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Published by:
INSEAD (2018)
Version:
02.2020
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 nondisruptive market-creating approach can open up new value-cost frontiers, new demand and high growth. The case comes with a first-hand interview with Koichi Nishikawa, Park24 President, and lecture slides (link in ‘Extra information’ section).

Topics

Differential costs; Blue Ocean Strategy; Creating markets; Japan; Parking; Reshaping market; Non-disruptive creation; Unattractive industry; New market space; Market creation; Blue Ocean Shift; Noncustomers; Strategic innovation; Market reconstruction; Strategy
Location:
Other setting(s):
1911-2018

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