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. 

Equity Bottom-Up

<ul>
<li>Although spending on non-necessities withered from March 2020 onwards, some low-cost retailers of discretionary items continued to grow. </li>
<li>Workman’s mix of high cost performance and engagement with the ever more active outdoor market has, and will, support expansion, even if same-store sales growth has slowed.</li>
<li>Future category expansion will deliver higher same-store sales as well as top line growth. 1,500 stores (from 1,000) is certain but 2,000 is possible thanks to new categories like footwear.</li>
</ul>


Although spending on non-necessities withered from March 2020 onwards, some low-cost retailers of discretionary items continued to grow. 
Workman’s mix of high cost performance and engagement with the ever more active outdoor market has, and will, support expansion, even if same-store sales growth has slowed.
Future category expansion will deliver higher same-store sales as well as top line growth. 1,500 stores (from 1,000) is certain but 2,000 is possible thanks to new categories like footwear.


2023 High Conviction: Workman's Cost Performance Will Beat the Competition

<ul>
<li>Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.</li>
<li>Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.</li>
<li>Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.</li>
</ul>


Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.
Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.
Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.


<ul>
<li>All of Japan's big apparel firms have radically restructured but there is a lot more work to be done.</li>
<li>Onward has done a great job of transitioning to e-commerce but this is not enough to sustain the business and provide new sources of growth.</li>
<li>Trading will improve but slowly and more dynamism is needed in brand development and marketing.</li>
</ul>


All of Japan's big apparel firms have radically restructured but there is a lot more work to be done.
Onward has done a great job of transitioning to e-commerce but this is not enough to sustain the business and provide new sources of growth.
Trading will improve but slowly and more dynamism is needed in brand development and marketing.


Japan Apparel Reset: Onward Looks to E-Commerce for Growth

<ul>
<li>Onward is proving adept at moving sales online even as its turnover drops dramatically as it restructures and slashes old stores – some 1,700 stores in two years. </li>
<li>It now wants to integrate the remaining stores better with online and targets 50% of sales from e-commerce within three years.</li>
<li>This won't be enough to offset lost sales at department stores but should mean improving returns for long-term investors.</li>
</ul>


Onward is proving adept at moving sales online even as its turnover drops dramatically as it restructures and slashes old stores – some 1,700 stores in two years. 
It now wants to integrate the remaining stores better with online and targets 50% of sales from e-commerce within three years.
This won't be enough to offset lost sales at department stores but should mean improving returns for long-term investors.


Onward: Moving to Showroom Stores and Click & Collect by 2024

Private Capital Markets

<ul>
<li>Baycrews is an unlisted fashion retailer but is proving highly disruptive to both competitors and online malls like <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a>.</li>
<li>It is making best use of staff knowledge and experience, an increasingly crucial asset in the competitive online fashion market, to create true omnichannel retailing.</li>
<li>As a result, it garners more than 70% of online sales from its own store, proving that the biggest competitor to Zozo is merchant direct sales, not other platforms.</li>
</ul>


Baycrews is an unlisted fashion retailer but is proving highly disruptive to both competitors and online malls like ZOZO Inc (3092 JP).
It is making best use of staff knowledge and experience, an increasingly crucial asset in the competitive online fashion market, to create true omnichannel retailing.
As a result, it garners more than 70% of online sales from its own store, proving that the biggest competitor to Zozo is merchant direct sales, not other platforms.


Baycrews Grows Online Sales to 50% of Turnover

Japan

ONWARD HOLDINGS CO., LTD. manufactures men's ready-made suits, women's, and children's wear.  The Company has its own brands, Onward and KUMIKYOKU. Onward also manufactures sports goods, books, stationery, cosmetics, art decoration.

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Onward Holdings (8016 JP)

2023 High Conviction: Workman's Cost Performance Will Beat the Competition

Some analysts have dismissed Workman as past its peak because S-S sales have fallen. This is a mistake: top line expansion and income growth will...

Michael Causton

Sanyo Shokai: More Unfulfilled Promises

Sanyo Shokai has promised a return to profit for more than five years. There seems to be more chance than for years for this to happen but it...

Michael Causton

Japan Apparel Reset: Onward Looks to E-Commerce for Growth

Onward Holdings has slashed stores by more than 1,700 and invested in e-commerce but this is not enough to deliver sustained growth. More work is...

Michael Causton

Onward: Moving to Showroom Stores and Click & Collect by 2024

Onward has closed 1,700 stores in two years and still needs to close more but its close integration of remaining stores and online should lead to...

Michael Causton

Baycrews Grows Online Sales to 50% of Turnover

Baycrews is leading the fashion sector on developing more direct online sales, pulling traffic away from the big online malls like Zozo. This is...

Michael Causton

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