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Published by:
INSEAD (2018)
Version:
10.2018
Length:
17 pages
Data source:
Field research
Notes:
Check out the short video trailer for a quick case synopsis.
Park24: Reinventing the Short-stay Parking Industry in Japan

Abstract

The case reviews how the Japanese company Park24 reinvented the short-stay parking industry in Japan and expanded it over the years, establishing itself as the unchallenged market leader. Hitherto short-stay parking in Japan was largely provided as a public service. Shortage of land and the high price of real estate explained the severe shortage of city parking space was due to land scarcity and lofty prices of land resources. Park24 saw that the solution was not building gigantic multi-storey car parks but making parking lots available everywhere people went and accessible anytime of the day. Drawing insights from the convenience store industry, Park24 looked for small plots near popular destinations and launched a low-cost, secure and automated parking service called Times. Rolled out rapidly across Japan, it fundamentally redrew the landscape of the short-stay parking industry. Park24's blue ocean move shows how a non-disruptive market-creating approach can open up new value-cost frontiers, new demand and high growth.

Topics

Parking industry; Short-stay parking; Unattractive industry; New market space; Market creation; Blue Ocean Strategy; Blue Ocean Shift; Noncustomers; Demand creation; Market reconstruction; Nondisruptive creation; Car sharing; Digital data; Differential pricing
Location:
Other setting(s):
1911-2018

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