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▲6분기 연속 영업이익 감소로 외국인 지분 2년 연속 하락세
미래 성장에 대한 불확실성으로 외국인 투자자들이 현대백화점을 떠나고 있다.
국내 증권업계에 따르면, 현대백화점에 투자한 외국인 투자자의 지분율은 2011년 46.1%를 기록하며 고점을 찍은 이래, 2012년 43.5%, 2013년 41.6%로 2년 연속 하락세를 기록했다. 현대백화점은 자산규모로 재계 23위인 (공기업 제외) 현대백화점 그룹의 핵심 계열사다.
현대백화점의 외국인 투자자 매도세는 올해도 이어지고 있는데, 일례로 현대백화점이 김치냉장고 ‘딤채’로 유명한 위니아 만도를 인수한다고 발표한 다음날인 월요일에도 외국인 투자자들는 순매도세를 유지한 것으로 확인되었다.
업계 관계자들은 외국인 투자자들이 현대백화점에 대한 지분율을 지속적으로 줄이고 있는 원인으로 ‘성장의 불확실성’을 꼽고 있다.
``현대백화점의 영업이익은 올해 2분기까지 6분기 연속 하락했다. 투자자의 관점에서 보면 백화점 사업이 성장 모멘텀을 잃고 있다고 해석할 수 있다’’고 현대증권 이상구 연구원은 밝혔다.
백화점 사업은 세월호 사건 여파로 인한 소비 위축 이전에도 거시환경의 변화로 성장 한계에 부딪쳤다는 진단을 받아왔다. 특히, 한국의 급속한 인구 고령화는 최상위층 (VVIP)이외에 고소득층 마저 지갑을 닫게 만들고 있다. 이러한 소비 트랜드 변화에 직면해 현대백화점을 포함, 주요 백화점 사들은 경쟁적으로 새로운 성장 전략을 모색해 왔다.
롯데, 신세계 그룹이 프리미엄 아울렛 진출 등 그룹 핵심 사업인 유통업에서의 비즈니스 확장을 모색해온 것과 달리 현대백화점그룹은 풍부한 사내 유보금을 바탕으로 M&A를 통해 유통업을 넘어 이종 제조 사업으로의 확장을 추구해 왔다. 대표적인 예로 현대백화점그룹은 2011년 국내 2위 가구업체 리바트를 인수한 바 있고, 2012년에는 국내 굴지의 패션 브랜드 한섬을 인수해 업계의 주목을 받았다.
하지만, 업계 관계자들은 사업다각화가 타 경쟁사 대비 미흡한 현대백화점그룹 사의 경우, 그룹 전체의 미래 성장성을 입증하려면 그룹의 매출의 절반을 차지하고 있는 핵심 계열사인 현대백화점의 성장 전략이 중요하다고 지적하고 있다.
현대백화점 홍보실에 따르면 현대백화점의 작년 매출은 6.9억 정도인데, 이는 그룹 전체 매출인 12조의 절반을 웃돌고 있다. 현대백화점의 성장이 그룹의 성장을 견인한다고 해도 과언이 아닌 상황이다.
이에 최근 현대백화점도 핵심 사업인 프리미엄 유통업에서의 확장을 위해 프리미엄 아웃렛 사업 진출을 적극 모색하고 있다. 하지만, 경쟁사 대비 시장 진입이 수년 늦어 ‘후발주자’라는 핸디캡을 갖게 된 것도 사실이다.
회사 관계자에 따르면 현대백화점이 운영하는 첫 프리미엄 아울렛은 2015년 1월에야 김포에서 선보일 예정이다. 2번째 아웃렛은 인천 송도점으로 내년 하반기에나 오픈이 가능할 것으로 예상된다.
``현대백화점의 외형, 내형 성장성을 가늠하려면 최소한 내년 이후가 되야 할 것으로 예상된다’’고 이 연구원은 밝혔다.
(코리아헤럴드 서지연기자)
<관련 영문 기사>
Foreigners pull out of Hyundai Department Store on growth concerns
Foreign investors have continued to reduce their stakes in Hyundai Department Store, one of the top three premium retail chains in Korea, for two consecutive years since 2012 due to rising doubt over the retailer’s growth potential, industry watchers said.
Hyundai Department Store, listed on the nation’s main bourse, is a flagship affiliate of Hyundai Department Store Group, a family-controlled retail conglomerate in Korea.
“The operating profit of the company fell for the sixth consecutive quarter in the second quarter of this year,” said Lee Sang-gu, a stock analyst from Hyundai Securities.
“From the investors’ point of view, the firm’s premium retail chain business seems to be losing growth momentum.’’
According to financial data from local stock brokerage firms, foreign shareholdings in Hyundai Department Store, which peaked at 46.1 percent in 2011, slid to 43.5 percent in 2012 and 41.6 percent in 2013.
As of Aug. 11, the ratio of foreign investment stood at just under 35 percent.
Foreign investors remained net sellers on Monday despite the company signing a deal to buy Winia Mando, a renowned South Korean kimchi refrigerator maker, on Sunday.
The deal reflects the retail group’s strategies to go beyond the retail sector to diversify its businesses for growth.
To this end, Hyundai Department Group has also acquired Livart, the nation’s second-largest furniture maker, and Hansome, the nation’s top supplier of women’s apparel.
“To restore investor confidence, it is important for the retail giant to create new growth momentum in its core business, as more than half of its sales come from Hyundai Department Store,” Lee said.
Hyundai Department Store Group posted 12 trillion won ($11.6 billion) in sales last year. In the same time period, the sales of Hyundai Department Store stood at 6.9 trillion won.
“The problem is that high-end department stores face limited growth as Koreans in the middle and even high income brackets have started to cut their spending to prepare for retirement,” Lee said.
As the pattern of consumption changes with the aging population, rivals such as Lotte and Shinsegae have been expanding their premium outlet businesses over the past few years.
“Hyundai Department Store is a late-comer in such terms,” Mirae Asset Securities said in a report.
To address these shortcomings, Hyundai plans to open its first large-scale premium outlet in Gimpo in January 2015. A second such outlet is slated to open in the Songdo district of Incheon in the latter part of next year.
But it would take more than a year to see whether these premium outlets will help improve the embattled department store’s performance, analysts said.
By Seo Jee-yeon (jyseo@heraldcorop.com)
Foreigners pull out of Hyundai Department Store on growth concerns
Foreign investors have continued to reduce their stakes in Hyundai Department Store, one of the top three premium retail chains in Korea, for two consecutive years since 2012 due to rising doubt over the retailer’s growth potential, industry watchers said.
Hyundai Department Store, listed on the nation’s main bourse, is a flagship affiliate of Hyundai Department Store Group, a family-controlled retail conglomerate in Korea.
“The operating profit of the company fell for the sixth consecutive quarter in the second quarter of this year,” said Lee Sang-gu, a stock analyst from Hyundai Securities.
“From the investors’ point of view, the firm’s premium retail chain business seems to be losing growth momentum.’’
According to financial data from local stock brokerage firms, foreign shareholdings in Hyundai Department Store, which peaked at 46.1 percent in 2011, slid to 43.5 percent in 2012 and 41.6 percent in 2013.
As of Aug. 11, the ratio of foreign investment stood at just under 35 percent.
Foreign investors remained net sellers on Monday despite the company signing a deal to buy Winia Mando, a renowned South Korean kimchi refrigerator maker, on Sunday.
The deal reflects the retail group’s strategies to go beyond the retail sector to diversify its businesses for growth.
To this end, Hyundai Department Group has also acquired Livart, the nation’s second-largest furniture maker, and Hansome, the nation’s top supplier of women’s apparel.
“To restore investor confidence, it is important for the retail giant to create new growth momentum in its core business, as more than half of its sales come from Hyundai Department Store,” Lee said.
Hyundai Department Store Group posted 12 trillion won ($11.6 billion) in sales last year. In the same time period, the sales of Hyundai Department Store stood at 6.9 trillion won.
“The problem is that high-end department stores face limited growth as Koreans in the middle and even high income brackets have started to cut their spending to prepare for retirement,” Lee said.
As the pattern of consumption changes with the aging population, rivals such as Lotte and Shinsegae have been expanding their premium outlet businesses over the past few years.
“Hyundai Department Store is a late-comer in such terms,” Mirae Asset Securities said in a report.
To address these shortcomings, Hyundai plans to open its first large-scale premium outlet in Gimpo in January 2015. A second such outlet is slated to open in the Songdo district of Incheon in the latter part of next year.
But it would take more than a year to see whether these premium outlets will help improve the embattled department store’s performance, analysts said.
By Seo Jee-yeon (jyseo@heraldcorop.com)
