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

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

<ul>
<li>Seven Eleven is turning to apparel to boost same-store sales growth as it falls behind rivals.  </li>
<li>Hello Kitty aside, its hands-off tie-up with And ST looks poorly suited to the very specific type of compact, impulse-driven conbini merchandising needed here.</li>
<li>FamilyMart got it right and how has a ¥20 billion clothing line aiming for ¥100 billion – but even then, FamilyMart is still struggling to keep footfall positive.</li>
</ul>


Seven Eleven is turning to apparel to boost same-store sales growth as it falls behind rivals.  
Hello Kitty aside, its hands-off tie-up with And ST looks poorly suited to the very specific type of compact, impulse-driven conbini merchandising needed here.
FamilyMart got it right and how has a ¥20 billion clothing line aiming for ¥100 billion – but even then, FamilyMart is still struggling to keep footfall positive.


Conbini Clothing Wars: No Riches from Rags for Seven Eleven

TRIAL Holdings, Inc. engages in the planning, management, and operation of corporate groups centered on retail, logistics, finance and payment, and retail technology businesses. The firm operates its business through two segments Distribution Retail Business and Retail AI Business. The Distribution Retail Business mainly operates stores such as the discount store Trial. The Retail AI Business mainly engages in research and development aimed at turning stores into smart stores, sales of products related to smart stores, and contract work. The company was founded in April 1974 and is headquartered in Fukuoka, Japan.

<ul>
<li>Trial Holdings is monetising ¥17 billion of Seiyu property to acquire funds to expand. </li>
<li>Behind record consolidated sales of ¥1.347 trillion sits ¥394.6 billion of borrowing, a 70% fall in net profit, and a Seiyu expansion that will get more expensive before it pays.</li>
<li>But it will be worth the cost. Trial-Seiyu has compelling stores, mixing low prices and flexible formats, including small stores to take on convenience chains.</li>
</ul>


Trial Holdings is monetising ¥17 billion of Seiyu property to acquire funds to expand. 
Behind record consolidated sales of ¥1.347 trillion sits ¥394.6 billion of borrowing, a 70% fall in net profit, and a Seiyu expansion that will get more expensive before it pays.
But it will be worth the cost. Trial-Seiyu has compelling stores, mixing low prices and flexible formats, including small stores to take on convenience chains.


Trial Continues Seiyu Rebuild and Combini-Killer Expansion

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.

<ul>
<li>We continue to be bullish about Workman’s back-to-basics strategy which has delivered a second straight year of record sales and profit, with same-store sales up 9%. </li>
<li>New president Koji Ouchi has just revamped the business under five core functional categories, as well as moving towards more mass-scale manufacturing and corporate franchising.</li>
<li>The new strategy is part of a drive toward 1,300 stores by 2030.</li>
</ul>


We continue to be bullish about Workman’s back-to-basics strategy which has delivered a second straight year of record sales and profit, with same-store sales up 9%. 
New president Koji Ouchi has just revamped the business under five core functional categories, as well as moving towards more mass-scale manufacturing and corporate franchising.
The new strategy is part of a drive toward 1,300 stores by 2030.


Private Capital Markets

Seria Co., Ltd. operates 100 yen chain stores nationwide.   The Company also operates franchise business.  Seria's main product line includes household goods and snacks.

<ul>
<li>Daiso is unlisted but dominates the listed competitors in the 100 Yen sector like <a href="https://www.smartkarma.com/entities/seria-co-ltd" target="_blank" data-smartkarma-citation="entities:12989:1" rel="noopener">Seria Co Ltd (2782 JP)</a> and <a href="https://www.smartkarma.com/entities/can-do-co-ltd" target="_blank" data-smartkarma-citation="entities:6879:1" rel="noopener">Can Do Co Ltd (2698 JP).</a>
</li>
<li>Daiso posted its 15th consecutive year of record sales in FY2025 and store count reaching 6,000, driven by rapid expansion of its multi-banner format.</li>
<li>This is alongside a growing proprietary IP business and fandom marketing that is beginning to feed directly into product development.</li>
</ul>


Daiso is unlisted but dominates the listed competitors in the 100 Yen sector like Seria Co Ltd (2782 JP) and Can Do Co Ltd (2698 JP).

Daiso posted its 15th consecutive year of record sales in FY2025 and store count reaching 6,000, driven by rapid expansion of its multi-banner format.
This is alongside a growing proprietary IP business and fandom marketing that is beginning to feed directly into product development.


Daiso's Record Sales, 6,000 Stores Dominates Seria and Can Do

ABC-MART, INC. plans, develops, wholesales, and retails shoes.  The Company also plans and develops brand name shoes such as VANS and G.T. HAWKINS.  ABC-Mart imports and wholesales shoes, apparel, bags, and sundries as well.

<ul>
<li>ABC Mart aims to have 50 Oshman’s stores by 2031. </li>
<li>The plan is to build out Run &amp; Fitness, a new, smaller concept designed for shopping malls and to appeal to more female customers through yoga and Pilates.</li>
<li>The investment is part of wider plans to broaden ABC Mart's business beyond footwear and firmly into the still growing sports market, both in Japan and around Asia.</li>
</ul>


ABC Mart aims to have 50 Oshman’s stores by 2031. 
The plan is to build out Run &amp; Fitness, a new, smaller concept designed for shopping malls and to appeal to more female customers through yoga and Pilates.
The investment is part of wider plans to broaden ABC Mart's business beyond footwear and firmly into the still growing sports market, both in Japan and around Asia.
