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. 

Thematic (Sector/Industry)

<ul>
<li>The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.</li>
<li>FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. </li>
<li>We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.</li>
</ul>


The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.
FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. 
We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.


Japanese Retailing 2021-22: What's Really Going on and What's Next?

Equity Bottom-Up

<ul>
<li>Decathlon entered the Japanese retail market in 2017 with the opportunity to take a significant share of a growing sports and athleisure sector.</li>
<li>But the French firm is already retreating: it will close its two stores and focus on online and wholesaling. </li>
<li>The market is poorer for but it does leave the market wide open for Workman – which built a consumer chain to combat Decathlon – to become dominant.</li>
</ul>


Decathlon entered the Japanese retail market in 2017 with the opportunity to take a significant share of a growing sports and athleisure sector.
But the French firm is already retreating: it will close its two stores and focus on online and wholesaling. 
The market is poorer for but it does leave the market wide open for Workman – which built a consumer chain to combat Decathlon – to become dominant.


Workman Wins as Decathlon Closes Japan Stores

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.</li>
<li>Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. </li>
<li>The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.</li>
</ul>


TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.
Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. 
The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.


TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

<ul>
<li>Core inflation rates remain stubbornly high and real wages are still falling. </li>
<li>Surveys suggest one more major round of price hikes in October but the government still thinks prices will stabilise below its 2% target by the end of the year.</li>
<li>The increases are lowering consumer confidence – bad news for most retailers, although major discount chains are making hay while the sun, well, doesn’t shine.</li>
</ul>


Core inflation rates remain stubbornly high and real wages are still falling. 
Surveys suggest one more major round of price hikes in October but the government still thinks prices will stabilise below its 2% target by the end of the year.
The increases are lowering consumer confidence – bad news for most retailers, although major discount chains are making hay while the sun, well, doesn’t shine.


Japanese Prices Rise Again; 60% of Consumers Feeling the Pinch and Looking for Better Value

<ul>
<li>If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.</li>
<li>Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.</li>
<li>Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.</li>
</ul>


If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.
Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.
Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.


Japan Retail Update: Winners and Losers as FY2023 Ends

Japan

Alpen Co., Ltd. develops and sells sports products including golf, tennis, marine and baseball products based in Aichi.  The Company also operates ski resorts and golf courses.

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Alpen Co Ltd (3028 JP)

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

Workman Wins as Decathlon Closes Japan Stores

Workman has won the battle for Japan's low price sports and outdoor market. Decathlon is in retreat and no other retailer comes close on cost...

Michael Causton

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings is a long-time value name. It has a bigger portfolio, still has low ROE high CF, and LOTS of financial assets. At 0.03x EV/rev +...

Travis Lundy

Japanese Prices Rise Again; 60% of Consumers Feeling the Pinch and Looking for Better Value

Japanese consumer markets have three big trends: higher prices/squeezed incomes, doubling of single households and more people feeling the pinch....

Michael Causton

Japan Retail Update: Winners and Losers as FY2023 Ends

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

Workman Wins as Decathlon Closes Japan Stores

Workman has won the battle for Japan's low price sports and outdoor market. Decathlon is in retreat and no other retailer comes close on cost...

Michael Causton

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings is a long-time value name. It has a bigger portfolio, still has low ROE high CF, and LOTS of financial assets. At 0.03x EV/rev +...

Travis Lundy

Japanese Prices Rise Again; 60% of Consumers Feeling the Pinch and Looking for Better Value

Japanese consumer markets have three big trends: higher prices/squeezed incomes, doubling of single households and more people feeling the pinch....

Michael Causton

Japan Retail Update: Winners and Losers as FY2023 Ends

​Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...