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)

Monthly sales data for GMS chains and department store branches was withheld last year as companies were reluctant to reveal just how bad things were. For most GMS chains, however, it turns out CY2020 was a great year and for food supermarkets, the shift to buying more fresh food could endure beyond the pandemic. Department stores did poorly but there were some striking differences in performance between stores.

Monthly sales data for GMS chains and department store branches was withheld last year as companies were reluctant to reveal just how bad things were. For most GMS chains, however, it turns out CY2020 was a great year and for food supermarkets, the shift to buying more fresh food could endure beyond the pandemic. Department stores did poorly but there were some striking differences in performance between stores. 

Department Stores and GMS: A Bit Better than Expected in CY2020

Just a month after <a href="https://www.smartkarma.com/entities/meganesuper-co-ltd" target="_blank" data-smartkarma-citation="entities:14070:1" rel="noopener">Meganesuper (3318 JP)</a> said it was switching from opening new physical stores to mobile ones, other retailers are following suit. With Covid-19 infections reaching new records in Japan in December, taking the shop to the consumers is looking like an attractive option, rather than hoping that a few might make it out to stores,  and a visiting store-in-a-truck should help less mobile customers too.

Just a month after Meganesuper (3318 JP) said it was switching from opening new physical stores to mobile ones, other retailers are following suit. With Covid-19 infections reaching new records in Japan in December, taking the shop to the consumers is looking like an attractive option, rather than hoping that a few might make it out to stores,  and a visiting store-in-a-truck should help less mobile customers too. 

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners and losers. <a href="https://www.smartkarma.com/insights/japan-retail-review-and-ranking-2018-19-profit-growth-slowing-as-competition-increases" target="_blank" rel="noopener">In an accompanying Insight, we provide an overview of retail performance for the entire sector in 2018-19 by sales, profits and margins.</a>

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners and losers. In an accompanying Insight, we provide an overview of retail performance for the entire sector in 2018-19 by sales, profits and margins.

Japan Retail Highlights 2018-19: Sector by Sector and Winners in Each Sector

Signs of consolidation in the supermarket sector have come and gone over the past decade, but recent events suggest there will now be a sustained increase.
Traditionalists, and the wholesalers, who control the sector, point to the positives of greater variety and local food differentiation; yet these are what have kept the sector so fragmented and inefficient.
However, with falling populations and a shift to online buying gradually gaining momentum, as well as encroachment from other sectors such as drugstores, the time is ripe for bigger fish to start eating up the many, many tiddlers.

Signs of consolidation in the supermarket sector have come and gone over the past decade, but recent events suggest there will now be a sustained increase.
Traditionalists, and the wholesalers, who control the sector, point to the positives of greater variety and local food differentiation; yet these are what have kept the sector so fragmented and inefficient.
However, with falling populations and a shift to online buying gradually gaining momentum, as well as encroachment from other sectors such as drugstores, the time is ripe for bigger fish to start eating up the many, many tiddlers. 

Japanese Supermarket Consolidation Likely and Soon

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, <a href="https://www.smartkarma.com/entities/nagatanien-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:8059:1" rel="noopener">Nagatanien Holdings (2899 JP)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>.
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), Hollysys Automation Technologies (HOLI US), Asia Cement China (743 HK), A8 New Media (800 HK), Malaysia Airports Holdings (MAHB MK). 
Lowest spreads: Fancl Corp (4921 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), Great Eastern Holdings (GE SP), Nagatanien Holdings (2899 JP), Chilled &amp; Frozen Logistics Holdings (9099 JP).



Merger Arb Mondays (24 Jun) - Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA

Japan

INAGEYA CO., LTD. manages retail shops which mainly handle seafood, processed foods, and household products.  The Company mainly operates the business in Tokyo, Saitama, and Kanagawa area.

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Inageya Co Ltd (8182 JP)

Department Stores and GMS: A Bit Better than Expected in CY2020

A review of the 2020 performance of Japanese GMS chains and department stores. There is more growth for food-based GMS retailers but department...

Michael Causton

Mobile Shops and Flexible Delivery

Mobile stores are an increasing phenomenon in Japan. They are a solution to Japan's ageing population but also allow retailers to take their wares...

Michael Causton

Japan Retail Highlights 2018-19: Sector by Sector and Winners in Each Sector

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners...

Michael Causton

Japanese Supermarket Consolidation Likely and Soon

Signs of consolidation in the supermarket sector have come and gone over the past decade, but recent events suggest there will now be a sustained...

Michael Causton

Merger Arb Mondays (24 Jun) - Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA

This week, the highest gross spreads are HEC Pharma (130.3%), Hollysys (22.8%), Asia Cement China (14.2%), A8 New Media (12.5%), Malaysia Airports...

Arun George

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