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1、 Datamonitor USA 245 Fifth Avenue 4th Floor New York, NY 10016 USA t: +1 212 686 7400 f: +1 212 686 2626 e: Datamonitor Europe 119 Farringdon Road London EC1R 3DA United Kingdom t: +44 20 7551 9000 f: +44 20 7675 7500 e: Datamonitor Middle East and North America Datamonitor PO Box 24893 Dubai, UA
2、E t: +49 69 9754 4517 f: +49 69 9754 4900 e: datamonitormena Datamonitor Asia Pacific Level 46, 2 Park Street Sydney, NSW 2000 Australia t: +61 2 8705 6900 f: +61 2 8705 6901 e: Japan - Furniture buyers are more likely to shop around for the best deal, with a focus on price and quality rather than
3、 brand loyalty. Buyer power is further strengthened by negligible switching costs. Overall, buyer power is moderate. FIVE FORCES ANALYSIS Japan - Furniture this situation weakens supplier power considerably. Whilst some manufacturers, like Country Homes Inc., forward integrate by selling their produ
4、cts through their own factory retail outlets or online, the majority depend on retailers to market and sell their products, limiting supplier power. Branding tends to be relatively unimportant to end-consumers, who are generally more concerned with the quality, price and design of the product. This
5、lack of brand strength restricts the ability of manufacturers to dominate the market. However, the ability of suppliers to diversify their product through design and quality mitigates this somewhat. Overall, supplier power is strong. FIVE FORCES ANALYSIS Japan - Furniture however this constitutes a
6、weak threat of substitution. One possible substitute to buying from retailers is to go directly to manufacturers, where substantial savings can be made, thus attracting buyers. Second-hand products, which are more likely stocked by different retailers or sold by consumers themselves, pose another th
7、reat. Networks such as The Freecycle Network, with over 7 million members worldwide, are also valid substitutes. They allow members to off-load their old furniture for free, rather than throw them into landfills, as well as advertise for wanted furniture. The lower or negligible cost of these altern
8、atives, coupled with low switching costs for buyers, puts the overall threat of substitutes as moderate. FIVE FORCES ANALYSIS Japan - Furniture the beneficial owners of this trust are not known for certain. IKEA is a vertically integrated furniture group. The Swedwood group is IKEAs industrial group
9、 which produces wood-based furniture and wooden components. Swedwood has 49 factories and sawmills in 11 countries. Its operations include production from forestry, sawmilling, board manufacture and furniture production. IKEA has 28 distribution centers and 11 customer distribution centers in 16 cou
10、ntries. These centers supply goods to IKEA stores. IKEA has 31 trading service offices in 26 countries and 1,220 suppliers in 55 countries. The company employs around 123,000 people worldwide. IKEA offers a range of furniture for living rooms, bedrooms, kitchens and childrens rooms. The group offers
11、 fabric sofas, leather sofas, armchairs, sofa beds, rattan seating, book cases, extra covers, cabinets, sideboards, shelving units, wall shelves, CD & DVD storage, TV solutions, and coffee tables and side tables for living rooms. For the bedroom, the group offers beds, mattresses, comforters, pillow
12、s, linens, curtains and wardrobes. The groups kitchen offerings include built-in kitchens, free standing kitchens, kitchen accessories and appliances. For children, IKEA offers nursing and changing tables, sleeping, eating, storage and playing accessories. All IKEA stores have a customer restaurant
13、that offer a choice of local dishes. Most stores also have a food shop, the Swedish Food Market, which sells Swedish delicacies such as meatballs, pickled herring, LEADING COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to b
14、e photocopied Page 20 crispbread, and lingonberry jam. The range includes around 160 selected food products, with around 40 of the most popular products sold under the IKEA food brand. Many IKEA stores also have a play area, named Smaland, for children aged three to 10 years. At the end of FY2009 th
15、ere were 267 IKEA Group stores in 25 countries. IKEA operates 5 stores in Japan. Key Metrics In fiscal 2009, IKEA reported revenues of E21.5 billion ($29.9 billion), an increase of 1.4% on the previous year. 67% of its sales were made in Europe, 30% in Asia, and the remainder in North America. LEADI
16、NG COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 21 Nitori Co., Ltd. Table 5: Nitori Co., Ltd.: key facts Head office: 6 20 Kamiya 3 Chome, Kita Ku, Tokyo 1150043, JPN Telephone: 81 1 1664 6611 Websi
17、te: www.nitori.co.jp Financial year-end: February Ticker: 9843 Stock exchange: Tokyo Source: company website D A T A M O N I T O R Nitori is engaged in the sale of furniture and interior goods. The company offers products such as bedding products, beds, chairs, carpets, curtains, dining room furnitu
18、re, domestic houseware, interior accessories, kitchen cabinets, large furniture, living room furniture sets, living room racks, office furniture, single storage furniture and sofas. The company primarily operates in Japan, and employed around 2,984 people full-time as of March 20, 2010. The company
19、operates 182 retail stores across Japan. The company will change its name from Nitori Co., Ltd. to Nitori Holdings Co., Ltd., effective August 21, 2010. Key Metrics The company recorded revenues of $3,057 million in the fiscal year ending February 2010, an increase of 17.3% compared to fiscal 2009.
20、Its net income was $255 million in fiscal 2010, compared to a net income of $196 million in the preceding year. Table 6: Nitori Co., Ltd.: key financials ($) $ million 2006200720082009 2010 Revenues 1,674.52,020.22,320.42,606.9 3,057.0 Net income (loss) 116.6143.5165.2196.0 254.6 Total assets 1,461.
21、91,668.71,918.62,100.1 2,332.8 Total liabilities 701.6766.8861.6878.4 899.6 Source: company filings D A T A M O N I T O R LEADING COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 22 Table 7: Nitori Co.,
22、 Ltd.: key financials (JPY) JPY million 2006200720082009 2010 Revenues 156,758.0189,126.0217,229.0244,053.0 286,186.0 Net income (loss) 10,914.013,434.015,464.018,353.0 23,838.0 Total assets 136,856.0156,220.0179,614.0196,607.0 218,386.0 Total liabilities 65,678.071,786.080,656.082,229.0 84,222.0 So
23、urce: company filings D A T A M O N I T O R Table 8: Nitori Co., Ltd.: key financial ratios Ratio 2006200720082009 2010 Profit margin 7.0%7.1%7.1%7.5% 8.3% Revenue growth 21.1%20.6%14.9%12.3% 17.3% Asset growth 24.9%14.1%15.0%9.5% 11.1% Liabilities growth 33.5%9.3%12.4%2.0% 2.4% Debt/asset ratio 48.
24、0%46.0%44.9%41.8% 38.6% Return on assets 8.9%9.2%9.2%9.8% 11.5% Source: company filings D A T A M O N I T O R LEADING COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 23 Figure 10: Nitori Co., Ltd.: rev
25、enues & profitability Source: company filings D A T A M O N I T O R Figure 11: Nitori Co., Ltd.: assets & liabilities Source: company filings D A T A M O N I T O R LEADING COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to b
26、e photocopied Page 24 Otsuka Kagu Ltd. Table 9: Otsuka Kagu Ltd.: key facts Head office: 3 1 Ariake, Ktot Ku, Tokyo, JPN Website: www.idc-otsuka.co.jp Financial year-end: December Ticker: 8186 Stock exchange: Tokyo Source: company website D A T A M O N I T O R Otsuka Kagu is involved in the retailin
27、g of office and home furnishing products. The company offers living sofas, reclining sofas, TV boards, tables, chairs, buffets, mattresses, bed frames, storage furniture and dressers, curtains and lighting equipment. It also offers interior decorating services. The company primarily operates in Japa
28、n, where it is headquartered in Tokyo, and employs about 1,800 people. Key Metrics The company recorded revenues of $619 million in the fiscal year ending December 2009, a decrease of 13.3% compared to fiscal 2008. Its net loss was $16 million in fiscal 2009, compared to a net loss of $6 million in
29、the preceding year. Table 10: Otsuka Kagu Ltd.: key financials ($) $ million 2005200620072008 2009 Revenues 744.5748.4777.3713.6 618.7 Net income (loss) 39.036.329.9(5.7) (15.9) Total assets 624.7565.3574.7498.0 466.9 Total liabilities 164.1142.7138.6107.1 96.7 Source: company filings D A T A M O N
30、I T O R LEADING COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 25 Table 11: Otsuka Kagu Ltd.: key financials (JPY) JPY million 2005200620072008 2009 Revenues 69,694.070,062.972,769.766,803.6 57,925.2
31、Net income (loss) 3,649.03,397.82,799.7(530.0) (1,490.6) Total assets 58,483.052,923.153,803.046,625.3 43,707.7 Total liabilities 15,360.013,358.412,973.210,030.0 9,051.7 Source: company filings D A T A M O N I T O R Table 12: Otsuka Kagu Ltd.: key financial ratios Ratio 2005200620072008 2009 Profit
32、 margin 5.2%4.8%3.8%(0.8%) (2.6%) Revenue growth 1.3%0.5%3.9%(8.2%) (13.3%) Asset growth 16.1%(9.5%)1.7%(13.3%) (6.3%) Liabilities growth 40.3%(13.0%)(2.9%)(22.7%) (9.8%) Debt/asset ratio 26.3%25.2%24.1%21.5% 20.7% Return on assets 6.7%6.1%5.2%(1.1%) (3.3%) Source: company filings D A T A M O N I T
33、O R LEADING COMPANIES Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 26 Figure 12: Otsuka Kagu Ltd.: revenues & profitability Source: company filings D A T A M O N I T O R Figure 13: Otsuka Kagu Ltd.: assets &
34、liabilities Source: company filings D A T A M O N I T O R MARKET FORECASTS Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 27 MARKET FORECASTS Market value forecast In 2014, the Japanese furniture & floor coveri
35、ngs market is forecast to have a value of $27,038.3 million, an increase of 2.9% since 2009. The compound annual growth rate of the market in the period 200914 is predicted to be 0.6%. Table 13: Japan furniture & floor coverings market value forecast: $ million, 200914 Year $ millionJPY million mill
36、ion % Growth 2009 26,283.02,460,529.118,901.7 0.1% 2010 26,283.32,460,559.418,901.9 0.0% 2011 26,347.32,466,549.618,947.9 0.2% 2012 26,452.02,476,348.519,023.2 0.4% 2013 26,703.62,499,907.119,204.2 1.0% 2014 27,038.32,531,233.119,444.8 1.3% CAGR: 200914 0.6% Source: Datamonitor D A T A M O N I T O R
37、 Figure 14: Japan furniture & floor coverings market value forecast: $ million, 200914 Source: Datamonitor D A T A M O N I T O R MACROECONOMIC INDICATORS Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 28 MACROE
38、CONOMIC INDICATORS Table 14: Japan size of population (million), 200509 Year Population (million) % Growth 2005 127.50.0% 2006 127.50.0% 2007 127.4(0.1%) 2008 127.3(0.1%) 2009 127.1 (0.2%) Source: Datamonitor D A T A M O N I T O R Table 15: Japan GDP (constant 2000 prices, $ billion), 200509 Year Co
39、nstant 2000 Prices, $ billion % Growth 2005 4,978.71.9% 2006 5,086.82.2% 2007 5,199.62.2% 2008 5,177.9(0.4%) 2009 4,896.8 (5.4%) Source: Datamonitor D A T A M O N I T O R Table 16: Japan GDP (current prices, $ billion), 200509 Year Current Prices, $ billion % Growth 2005 4,552.2(1.2%) 2006 4,367.0(4
40、.1%) 2007 4,381.70.3% 2008 4,910.212.1% 2009 4,984.1 1.5% Source: Datamonitor D A T A M O N I T O R MACROECONOMIC INDICATORS Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 29 Table 17: Japan inflation, 200509 Y
41、ear Inflation Rate (%) 2005 (0.3%) 2006 0.3% 2007 0.0% 2008 1.5% 2009 (1.7%) Source: Datamonitor D A T A M O N I T O R Table 18: Japan consumer price index (absolute), 200509 Year Consumer Price Index (2000 = 100) % Growth 2005 97.8(0.3%) 2006 98.10.3% 2007 98.10.0% 2008 99.61.5% 2009 97.9 (1.7%) So
42、urce: Datamonitor D A T A M O N I T O R Table 19: Japan exchange rate, 200509 Year Exchange rate ($/) Exchange rate (/) 2005 110.1245136.8805 2006 116.3366145.9627 2007 117.8145161.2087 2008 103.4662151.3969 2009 93.6167 130.1751 Source: Datamonitor D A T A M O N I T O R APPENDIX Japan - Furniture &
43、 Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 30 APPENDIX Methodology Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-checked and presented in a consistent and acce
44、ssible style. Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by analysis from industry experts using highly complex modeling & forecasting tools, Datamonitors in-house databases provide the foundation for all related industry profiles Prepa
45、ratory research We also maintain extensive in-house databases of news, analyst commentary, company profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market overview Definitions Market definitions are standardized to allow comparison from country
46、to country. The parameters of each definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the market and our clients Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
47、Datamonitor aggregates and analyzes a number of secondary information sources, including: - National/Governmental statistics - International data (official international sources) - National and International trade associations - Broker and analyst reports - Company Annual Reports - Business informat
48、ion libraries and databases Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative and qualitative data to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can then be refined according to specific comp
49、etitive, regulatory and demand-related factors Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date APPENDIX Japan - Furniture & Floor Coverings 0104 - 2418 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 31 Industry associations The Furniture Industry Research Association Maxwell Road, Stevenage, Hertfordshire, SG1 2EW, United Kingdom Tel.: 44 01438