Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Event-Driven

<ul>
<li>Seven &amp; I released 1H24 earnings today as well as details on planned restructuring of its business. Results included some one-off items hitting operating profit as well as lower footfall.</li>
<li>The bigger news was the plan to hive off the non-CVS retail operations into a new company, York Holdings, leaving a newly named 7-Eleven Corporation running CVS globally.</li>
<li>Unusually, Seven also mentioned the possibility of new strategic partners investing in York, including even the "original founding families", suggesting one way of holding on to control.</li>
</ul>


Seven &amp; I released 1H24 earnings today as well as details on planned restructuring of its business. Results included some one-off items hitting operating profit as well as lower footfall.
The bigger news was the plan to hive off the non-CVS retail operations into a new company, York Holdings, leaving a newly named 7-Eleven Corporation running CVS globally.
Unusually, Seven also mentioned the possibility of new strategic partners investing in York, including even the "original founding families", suggesting one way of holding on to control.


7-Eleven Corporation: A Clear Strategy for Long-Term Value, Founding Family Return to Super-Stores

Thematic (Sector/Industry)

<ul>
<li>Retailing is booming in Japan, backed by consumers getting out and about, buying enthusiastically and enjoying Japan’s shop-focused entertainment centres once again. </li>
<li>Tourists are back in record numbers, with 3 million a month entering Japan since March and well over 30 million expected in 2024 overall.</li>
<li>Inflation remains a concern, but we’re two years into this round of price increases and consumers are becoming resigned to higher prices. FY2024 will be another excellent year.</li>
</ul>


Retailing is booming in Japan, backed by consumers getting out and about, buying enthusiastically and enjoying Japan’s shop-focused entertainment centres once again. 
Tourists are back in record numbers, with 3 million a month entering Japan since March and well over 30 million expected in 2024 overall.
Inflation remains a concern, but we’re two years into this round of price increases and consumers are becoming resigned to higher prices. FY2024 will be another excellent year.


Japan's Retail Sector Grows Faster than 1990

<ul>
<li>Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.</li>
<li>Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.</li>
<li>The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. </li>
</ul>


Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.
Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.
The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. 


Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

<ul>
<li>The clothing sections of GMS chains and supermarkets have declined so far in relevance that most assume the format will disappear entirely. </li>
<li>But new efforts by Aeon, as well as collaborations by the likes of Ito-Yokado, could lead to a new lease of life and higher margins.</li>
<li>This may impact on retailers like Shimamura but the more likely result will be new opportunities to takeover supermarket apparel floors as Adastria is doing already.</li>
</ul>


The clothing sections of GMS chains and supermarkets have declined so far in relevance that most assume the format will disappear entirely. 
But new efforts by Aeon, as well as collaborations by the likes of Ito-Yokado, could lead to a new lease of life and higher margins.
This may impact on retailers like Shimamura but the more likely result will be new opportunities to takeover supermarket apparel floors as Adastria is doing already.


<ul>
<li>After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. </li>
<li>The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.</li>
<li>This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.</li>
</ul>


After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. 
The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.
This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.


Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Japan

Adastria Co., Ltd. operates a chain of clothing stores in Japan. The Company also operates stores in China, Taiwan, Hong Kong and Korea.

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Adastria Co Ltd (2685 JP)

7-Eleven Corporation: A Clear Strategy for Long-Term Value, Founding Family Return to Super-Stores

Seven & I showed some falls in SSS and income in 1H. Plans to restructure business by creating York Holdings for non-CVS retail ops, with the...

Michael Causton

Japan's Retail Sector Grows Faster than 1990

Retailing in Japan is thriving as consumers shop enthusiastically, despite concerns about inflation, and tourists return in record numbers. The...

Michael Causton

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

A Supermarket Clothing Revival in Japan?

GMS chains and supermarkets are reviving their clothing sections, potentially creating new opportunities for higher margins at GMS operations.

Michael Causton

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

7-Eleven Corporation: A Clear Strategy for Long-Term Value, Founding Family Return to Super-Stores

​Seven & I showed some falls in SSS and income in 1H. Plans to restructure business by creating York Holdings for non-CVS retail ops, with the...

Michael Causton

Japan's Retail Sector Grows Faster than 1990

​Retailing in Japan is thriving as consumers shop enthusiastically, despite concerns about inflation, and tourists return in record numbers. The...

Michael Causton

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

A Supermarket Clothing Revival in Japan?

​GMS chains and supermarkets are reviving their clothing sections, potentially creating new opportunities for higher margins at GMS operations.

Michael Causton

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

​Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

Seven & I showed some falls in SSS and income in 1H. Plans to restructure business by creating York Holdings for non-CVS retail ops, with the...

Retailing in Japan is thriving as consumers shop enthusiastically, despite concerns about inflation, and tourists return in record numbers. The...

GMS chains and supermarkets are reviving their clothing sections, potentially creating new opportunities for higher margins at GMS operations.

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...