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>Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.</li>
<li>Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.</li>
<li>The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. </li>
</ul>


Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.
Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.
The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. 


Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

<ul>
<li>Japan's drugstore sector is in the midst of consolidation through organic expansion and M&amp;A but who are the leaders and how do they compare?</li>
<li>We provide snapshot profiles on each of the key players, their current strategies and future outlook.</li>
<li>With the sector increasingly threatening the supermarket and convenience store sectors, many of these names will come to dominate Japanese retailing in the next decade.</li>
</ul>


Japan's drugstore sector is in the midst of consolidation through organic expansion and M&amp;A but who are the leaders and how do they compare?
We provide snapshot profiles on each of the key players, their current strategies and future outlook.
With the sector increasingly threatening the supermarket and convenience store sectors, many of these names will come to dominate Japanese retailing in the next decade.


<ul>
<li>The big merger between Welcia and Tsuruha is part of a wider concentration of market share in the drugstore sector as the leaders take on supermarkets and even convenience stores.</li>
<li>Japan's drugstores have morphed into multiple sub-formats, selling food and other FMCG products in ever higher ratios, creating massive pressure for other sectors. </li>
<li>The net effect is the emergence of a powerful new retail sector that is impacting all other FMCG retail formats and even lifestyle categories like cosmetics.</li>
</ul>


The big merger between Welcia and Tsuruha is part of a wider concentration of market share in the drugstore sector as the leaders take on supermarkets and even convenience stores.
Japan's drugstores have morphed into multiple sub-formats, selling food and other FMCG products in ever higher ratios, creating massive pressure for other sectors. 
The net effect is the emergence of a powerful new retail sector that is impacting all other FMCG retail formats and even lifestyle categories like cosmetics.


Japan Drugstores: More M&A as Sector Attacks Supermarkets and Conbini

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The first piece had a question mark in the title. This one has an exclamation point. The exclamation point has value for one investor. Other people? Not so much.</li>
<li>Today post-close we got the deal. I was a little surprised it came this fast, but it's now mostly done it appears - largely as predicted in the <a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger" target="_blank" rel="noopener">last piece</a>.</li>
<li>There are things one can probably read into the details. It is probably worth thinking about those, and how those details affect the industry. </li>
</ul>


The first piece had a question mark in the title. This one has an exclamation point. The exclamation point has value for one investor. Other people? Not so much.
Today post-close we got the deal. I was a little surprised it came this fast, but it's now mostly done it appears - largely as predicted in the last piece.
There are things one can probably read into the details. It is probably worth thinking about those, and how those details affect the industry. 


Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux]

David Blennerhassett

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

Japan

WELCIA HOLDINGS CO.,LTD. is a holding company established through a merger of Welcia Kanto and Takada Pharmacy.  The Group mainly operates drug chain stores which sell medicines, health foods, cosmetics, nursery items and daily necessity goods.

Price Gauge
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Welcia Holdings (3141 JP)

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

Leaders of Japan's Drugstore Sector

Japan's drugstore sector is consolidating through organic growth and M&A, with key players poised to dominate retailing in the next decade. But...

Michael Causton

Japan Drugstores: More M&A as Sector Attacks Supermarkets and Conbini

The merger of Welcia and Tsuruha reflects market consolidation in Japan's drugstore sector, with major attacks on supermarkets and even conbinis....

Michael Causton

Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux]

The idea of holding the potential targets (Sundrug, Sugi, Cosmo, Kusuri no Aoki, Create SD, Ain, Nihon Chozai) against a short (or implied short)...

Travis Lundy

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

Leaders of Japan's Drugstore Sector

​Japan's drugstore sector is consolidating through organic growth and M&A, with key players poised to dominate retailing in the next decade. But...

Michael Causton

Japan Drugstores: More M&A as Sector Attacks Supermarkets and Conbini

​The merger of Welcia and Tsuruha reflects market consolidation in Japan's drugstore sector, with major attacks on supermarkets and even conbinis....

Michael Causton

Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux]

The idea of holding the potential targets (Sundrug, Sugi, Cosmo, Kusuri no Aoki, Create SD, Ain, Nihon Chozai) against a short (or implied short)...

Travis Lundy

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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

Japan's drugstore sector is consolidating through organic growth and M&A, with key players poised to dominate retailing in the next decade. But...

The merger of Welcia and Tsuruha reflects market consolidation in Japan's drugstore sector, with major attacks on supermarkets and even conbinis....