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>JR Takashimaya is a newbie in the world of department store retailing but has grown to become the fourth highest selling store in the two decades since it opened. </li>
<li>As a result, it is increasingly regarded by brands as the Nagoyan version of Isetan Shinjuku in Tokyo and Hankyu Umeda in Osaka.</li>
<li>The store is an example of Takashimaya's successful strategy to surround its key stores with more shopping facilities to suit all population segments, so driving traffic to the main store.</li>
</ul>


JR Takashimaya is a newbie in the world of department store retailing but has grown to become the fourth highest selling store in the two decades since it opened. 
As a result, it is increasingly regarded by brands as the Nagoyan version of Isetan Shinjuku in Tokyo and Hankyu Umeda in Osaka.
The store is an example of Takashimaya's successful strategy to surround its key stores with more shopping facilities to suit all population segments, so driving traffic to the main store.


Thematic (Sector/Industry)

<ul>
<li>More evidence is emerging that department stores will rely increasingly on wealthy VIP account holders to maintain sales in the future. </li>
<li>The wealthy are also getting younger and department stores are adapting, using digital services which are also cheaper to run.</li>
<li>With luxury prices up and the inbound trade also coming back strongly, the outlook for the better stores is positive – even though the sector overall will continue to contract.</li>
</ul>


More evidence is emerging that department stores will rely increasingly on wealthy VIP account holders to maintain sales in the future. 
The wealthy are also getting younger and department stores are adapting, using digital services which are also cheaper to run.
With luxury prices up and the inbound trade also coming back strongly, the outlook for the better stores is positive – even though the sector overall will continue to contract.


Luxury Boost for Japan's Department Stores

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>YFO has played a relatively upfront game for <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> - badly at first, then better. </li>
<li>With <a href="https://www.smartkarma.com/entities/takashimaya-co-ltd" target="_blank" data-smartkarma-citation="entities:370:1" rel="noopener">Takashimaya (8233 JP)</a> and <a href="https://www.smartkarma.com/entities/h2o-retailing-corp" target="_blank" data-smartkarma-citation="entities:17562:1" rel="noopener">H2O (8242 JP)</a> now more secure and cross-shareholdings more problematic, they will sell off their equity in each other but continue to work on joint projects.</li>
<li>
<a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a>'s latest buyback offers a minimum proration of 7.8%, although applying the last buyback two years ago, it's likely to be 13%+.</li>
</ul>


YFO has played a relatively upfront game for Toyo Construction (1890 JP) - badly at first, then better. 
With Takashimaya (8233 JP) and H2O (8242 JP) now more secure and cross-shareholdings more problematic, they will sell off their equity in each other but continue to work on joint projects.

Skyworth Group Limited (751 HK)'s latest buyback offers a minimum proration of 7.8%, although applying the last buyback two years ago, it's likely to be 13%+.


Last Week in Event SPACE: Toyo, Takashimaya/H2O, Skyworth, Shandong Fengxiang, O2Micro

<ul>
<li>Takashimaya and H2O Retailing entered what felt like a forced engagement of convenience in 2008 when all their other competitors were busy merging.</li>
<li>Although discussions for a full merger were held, in truth, thea agreement was more about practical collaboration to create more efficiencies. </li>
<li>With both firms now more secure and cross-shareholdings more problematic, they will sell off their equity in each other but continue to work on joint projects.</li>
</ul>


Takashimaya and H2O Retailing entered what felt like a forced engagement of convenience in 2008 when all their other competitors were busy merging.
Although discussions for a full merger were held, in truth, thea agreement was more about practical collaboration to create more efficiencies. 
With both firms now more secure and cross-shareholdings more problematic, they will sell off their equity in each other but continue to work on joint projects.


Japan Specialist

Mark Chadwick

<ul>
<li>
OVERSEAS:  SPX +0.1%, eakes out gains; BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication); TSLA at 2 year low-we are focused on deliveries</li>
<li>
JAPAN:  NKY Futs vs Cash -0.9% - mainly due to yen strengthening; BOJ's change reverberates across markets;  Positive 3Q Takashimaya preview positive read for Inbound; Courts support Nuke restarts</li>
<li>
DAILY NUGGETS: The BOJ has started on the path towards policy normalisation, SIX MONTHS EARLY. No issues with the move - the shift was poorly communicated, or rather, NOT COMMUNICATED.  </li>
</ul>



OVERSEAS:  SPX +0.1%, eakes out gains; BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication); TSLA at 2 year low-we are focused on deliveries

JAPAN:  NKY Futs vs Cash -0.9% - mainly due to yen strengthening; BOJ's change reverberates across markets;  Positive 3Q Takashimaya preview positive read for Inbound; Courts support Nuke restarts

DAILY NUGGETS: The BOJ has started on the path towards policy normalisation, SIX MONTHS EARLY. No issues with the move - the shift was poorly communicated, or rather, NOT COMMUNICATED.  


Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

Japan

Takashimaya Company, Limited., founded in Kyoto in 1831, operates department stores.  The Company's main stores are located in Tokyo, Osaka, and Kyoto. Takashimaya also operates department stores in Paris, France, Singapore, China, Australia, and New York, USA.  The Company retails clothing, foods, art objects, sundry goods, and household utensils.  The Company also operates restaurants.

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Takashimaya (8233 JP)

Record Sales at JR Tokai Takashimaya

Takashimaya is one of the few department store chains likely to outperform an otherwise problematic sector in the next few years. Its Nagoya stores...

Michael Causton

Luxury Boost for Japan's Department Stores

Japan's department store decline is overshadowing some resurgence in sales and, above all, profit among the better managed firms. Strong brands and...

Michael Causton

Last Week in Event SPACE: Toyo, Takashimaya/H2O, Skyworth, Shandong Fengxiang, O2Micro

The long weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Takashimaya and H2O Cancel Tie-Up

Takashimaya and H2O Retailing originally discussed merger in 2008 at the height of department store defensive measures but never really committed....

Michael Causton

Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication). NKY Futs vs Cash -0.9% Positive 3Q Takashimaya preview...

Mark Chadwick

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