I suspect this might be the fate of more debt-laden bank storefronts in Japan in the future
Lawson Opens Japan's First Convenience Store In A Bank
TOKYO (Dow Jones)--It's gone postal, and it's gone underground, but now Japanese convenience store operator Lawson Inc. (2651) is going financial.
It's hard to walk more than a few minutes in central Tokyo without finding a convenience store, but customers of Hokuriku Bank Ltd.'s (8357) main Tokyo branch may be surprised to find a Lawson store open for business inside the bank as of Wednesday.
Under its tie-up with the regional lender, Lawson also becomes Japan's first nonfinancial firm to accept loan and foreign currency exchange applications. Lawson takes applications on behalf of Hokuriku via computer terminals outside of the bank's office hours and gets a fee in return.
Lawson, Japan's second-largest convenience store operator, has taken a number of steps this year to diversify its operations in the face of growing competition, particularly in the Tokyo metropolitan region.
In seeking new locations for its outlets, the firm has opened shops in hospitals and unwrapped its first store in a post office in central Tokyo Aug. 1. Lawson plans to open a second post office-based store Aug. 26.
Last Thursday Lawson announced a tie-up with the Teito Rapid Transit Authority to allow the opening of a Lawson outlet in a subway station in downtown Tokyo in November and another in December.
Japan has a total of roughly 42,000 convenience stores, spread throughout urban and rural areas.
At the new store in Hokuriku Bank's Nihonbashi branch in central Tokyo, Lawson has leased floor space from the bank along with coffee-shop chain operator Doutor Coffee Co. (9952).
At a press conference before the opening ceremony, Hokuriku Bank President Takagi Shigeo said one of the main advantages of the tie-up is that the convenience store is open 24 hours a day, 365 days a year, while the bank is only open from 9:00 a.m. to 3:00 p.m. on week days.
The two firms also said they will extend these joint operations by opening similar stores in Hokuriku Bank's regional base of Toyama Prefecture, central Japan.
Lawson President Takeshi Niinami told Dow Jones Newswires the latest move won't affect the company's earnings forecasts or store-opening targets for the fiscal year through February.
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But with sales declining due to an unusually cool summer, one analyst has voiced skepticism over the firm's earnings targets. Credit Suisse First Boston senior analyst Yasuyuki Sasaki noted that Lawson's existing-store sales have been edging down on year since March, falling a hefty 4.9% on year in July.
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2003.08.20
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