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>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

<ul>
<li>Parts of the apparel/fashion sector made a complete recovery last year but performance was patchy, with high rates of growth from a few but more had sales below 2019.</li>
<li>2023-24 should be a stellar year thanks to inbound tourism growth and healthier, if still hesitant, domestic demand.</li>
<li>While profitability has risen significantly, the pressure to keep prices down is widening the gap between efficient operators and the rest.</li>
</ul>


Parts of the apparel/fashion sector made a complete recovery last year but performance was patchy, with high rates of growth from a few but more had sales below 2019.
2023-24 should be a stellar year thanks to inbound tourism growth and healthier, if still hesitant, domestic demand.
While profitability has risen significantly, the pressure to keep prices down is widening the gap between efficient operators and the rest.


Japan's Fashion Sector 2023: Recovery Complete for Some as the Sector Looks Forward

Equity Bottom-Up

<ul>
<li>Japan has a solid if stagnant footwear market, yet it only has one compelling nationwide footwear retailer.</li>
<li>ABC Mart continues to outperform its smaller rivals, with little competition as its main rivals decline further.</li>
<li>The real competition is coming from brands selling directly to customers via their own stores and online – and low-cost retailers nipping at its heels from below.</li>
</ul>


Japan has a solid if stagnant footwear market, yet it only has one compelling nationwide footwear retailer.
ABC Mart continues to outperform its smaller rivals, with little competition as its main rivals decline further.
The real competition is coming from brands selling directly to customers via their own stores and online – and low-cost retailers nipping at its heels from below.


<ul>
<li>After the accelerated transition to digital channels during Covid, the fashion sector had a calmer year in 2022 although GTVs still grew around 10%. </li>
<li>Most retailers spent the time investing in more seamless and coherent omnichannel models, and in making the best use of stores and staff in online promotions.</li>
<li>This shift to omnichannel is also leading to changing merchandising, including pre-selling inventory, while others are turning their online stores into malls. </li>
</ul>


After the accelerated transition to digital channels during Covid, the fashion sector had a calmer year in 2022 although GTVs still grew around 10%. 
Most retailers spent the time investing in more seamless and coherent omnichannel models, and in making the best use of stores and staff in online promotions.
This shift to omnichannel is also leading to changing merchandising, including pre-selling inventory, while others are turning their online stores into malls. 


Japan's Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

<ul>
<li>Workman may have its roots in workwear for tradespeople but it is evolving fast, moving beyond outdoor and sports and now into core clothing categories like underwear.</li>
<li>It is using its long-term planning to undercut competitors through economies of scale as well as its focus on non-seasonal basics but is even adding new fashion lines too.</li>
<li>Same-Store sales growth has fallen sharply in recent years but the new categories may help revive growth levels again.</li>
</ul>


Workman may have its roots in workwear for tradespeople but it is evolving fast, moving beyond outdoor and sports and now into core clothing categories like underwear.
It is using its long-term planning to undercut competitors through economies of scale as well as its focus on non-seasonal basics but is even adding new fashion lines too.
Same-Store sales growth has fallen sharply in recent years but the new categories may help revive growth levels again.


Workman: More Categories, More Fashion, More Sales

Japan

WORKMAN CO., LTD. designs, produces, and retails work uniforms and related goods including work gloves and safety shoes.  The Company operates its own stores and franchise stores located throughout eastern Japan.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Workman Co Ltd (7564 JP)

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

Japan's Fashion Sector 2023: Recovery Complete for Some as the Sector Looks Forward

Apparel sector's recovery in 2022 was uneven. Tourism and domestic demand are expected to boost 2023-24 sales, but pricing pressure is widening...

Michael Causton

ABC Mart Expands Lead in Footwear

Despite a stagnant market, ABC Mart remains dominant in Japan's footwear industry, although it is now facing competition from direct brand sales...

Michael Causton

Japan's Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

Japan's fashion e-commerce sector offers major growth stories among both online malls and physical retailers making a successful transition to...

Michael Causton

Workman: More Categories, More Fashion, More Sales

Investors turned away from Workman as same-store sales fell from double digits but the workwear retailer continues to innovate with plenty of...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Japan's Fashion Sector 2023: Recovery Complete for Some as the Sector Looks Forward

​Apparel sector's recovery in 2022 was uneven. Tourism and domestic demand are expected to boost 2023-24 sales, but pricing pressure is widening...

Michael Causton

ABC Mart Expands Lead in Footwear

​Despite a stagnant market, ABC Mart remains dominant in Japan's footwear industry, although it is now facing competition from direct brand sales...

Michael Causton

Japan's Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

Japan's fashion e-commerce sector offers major growth stories among both online malls and physical retailers making a successful transition to...

Michael Causton

Workman: More Categories, More Fashion, More Sales

Investors turned away from Workman as same-store sales fell from double digits but the workwear retailer continues to innovate with plenty of...

Michael Causton

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

Apparel sector's recovery in 2022 was uneven. Tourism and domestic demand are expected to boost 2023-24 sales, but pricing pressure is widening...

Despite a stagnant market, ABC Mart remains dominant in Japan's footwear industry, although it is now facing competition from direct brand sales...