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>Retail media in its traditional sense is nothing new, simply referring to the use of advertising in stores, but in modern terms retail media is something far, far bigger. </li>
<li>It is not only a trend in the US, but one that is about to explode in Japan – although in a very different format.</li>
<li>With purchase rates up two-fold in early experiments, the potential for brands advertising through retail stores will be significant with some estimates suggesting a ¥20 trillion market.</li>
</ul>


Retail media in its traditional sense is nothing new, simply referring to the use of advertising in stores, but in modern terms retail media is something far, far bigger. 
It is not only a trend in the US, but one that is about to explode in Japan – although in a very different format.
With purchase rates up two-fold in early experiments, the potential for brands advertising through retail stores will be significant with some estimates suggesting a ¥20 trillion market.


Retail Ads: A New Revenue Stream for Seven & I and Rival Convenience Stores

Thematic (Sector/Industry)

<ul>
<li>After stellar growth in 2020, the e-commerce market grew much slower in 2021 but still outpaced all other channels and set the second highest increase in four years.</li>
<li>At this rate, by 2025 e-commerce should become the largest retail channel, overtaking chain stores.</li>
<li>Japan’s easy access to retail stores means shops aren’t about to disappear anytime soon and Japan will become a model for omnichannel retailing with stores still playing a key role.</li>
</ul>


After stellar growth in 2020, the e-commerce market grew much slower in 2021 but still outpaced all other channels and set the second highest increase in four years.
At this rate, by 2025 e-commerce should become the largest retail channel, overtaking chain stores.
Japan’s easy access to retail stores means shops aren’t about to disappear anytime soon and Japan will become a model for omnichannel retailing with stores still playing a key role.


Japanese E-Commerce Big Review: Still Taking Market Share as Omnichannel Becomes the Norm

<ul>
<li>Growth in the Japanese home interiors and furniture markets is set to continue long-term. </li>
<li>At present, just a handful of brands have any major presence led by <a href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20386:1" rel="noopener">Nitori Holdings (9843 JP)</a> which continues to expand market share.</li>
<li>With multiple formats, Nitori looks set to continue to dominate but faces competition from unlikely quarters, especially <a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP).</a>
</li>
</ul>


Growth in the Japanese home interiors and furniture markets is set to continue long-term. 
At present, just a handful of brands have any major presence led by Nitori Holdings (9843 JP) which continues to expand market share.
With multiple formats, Nitori looks set to continue to dominate but faces competition from unlikely quarters, especially Yamada Denki (9831 JP).



Interiors Long-Term Growth in Japan a Plus for Nitori

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the likelihood of more buybacks and pressure on capital allocation and structuring of the renewable energy business, <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy (5021 JP)</a> is more of a buy than a sell.</li>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> is a tricky beast to analyze. A key issue for investors is valuing Olam, ex- Olam Agri, ex- OFI.</li>
<li>Unloved as it is, <a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP)</a> is still cheap. </li>
</ul>


Given the likelihood of more buybacks and pressure on capital allocation and structuring of the renewable energy business, Cosmo Energy (5021 JP) is more of a buy than a sell.

Olam Group (OLG SP) is a tricky beast to analyze. A key issue for investors is valuing Olam, ex- Olam Agri, ex- OFI.
Unloved as it is, Yamada Denki (9831 JP) is still cheap. 


Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP)</a> has bought back nearly 16% of shares out ex-Treasury in the 7.5 months since last fiscal year earnings were announced. It went limit up on Day1.</li>
<li>Then it stopped - despite the buyback being 15% of expected volume every day for a year and a HUGE piece of Real World Float.</li>
<li>There is 8% left to buy at current prices - 16-18% of volume the next 4.5mos. And it is still a dirt cheap capital structure and somewhat sticky shareholder structure.</li>
</ul>



Yamada Denki (9831 JP) has bought back nearly 16% of shares out ex-Treasury in the 7.5 months since last fiscal year earnings were announced. It went limit up on Day1.
Then it stopped - despite the buyback being 15% of expected volume every day for a year and a HUGE piece of Real World Float.
There is 8% left to buy at current prices - 16-18% of volume the next 4.5mos. And it is still a dirt cheap capital structure and somewhat sticky shareholder structure.


Yamada Denki (9831) - GINORMOUS Buyback 2/3 Done. Stock Price Reaction Limited.

Japan

YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout Japan.  The Company sells home appliances, audio & visual systems, office automation equipment, telecommunication equipment, software, and computers. The Company also provides repair services for its merchandises.

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

Yamada Denki (9831 JP)

Retail Ads: A New Revenue Stream for Seven & I and Rival Convenience Stores

Japanese convenience stores have reached stagnation so new sources of revenue to support same-store growth are key. And they may have found it:...

Michael Causton

Interiors Long-Term Growth in Japan a Plus for Nitori

Japan's interiors consumption has been one of the few categories to grow consistently and will continue to grow steadily as Japanese appetite for...

Michael Causton

Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

The 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

Yamada Denki (9831) - GINORMOUS Buyback 2/3 Done. Stock Price Reaction Limited.

Ubiquitous electronics retailer Yamada Denki announced a HUGE 24% buyback last May. Then it started buying. It is 2/3 done now with plenty of room...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Retail Ads: A New Revenue Stream for Seven & I and Rival Convenience Stores

Japanese convenience stores have reached stagnation so new sources of revenue to support same-store growth are key. And they may have found it:...

Michael Causton

Japanese E-Commerce Big Review: Still Taking Market Share as Omnichannel Becomes the Norm

Japanese e-commerce continues to take more share from other retail channels but Japan is developing a sophisticated omnichannel model where stores...

Michael Causton

Interiors Long-Term Growth in Japan a Plus for Nitori

Japan's interiors consumption has been one of the few categories to grow consistently and will continue to grow steadily as Japanese appetite for...

Michael Causton

Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

The 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

Yamada Denki (9831) - GINORMOUS Buyback 2/3 Done. Stock Price Reaction Limited.

Ubiquitous electronics retailer Yamada Denki announced a HUGE 24% buyback last May. Then it started buying. It is 2/3 done now with plenty of room...

Travis Lundy