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>The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.</li>
<li>Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.</li>
<li>Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.</li>
</ul>


The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.
Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.
Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.


Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Japan Specialist

Mark Chadwick

<ul>
<li>Retail stocks perform well again as China relaxes restrictions on domestic travel</li>
<li>However, it could take a couple of years for international travel to return to previous levels</li>
<li>We believe that most of the catalysts for our bullish stance on this macro call have now played out</li>
</ul>


Retail stocks perform well again as China relaxes restrictions on domestic travel
However, it could take a couple of years for international travel to return to previous levels
We believe that most of the catalysts for our bullish stance on this macro call have now played out


Japan Weekly | Chinese Tourists Stay Close to Home

Equity Bottom-Up

<ul>
<li>J Front has acquired a stake in an e-sports management business and will use this to target younger people, drawing them into its buildings through themed events.</li>
<li>Event marketing has become a key weapon for department stores and shopping buildings and should help bring in more young people.</li>
<li>J Front is also using technology to bring in more HNWIs – where the real profits lie.</li>
</ul>


J Front has acquired a stake in an e-sports management business and will use this to target younger people, drawing them into its buildings through themed events.
Event marketing has become a key weapon for department stores and shopping buildings and should help bring in more young people.
J Front is also using technology to bring in more HNWIs – where the real profits lie.


J Front Gets into Gaming to Drive Young Customers to Buildings

<ul>
<li>J. Front is a key beneficiary of improving consumption post-pandemic and a return of inbound tourism.</li>
<li>Q2 sales rose 4.8% on the year. 2H sales guidance +2% YoY looks too conservative given full resumption of inbound tourism.</li>
<li>We believe the stock still represents good value at 0.9x book value.</li>
</ul>


J. Front is a key beneficiary of improving consumption post-pandemic and a return of inbound tourism.
Q2 sales rose 4.8% on the year. 2H sales guidance +2% YoY looks too conservative given full resumption of inbound tourism.
We believe the stock still represents good value at 0.9x book value.


J Front Retailing (3086) | Still in the Bargain Basement

<ul>
<li>Department stores managed a partial rebound in 2021-22 but remain around 19% behind pre-Covid levels overall. As a result, profits remain elusive and the shake up in the industry continues. </li>
<li>On the plus side, luxury sales continue to surge and management is now more engaged than for years.</li>
<li>Although we remain negative on the sector overall, some companies will bounce back strongly as detailed in this in-depth review of the sector.</li>
</ul>


Department stores managed a partial rebound in 2021-22 but remain around 19% behind pre-Covid levels overall. As a result, profits remain elusive and the shake up in the industry continues. 
On the plus side, luxury sales continue to surge and management is now more engaged than for years.
Although we remain negative on the sector overall, some companies will bounce back strongly as detailed in this in-depth review of the sector.


Japan Department Stores: Sales Recovery but the Real Opportunity Is in Margin Growth

Japan

J. FRONT RETAILING CO., Ltd. is a holding company established through the merger of Daimaru and Matsuzakaya.  J. FRONT RETAILING operates department stores and supermarkets. The Company also manages subsidiaries which operate in wholesale businesses.

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J Front Retailing (3086 JP)

Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Tourism is back in Japan, both domestic and inbound. We outline some of the key beneficiaries and expectations for a return to 2019 levels by next...

Michael Causton

Japan Weekly | Chinese Tourists Stay Close to Home

The Japan Weekly discusses those stocks that have performed well (or not) over the past week. This time, we look at the strong performance of...

Mark Chadwick

J Front Gets into Gaming to Drive Young Customers to Buildings

J Front is more innovative than most businesses with department stores at their core and looks set to reap the benefits as domestic and inbound...

Michael Causton

J Front Retailing (3086) | Still in the Bargain Basement

J. Front is a key beneficiary of improving consumption post-pandemic and a return of inbound tourism. The stock is trading at the bargain basement...

Mark Chadwick

Japan Department Stores: Sales Recovery but the Real Opportunity Is in Margin Growth

The Japanese department store sector suffered terribly during the pandemic and is in long-term decline but key companies are rebounding strongly...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)