戦略研究 (No. 60): 消費傾向の変化は予想以上に速い。(June 7, 2010)
政府が内需拡大と声高にさけぶ割には、内需が伸びない。肝心の内需は伸びないのに、内需は拡大するという予測で、規模の経済性を求めてM&Aを推し進めた流通業界。どうも予定どおりにはいっていない。大手百貨店のM&Aがマスコミをにぎわしたが、再編した大手百貨店の業績が、大きく回復したという話は聞かない。消費者が押し寄せて購入するのは、テナント企業の低価格品。これでは、M&Aの本来の意図とは全く違う。仕入れコスト削減を狙って、本部一括仕入れを導入したが、地域ごとの需要が違い過ぎて機能していない。
流通業者のM&Aがうまくいかないのは、日本は東京を中心として回っているという天動説的な政策を、ビジネスがそのまま受け取った結果と言えなくもない。規模の経済性を求めて、同じ業界だからと安易にM&Aを実行しても、決してうまくは行かない。キリンとサントリーの破談を見ても分かるように、大企業になればなるほどM&Aは難しい。消費行動の変化は、多くの要素が入り混じっている。そして、その要素はますます複雑化し、その変化の速度は速くなっている。M&Aで経営効率をあげても、商品を買ってくれる消費者の消費動向に対処できなければ、M&Aの効果は薄い。(written by Shigeo Sunahara of CBC, Inc.)
No. 60: Consumption trends change faster than foreseen. (June 7, 2010)
Domestic demand in Japan is not growing fast despite the government shouty announcement, “Expand domestic demand.” The retail industry prompted M&A to materialize economies of scale under the assumption that domestic demand will expand given the government’s dramatic drive. However, the fact is that demand is not expanding fast enough, and the M&A strategy is not working well. Management integration of leading department stores attracted public attention, none of them are reported to have improved their results dramatically. Consumers rush to department stores to buy low-priced products offered by the tenant retailers. This is not what an M&A is intended for. After management integration, two leading department stores introduced the central buying system by headquarters, but this system is not working well because demand varies with region considerably.
You may say that retailers are not successful in M&A because they took the government’s Ptolemaic policy based on the assumption that Japan is Tokyo-centered at face value. No companies can achieve an M&A easily only by pursuing economies of scale, even though they are in the same industry. As the negotiations between Kirin Brewery and Suntory showed, the bigger the two companies are, the more difficult an M&A is. Consumption trends change with lots of factors. The factors are getting more diverse and changing at an accelerating pace. Even though an M&A successfully increases management efficiency, it will not be as effective as originally planned if it fails to cope with changes of consumption trends.
流通業者のM&Aがうまくいかないのは、日本は東京を中心として回っているという天動説的な政策を、ビジネスがそのまま受け取った結果と言えなくもない。規模の経済性を求めて、同じ業界だからと安易にM&Aを実行しても、決してうまくは行かない。キリンとサントリーの破談を見ても分かるように、大企業になればなるほどM&Aは難しい。消費行動の変化は、多くの要素が入り混じっている。そして、その要素はますます複雑化し、その変化の速度は速くなっている。M&Aで経営効率をあげても、商品を買ってくれる消費者の消費動向に対処できなければ、M&Aの効果は薄い。(written by Shigeo Sunahara of CBC, Inc.)
No. 60: Consumption trends change faster than foreseen. (June 7, 2010)
Domestic demand in Japan is not growing fast despite the government shouty announcement, “Expand domestic demand.” The retail industry prompted M&A to materialize economies of scale under the assumption that domestic demand will expand given the government’s dramatic drive. However, the fact is that demand is not expanding fast enough, and the M&A strategy is not working well. Management integration of leading department stores attracted public attention, none of them are reported to have improved their results dramatically. Consumers rush to department stores to buy low-priced products offered by the tenant retailers. This is not what an M&A is intended for. After management integration, two leading department stores introduced the central buying system by headquarters, but this system is not working well because demand varies with region considerably.
You may say that retailers are not successful in M&A because they took the government’s Ptolemaic policy based on the assumption that Japan is Tokyo-centered at face value. No companies can achieve an M&A easily only by pursuing economies of scale, even though they are in the same industry. As the negotiations between Kirin Brewery and Suntory showed, the bigger the two companies are, the more difficult an M&A is. Consumption trends change with lots of factors. The factors are getting more diverse and changing at an accelerating pace. Even though an M&A successfully increases management efficiency, it will not be as effective as originally planned if it fails to cope with changes of consumption trends.
