meijiang
- AEON MALL Hebei Yanjiao - AEON MALL Long Bien
Phnom Penh - AEON MALL Ha Dong
- AEON MALL Tianjin Jinnan
- AEON MALL Yantai Jinshatan
- AEON MALL Tan Phu Celadon
- AEON MALL Binh Duong Canary
Hubei Area - AEON MALL Suzhou Wuzhong Ho Chi Minh - AEON MALL Binh Tan
- AEON MALL Suzhou Yuanqu Hudong
- AEON MALL Hangzhou Liangzhu Xingcheng
- AEON MALL Suzhou Xinqu Cambodia
- AEON MALLl Phnom Penh
- AEON MALL Nantong Xinghu
- AEON MALL Sen Sok City
- AEON MALL Changshu Xinqu
Jiangsu / Zhejiang Area
- AEON MALL Wuhan Jinyintan
- AEON MALL Jingkai
- AEON MALL Wuhan Jinqiao
- AEON MALL Guangzhou Panyu Square Indonesia
* - AEON MALL BSD CITY
- AEON MALL Foshan Dali
- AEON MALL Jakarta Garden City
- AEON MALL Guangzhou Jinsha - (Tentative name) AEON MALL Sentul City
Guangdong Area - (Tentative name) AEON MALL Deltamas
Jakarta
* Malls written in blue are scheduled to be opened * Malls written in blue are scheduled to be opened As of February 28, 2018
11(1) Capturing Asian Growth Opportunities
I. Reaping Benefits of Rising Brand Penetration (via Area-Dominant Strategy)
Strategic area Improvement of leasing conditions Benefits of Suzhou Area Dominant Strategy
【Locations for Store Launches】
Areas where economic growth can be expected and where a mall business can be
expected to be viable.
→ ① Expanding middle-income class ② Advancing motorization
③ Advancing regional development ④ Lack of competing retail facilities
Growth in Disposable Income / Per Capita GDP / Aggregate Retail Consumption
※2008 indexed at 100.
◆Hubei Province
2008 2012 2016
Disposable income 100 158 223
Per capita GDP 100 194 277
Aggregate retail consumption 100 193 315
12(1) Capturing Asian Growth Opportunities
I. Reaping Benefits of Rising Brand Penetration (via Area-Dominant Strategy)
Strategic area Improvement of leasing conditions Benefits of Suzhou Area Dominant Strategy
Monthly rent per tsubo for specialty stores at Suzhou Xinqu (third store) is
about 1.6 times that of Suzhou Wuzhong (first store).
Comparison of Leasing Conditions: 3 Malls in the Suzhou Area (Comparison at 5 months after Opening)
Monthly Rent per Tsubo *Suzhou Wuzhong indexed at 100
AEON MALL
Suzhou Yuanqu
Hudong
AEON MALL
Suzhou Xinqu
158
143
100
AEON MALL
Suzhou Wuzhong
AEON MALL AEON MALL AEON MALL
Suzhou Wuzhong Suzhou Yuanqu Hudong Suzhou Xinqu
(1st store) (2nd store) (3rd store)
< OPEN > < Apr 2014 > < May 2015 > < Jan 2016 > 13(1) Capturing Asian Growth Opportunities
I. Reaping Benefits of Rising Brand Penetration (via Area-Dominant Strategy)
Strategic area Improvement of leasing conditions Benefits of Suzhou Area Dominant Strategy
① The 3rd mall in the area, branding penetration has benefited leasing terms and top-line revenues have
exceeded forecasts. Year 1 profitability achieved.
② For accounting purposes, real estate costs (proprietor lease fees) are averaged over the term of the non-
cancellable term of the contract (8-years). Thus, operating expenses are held flat.
③ Looking forward, assuming top-line growth remains in-line with forecasts, profit generation expected to
match Japan domestic malls (over 1bn JPY at gross operating profit base) in 6-7 years.
AEON MALL Suzhou Xinqu
Average and Staggered Lease Costs
(Jan. 2016 opening）
＜Comparison＞
Cash Leasing Cost: Staggered Structure for Actual Payment
Accounting Leasing Cost: Use of Contract-term Average
（Unit: RMB, Ths）
Operating Revenues
Operating Expenses
Operating Gross Margins
②
Year 1
Year 6
Year 7
Year 8
Year 2
Year 3
Year 5
Year 4
③ Average Lease Costs
① Initially, lease expenses not incurred are recognized
for accounting purposes. From year 4, accounting
lease costs become lower than actual cash costs.
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 14(1) Capturing Asian Growth Opportunities
II. Development and Management of Superior Malls
(1) Large-scale parking spaces in line with motorization (2) Ability to organize a store floor that is suitable for the destination
AEON MALL Wuhan Jinqiao AEON MALL Jakarta Garden City
(3) Meet the demand for experimental consumption
(4) Holding events that will attract customers (5) Pursuit of comfortable, secure and safe facilities
by strengthening entertainment
AEON MALL Jakarta Garden City AEON MALL Jakarta Garden City 15(1) Capturing Asian Growth Opportunities
III. Measures to Increase Operating Revenues
＜Conduct of sales by area＞
◆Increase in area marketing capability
Jiangsu and
Zhejiang area
Rate of buying, number of items A joint event was held
Conducting promotion/events Buying inclination with Alipay
purchased and sales per
by area, not by individual stores to be increased customer to be increased
Vietnam
A Black Friday sale was vigorously conducted.
◆Increase in floor value ＜Meeting for invitation of tenants＞
AEON MALL Yantai Jinshatan
Increase in the number of (FY2018 to be opened)
malls in an area
Proceeding to the stage of rent Participation of 265 tenant companies;
Increases through active negotiations 409 persons in total
on rents and replacements (156 merchandising business companies,
Increase in the ability of each 109 restaurants and other companies)
mall to attract customers
＜Use of the areas of a mall＞
◆Increase in incidental income
Ability to attract customers Use of the areas of a mall Increase in
and branding ability as media (for advertising) ancillary revenue
China: Cambodia:
fee-charging event using the ornaments with sponsors
events space 16(1) Capturing Asian Growth Opportunities
New Mall Openings: Medium-Term Management Plan
Over the next three years, a total of 12 new malls are planned –
eight in China and four in ASEAN
3-year Plan Total for
End of FY2016 End of FY2019
FY2017(Actual) FY2018(Plan) FY2019(Plan) 3-years
Overseas 19 5 3 4 12 31
China 13 4 2 2 8 21
ASEAN 6 1 1 2 4 10
Number of stores Number of stores Number of malls
opened in China opened in ASEAN opened overseas (in Total)
(Plan) (Plan) 17(1) Capturing Asian Growth Opportunities
Overseas Business: Operating Income
Turned profitable in FY2017 Q4 (3 months) → Entering the profit expansion stage
[Plan]
【Overseas Business Operating Income Trend】
FY2019
¥5.0 bn
[Plan]
FY2018
[Actual] [Actual] [Actual]
¥1.0 bn
FY2015 FY2016 FY2017
- ¥5.4 bn - ¥3.7 bn - ¥0.8 bn
0 Profit improvement Profit improvement
Profit improvement
+¥1.8 bn +¥4.0 bn
+¥2.9 bn
Profit improvement
+¥1.6 bn
18(1) Capturing Asian Growth Opportunities
Beijing and Tianjin Areas
AEON MALL Yantai Jinshatan
* The stores shown in red are scheduled to be opened.
Scheduled opening date Site area Total leasing area Parking Number of specialty stores
AEON MALL Yantai Jinshatan FY2018 About 111,000 ㎡ About 79,000 ㎡ About 2,800 cars Undisclosed
19(1) Capturing Asian Growth Opportunities
Jiangsu and Zhejiang Areas
AEON MALL
AEON MALL Changshu Xinqu
Suzhou Yuanqu Hudong
AEON MALL
Suzhou Xinqu
AEON MALL
Suzhou Wuzhong
Scheduled opening date Site area Total leasing area Parking Number of specialty stores
AEON MALL Changshu Xinqu FY2019 About 149,000 ㎡ About 63,000 ㎡ About 3,700 cars Undisclosed
* The stores shown in red are scheduled to be opened.
Hubei Area Guangdong Area
AEON MALL Guangzhou Jinsha
* The stores shown in red are scheduled to be opened.
Scheduled opening date Site area Total leasing area Parking Number of specialty stores
AEON MALL Guangzhou Jinsha FY2018 About 85,000 ㎡ About 65,000 ㎡ About 3,600 cars Undisclosed
20(1) Capturing Asian Growth Opportunities
Vietnam
AEON MALL Ha dong
Hanoi
Ho Chi Minh
* The stores shown in red are scheduled to be opened.
Scheduled opening date Site area Total leasing area Parking Number of specialty stores
About 2,100 cars
AEON MALL Ha dong FY2019 About 98,000 ㎡ About 74,000 ㎡ About 200 stores
About 9,000 motorbikes
Agreement Reached between the Hanoi Peopleʼs Committee and Aeon Co., Ltd.
“Comprehensive Memorandum of Understanding on Investment and Business Advancement in Hanoi”
Outline of Comprehensive Memorandum
・From 2017 thru 2020, Aeon agrees to advance, via Aeon Group Companies, investments/ business activity
toward the modernization of Hanoi. Hanoi, agrees to cooperate to allow for the smooth execution of
investments/ business activity.
・For expanded sales of Vietnamese products, Aeon agrees to cooperate in helping advance Vietnamese
exports using its domestic/ overseas networks. Aeon further agrees to cooperate with Hanoiʼs PR activities.
・Scope of Aeon Groupʼs Investments/ Business Activity:
① Retail Business（GMS, SM, CVS） ② Development, Construction, Management of Malls
③ Finance / Services Businesses ④ Import/Export of Product and Product Development
Inclusive of the FY2019 Planned Opening of AEON MALL Hadong,
Aggressive Advancement of Development of Large-scale Shopping Malls in Hanoi Planned 21(1) Capturing Asian Growth Opportunities
Indonesia
AEON MALL Jakarta Garden City （Tentative Name）AEON MALL Sentul City（Expected Opening in FY2019）
Launch via Master Lease Arrangement with Local Developer
Owner: Sentul City Company (PT
SENTUL CITY TBK）
AEON MALL BSD CITY In a development area in Western Java,
Bogor (about a 1-hour drive from central
Jakarta), Sentul City is developing a
AEON MALL Delta Mas
(tentative name) roughly 3,000ha project incorporating
(Scheduled to be opened) residences, offices, schools, hospitals, a
golf course, a sports facility, and a
convention center.
Scheduled opening date Site area Total leasing area Parking Number of specialty stores
AEON MALL Sentul City FY2019 About 78,000 ㎡ About 71,000 ㎡ About 3,000 cars About 250 stores
AEON MALL Sentul City
(tentative name) AEON MALL Delta Mas FY2022 About 200,000 ㎡ Undisclosed Undisclosed Undisclosed
(Scheduled to be opened)
* The stores shown in red are scheduled to be opened.
Cambodia
* The stores shown in red are scheduled to be opened.
AEON MALL Sen Sok City
Located about 10 kilometers north of the center
of Phnom Penh. Housing development is
underway in the area surrounding the planned
AEON MALL site. Good access not only from neighboring
Sen Sok City areas, but also from the center of Phnom Penh.
(Scheduled to be opened)
Scheduled opening date Site area Total leasing area Parking Number of specialty stores
AEON MALL About 2,500 cars
AEON MALL Sen Sok city June 2018 About 100,000 ㎡ About 80,000 ㎡ About 200 stores
Phnom Penh About 2,000 motorbikes
22Domestic Business
23Domestic Business
SC Industry Comparison with the U.S.
・Large-scale malls in the U.S. are 6.4x that of Japan. Population per mall is
0.4x that of Japan suggesting excess supply overhang in the U.S.
・Large-scale malls per capita remains low in Japan suggesting the SC
market is substantially different from the U.S.
SC Comparison: Japan vs U.S.
Japan U.S. U.S.／Japan
(As of Dec 2017) (As of Dec 2016)
Large-scale Mall Count※ 190 1,222 6.4x
Population（millions） 126.9 323.3 2.5x
Population per Mall（thousands） 668 264 0.4x
Total SC Sales（¥, Billions） 31,986 291,745 9.1x
Total Retail Sales（¥, Billions） 142,514 532,204 3.7x
Share of SC Sales Relative to
Total Retail Sales 22.4％ 54.8％ 2.4x
※Japan data based on 40,000㎡+. US data based on RSC, SC component of SRSC.
※U.S. Total SC Sales, Total Retail Sales based on US$＝¥109.84 (avg. rate for CY2016).
※Source: Japan Council of Shopping Centers, AEON MALL calculations based on METI “Statistical Research of Commerce Trends.”
24Domestic Business
Assessing the Domestic Market
Change in Change in
Change in Demographics Change in Family Structure
Consumption Behavior Information Environment
Selection and elimination Stagnant business
Expansion of e-commerce Decrease of labor force
of physical stores in the apparel industry
Progression of Battle for Domestic Commercial Facilities
Successive Closure Rival Large-scale SCs Opportunity to Secure ¥810 billion in Sales
due to Industry Consolidation and 40,000 in Staff
Development of Latent
Sources of Domestic Demand Becoming the Overwhelmingly Capturing Urban Growth
(Expansion of target age, Cultivation of existing Dominant Mall in Each Region Opportunities
business areas)
Capitalize on and benefit from accelerating
consolidation of the commercial property sector
25(2) Development of Latent Sources of Domestic Demand
I. Happiness Mall Project
- HEALTH - - WELLNESS -
Health in body Casual enjoyment of
and mind art and culture
- COMMUNITY - - OPPORTUNITY -
Activities that promote
Creating opportunities to
social interaction
encounter new values
among people
and lifestyles
in the community
A place for customers to create happy memories
26(2) Development of Latent Sources of Domestic Demand
I. Happiness Mall Project
HEALTH Mall Walking Yoga Class AEON MALL Okinawa Rycom
Health in body and mind
Opera de AEON MALL: Enjoying Opera WELLNESS
Held in the cinema complex at AEON MALL Nagakute
and AEON MALL Tokoname
Casual enjoyment of art and culture
27(2) Development of Latent Sources of Domestic Demand
I. Happiness Mall Project
COMMUNITY Tsugaru City Library CHITA CAT Project
Activities that promote social
interaction among people in the
AEON MALL Tsugaru Kashiwa AEON MALL Tokoname
community
Nationwide AEON Association Shops
Role-Playing Contest OPPORTUNITY
Creating opportunities to
encounter new values and lifestyles
28(2) Development of Latent Sources of Domestic Demand
II. Promotion of Localization
◆The Ultimate in Localization 2017 Mall Title of Plan Plan Description Mall Title of Plan Plan Description
Conducted events and promotions focusing on Hokkaido milk in AEON MALL An event held to encourage enjoyment of the town of Kakamigahara
Malls collaborated in six categories – QUALITE PRIX New! Sapporo Au Lait! cooperation with local businesses Kakamigahara
AEON MALL of Book Town with communication through books
Industry Education AEON MALL
August 10 (Hatto ) Day
A promotion to learn about and enjoy Kasukabe's straw hats that are
known throughout Japan
AEON MALL Energize Yamatokoriyama with Promoted Yamatokoriyama as "the Goldfish City" by extending the
Kasukabe Yamatokoriyama Goldfish Scooping! fun of goldfish scooping to children in the region.
Government Private Organizations
Culture & History Products AEON MALL
Lake Town Mori
GO！GO！
Bicycle Kingdom Saitama
Saitama has a deeply rooted bicycle culture.
This PR event highlighted the appeal of Koshigaya through bicycles.
AEON MALL
Wakayama
Wakayama Sakejo Festival
Spotlighted women who are playing active roles in Wakayama, with
sake as the focal point
– to highlight the appeal of the region where AEON MALL Discover! West Tama Treasure
A collaborative event with eight cities in Western Tama, the nearby Fun with Masking Tape
trade area, with the mall serving as a bridge to convey their AEON MALL 〜Adding color to AEON MALL Kurashiki An art event that used masking tape on the temporary enclosures
the mall is located. In FY2017, out of 244 plans Hinode Chest attractions Kurashiki 〜
necessitated by renewal construction
proposed, 12 were selected and implemented. AEON MALL
Hino Film Commission
Held screenings of movies shot in Hino City, using AEON MALL to
showcase Hino as a filming location, with the aim of revitalizing the AEON MALL
Koto Monozukuri Festival
A PR event for manufacturing in Niihama held with local
Tamadaira Woods region Niihama manufacturers and trade schools
“Toshibi,” a traditional birthday celebration in Okinawa, was held
AEON MALL Making Jazz More Familiar A plan that used AEON MALL Okazaki as a base for promoting AEON MALL
Ultimate Toshibi throughout the mall in cooperation with specialty stores and the
Okazaki 〜Popular Songs from Jazz〜 Okazaki's jazz culture Okinawa Rycom Kitanakagusuku Tourism Association
◆Expansion of Public Functions
Social Functions Undertaken by Malls
(ii) Creation of (iv) Regional (v) Coexistence with
(i) Sales activities
employment (iii) Public Functions development the environment
Administrative Branch Office Clinic Postal Office Library
Facilities that are essential to the community, and that are counted on 29(3) Becoming the Overwhelmingly Dominant Mall in Each Region
I. Floor Expansion and Effective Revitalization Measures
Planned Mall Segmentation in FY2025
“A” Mall
The mall that is most supported by customers＝The mall that is No. 1
in the region in attracting customers
Overwhelmingly dominant malls in the region:
40% or more
＋
Including malls that are No. 1 in the region:
70% or more
Note: Excludes 70 large-scale commercial facilities that AEON MALL manages and
圧倒的地域№1モール
Overwhelmingly dominant malls in the region
operates on behalf of AEON Retail Co., Ltd.
地域№1モール
Malls that are No. 1 in the region
ストロングセカンド
Strong second
機能⾒直し
Functional overhaul
30(3) Becoming the Overwhelmingly Dominant Mall in Each Region
I. Floor Expansion and Effective Revitalization Measures
3-Year Revitalization Plan
[Actual] [Plan] [Plan]
FY2017 FY2018 FY2019 3-year Total
Expansion of
floor area
2 malls 2 malls 4 malls 8 malls
Renewal 12 malls 8 malls 10 malls 30 malls
* Excludes large commercial facilities of AEON Retail Co., Ltd.
Approach to revitalization
The average age of AEON MALL buildings is 10.9 years. Their value will be increased through revitalization.
- We are implementing the large-scale revitalization (renewal) of existing shopping malls and increasing their appeal and
freshness to improve their earning power. -
Creation of categories that
attract new customer groups
Revitalization ＝ Creation of needs
to generate the “+α”
Creation of categories that
create new needs
31(3) Becoming the Overwhelmingly Dominant Mall in Each Region
【圧倒的な地域№1モールへの進化】 I. Floor Expansion and Effective Revitalization Measures
With construction costs remaining high, we will carefully select new mall openings
in untapped territory, and will invest resources in floor area expansion and
renovation, which have higher investment efficiency.
8
New malls Malls with expanded floor area
7
7
6
5 5
5
4 4 4
4
3
2 2 2
2
1 1
1
0
0
2014年度 2015年度 2016年度 2017年度 2018年度 2019年度
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
(Plan) (Plan) 32(3) Becoming the Overwhelmingly Dominant Mall in Each Region
I. Floor Expansion and Effective Revitalization Measures
AEON MALL Hiroshima Fuchu YoY change in sales at specialty stores
(Grand opening after expansion of floor area on Nov. 18, 2016) after expansion of floor area: 137.5%
(Period from Nov. 18, 2016 to November 17, 2017)
Expanding floor area After expansion of floor area
AEON MALL Kofu Showa YoY change in sales at specialty stores
(Grand opening after expansion of floor area on Nov. 23, 2017) after expansion of floor area: 170.2%
(Period from Nov. 23, 2017 to February 28, 2018)
Expanding floor area
After expansion
of floor area
33(3) Becoming the Overwhelmingly Dominant Mall in Each Region
I. Floor Expansion and Effective Revitalization Measures
AEON MALL Miyazaki
Expansion - Renewal Open: March 16, 2018
Opening: May 2005
Site area: 200,000m2 Total leasing area: 84,000m2 (+14,000m2)
Parking: 4,300 cars (+300 cars) Specialty stores: 240 stores (+70 stores)
Construction of hinata TERRACE
Expanding An open-air courtyard situated between the
floor area existing building and the expansion building
features children’s play structures in the lawn
area facing the food court and cafe.
Construction of South Mall with Expanded Building
A new two-story building with expanded floor area was constructed on the south
side of the property, which had been used as a parking lot.
The existing North Mall also underwent a major renovation
＜2F：Four zones composed by Kids entertainment & Hobby, etc.
34(3) Becoming the Overwhelmingly Dominant Mall in Each Region
I. Floor Expansion and Effective Revitalization Measures
AEON MALL Sakai Kitahanada
Renewal Open: 20 Mar. 2018
West Mall Zone
Large specialty stores focusing on daily needs opened on a former department store site
Opening: Oct. 2004
Site area: 58,000m2 1F
Total leasing area: 72,000m2 The world’s largest MUJI store – featuring a dedicated food section
Parking: 2,800 cars
Specialty stores: 170 stores
2F 3F
Newly opened outlets of UNIQLO and GU, two Electronics and sporting
major casual fashion stores, are among their goods stores, cafes and
largest in Osaka drugstores, etc. offer Health
and Wellness
35(3) Becoming the Overwhelmingly Dominant Mall in Each Region
I. Floor Expansion and Effective Revitalization Measures
AEON MALL Kumamoto Building with additional floor space opens in summer of 2018
Opening: Oct. 2005
Site area: 207,000m2
Expanding floor area Total leasing area: 84,000 m2 (+11,000m2)
Parking: 5,000 cars (+500 cars)
Specialty stores: 200 stores (+40 stores)
AEON MALL Higashiura AEON MALL Takaoka
Building with additional floor space opens in spring of 2019 Building with additional floor space opens in autumn of 2019
Expanding floor area Site of planned floor
area expansion
Opening: July 2001 Summary of Expansion Plan
Site area: 110,000m2 Total leasing area: 75,000m2 (+12,000m2)
Site area: 64,000m2 (Total of main building and expansion
Parking: 4,600 cars Specialty stores: 170 stores (+50 stores)
building: 192,000m2)
Specialty stores: 70 stores
Expanding the floor area of malls that are already No. 1 in their region.
Further Enhancing Dominant No. 1 Position 36(3) Becoming the Overwhelmingly Dominant Mall in Each Region
II. New Mall Openings in Untapped Territory
3-Year Plan for New Mall Openings
3-year Plan
End of Total for 3
FY2019
FY2016 FY2017 FY2018 FY2019 years
(Actual) (Plan) (Plan)
Malls 147 5 4 1 10 155
• The property management contract for SHOPPING CENTER SOYOCA FUJIMINO ended on Feb. 20, 2018.
• The property management contract for Nara Family ended on Feb. 28, 2018.
FY2018 Plan for New Mall Openings in Japan * Only new malls already announced are included above.
Name of facility Location Scheduled opening date Site area Total leasing area Parking
AEON MALL Zama Zama, Kanagawa Pref. March 16, 2018 58,000 ㎡ 50,000 ㎡ 2,500 cars
THE OUTLETS HIROSHIMA Hiroshima, Hiroshima Pref. Spring of 2018 About 268,000 ㎡ About 53,000 ㎡ About 4,000 cars
AEON MALL Iwaki Onahama Iwaki, Fukushima Pref. Summer of 2018 About 44,400 ㎡ About 50,200 ㎡ Undisclosed
AEON MALL Tsu-Minami Tsu, Mie Pref. Autumn of 2018 About 108,000 ㎡ About 60,000 ㎡ Undisclosed
THE OUTLETS HIROSHIMA AEON MALL Iwaki Onahama 37(3) Becoming the Overwhelmingly Dominant Mall in Each Region
II. New Mall Openings in Untapped Territory
AEON MALL Zama (Kanagawa Pref., Zama City)
Opening: March 16, 2018
Land Area: 58,000㎡ Lease Area: 50,000㎡
Parking Space: 2,500 Specialty stores: 160
One of the largest food areas in the city ZAMAIRO PROJECT
1F Food Hall 2F Restaurants 3F Food Court Parent/child workshops, activities where people
can find a new hobby, and seasonal events jointly
developed with the community are held. Project
details are broadcast on the original program
ZAMAIRO CHANNEL.
38(3) Becoming the Overwhelmingly Dominant Mall in Each Region
III. Development of New Formats
Retail Space for Community Origination
③ Harmony with
①A Full-fledged Outlet Mall ② Entertainment
Local Community
THE OUTLETS HIROSHIMA
Opening Scheduled for April 27, 2018
39(3) Becoming the Overwhelmingly Dominant Mall in Each Region
IV. Improvement of ES for Tenants
Decrease in working age population due to falling birth rates
and population aging (labor shortage) Solutions to issues that
go beyond
DV/tenant boundaries
Increase in tenants’ employee turnover rates and hiring frequency
(1) Employee lounges where employees can recharge themselves and enjoy some alone-time.
(2) Employee benefits in which time and economic value can actually be experienced.
(3) Child-care support that enables employees with children to work with peace of mind
(4) WAON points awarded to employees according to their attendance
(5) Mental and physical support that results in happy employees
Promote the creation of facilities that meet the needs of an increasingly diverse society
and make working and continuing to work at them easy
Create malls that tenants will choose 40(4) Capturing Urban Growth Opportunities
I. Establishment of Branding for New OPA
Promotion of renewal of existing stores and
strategic S&B/refining
Development of new format in urban Strengthening of profitability of
locations urban shopping centers
Opening of new stores in urban areas
3-Year Plan for openings of new urban shopping centers
End of 3-year Plan Total for 3- End of
FY2016 FY2017 FY2018 FY2019 years FY2019
Urban shopping center 20 2 2 1 5 24
Note: Sannomiya OPA closed on February 28, 2018.
Plan for openings of new urban shopping centers in Japan (FY2018) (tentative) Naha OPA
Name of facility Location Schedulled opening date Site area Total leasing area
(tentaive) Naha OPA
（Master Lease）
Naha, Okinawa Pref. Autumn of 2018 About 12,800 ㎡ About 5,200 ㎡
(tentaive) Hachioji OPA
（Master Lease）
Hachioji, Tokyo Autumn of 2018 About 4,000 ㎡ About 6,200 ㎡
415) Optimal Financing Mix / Organizational Structures to Support Growth
I. Financing to Support Growth Business Model
425) Optimal Financing Mix / Organizational Structures to Support Growth
II. Promotion of Diversity Management
Selected as a “Nadeshiko Brand” for FY2017 for the Second Straight Year
The “Nadeshiko Brand” program highlights companies listed in the First Section of the
Tokyo Stock Exchange from each industry that actively promote the participation of
female employees, including creating a supportive working environment. Selected
companies can also be considered as “companies with growth potential” in the sense
that they have the ability to make use of diverse human resources and the ability to
adapt to a changing environment.
About the “Nadeshiko Brand” program
The aim of the Nadeshiko Brand is to introduce certain listed companies that are outstanding in terms of encouraging the empowerment of women in the
workplace as attractive securities investment opportunities to investors who put emphasis on improving corporate value in the mid- and long-term, in an
aim to promote investment in such enterprises and accelerate efforts encouraging women’s success in the workplace Since FY2012, METI and the TSE
have been scoring enterprises according to their progress in the encouragement of women’s success while screening them based on financial indicators.
Expanding Day-Care Facilities as “Company-Led Childcare Businesses”
The AEON Yume-Mirai Nursery School at AEON MALL and Aeon Group shopping complexes is an on-site
childcare service for preschool-aged children of employees of the Aeon Group and tenant specialty stores. With
the aim of supporting the lifestyle of both managing a career and raising children, these facilities operate at 12
locations nationwide, including facilities established in partnership with other childcare service providers. Eight of
them are certified as “company-led childcare services” by the Cabinet Office (as of February 2018).
Company-led childcare business
Implemented for the purpose of contributing to reducing the number of children on
the waiting list for a childcare center and supporting the lifestyle of both managing
a career and raising children by increasing childcare services that allow diverse
working styles based on company-led, in-house childcare business.
■Aeon Group in-house nursery schools that have been established (as of February 28, 2018)
In our company’s malls
①AEON MALL Makuhari Shintoshin (approved by Chiba City) ②AEON MALL Okinawa Rycom (approved by Kitanakagusuku）
③AEON MALL Tokoname (approved by Tokoname City) ④AEON Lake Town Mori (approved by Koshigaya City) ⑤AEON MALL Natori (company-led childcare business )
⑥AEON MALL Nagoya Chaya (company-led childcare business ) ⑦AEON MALL Nagakute (company-led childcare business)
⑧AEON MALL Mito Uchihara (company-led childcare business) ⑨AEON MALL Shin Komatsu (company-led childcare business ) ⑩AEON MALL Tokushima (company-led
childcare business ) ⑪AEON MALL Matsumoto (company-led childcare business) ⑫AEON MALL Kobe Minami (company-led childcare business)
AEON Yume-Mirai Nursery Schools established in commercial facilities of Aeon Group companies
①AEON Style Shonan Chigasaki (approved by Chigasaki City) ②AEON TOWN Aira (company-led childcare business) * Two other centers are operated
③AEON MALL Saga Yamato (approved by Saga City) ④AEON Fukuoka Higashi (company led childcare business) based on alliances with general
childcare business operators.
⑤AEON Otogana (company-led childcare business) ⑥AEON Haebaru (company-led childcare business)
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