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

<p><a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I's (3382 JP)</a> Sogo Seibu will undergo significant restructuring as part of the cull of Seven &amp; I’s poorest performing businesses.</p>
<p>The department store has <strong>slashed the number of stores in half since the 1990s with just 15 today, but five more will now close,</strong> with one more converted to a mall.</p>
<p>Other department stores have already earmarked 10 stores for closure in 2019, but Seven &amp; I’s decisiveness will encourage even more doors to shut.</p>
<p><strong>Since 2008, 68 department stores have closed and sales of almost ¥2 trillion have been lost from the sector. After reaching a peak of 311 stores in 1999, the total number of stores will fall to 200 during 2020.</strong></p>
<p>This is negative for sector growth but we continue to be optimistic about the remaining chains' potential to improve operating margins.</p>

Seven &amp; I's (3382 JP) Sogo Seibu will undergo significant restructuring as part of the cull of Seven &amp; I’s poorest performing businesses.
The department store has slashed the number of stores in half since the 1990s with just 15 today, but five more will now close, with one more converted to a mall.
Other department stores have already earmarked 10 stores for closure in 2019, but Seven &amp; I’s decisiveness will encourage even more doors to shut.
Since 2008, 68 department stores have closed and sales of almost ¥2 trillion have been lost from the sector. After reaching a peak of 311 stores in 1999, the total number of stores will fall to 200 during 2020.
This is negative for sector growth but we continue to be optimistic about the remaining chains' potential to improve operating margins.

Seven & I: Sogo Seibu to Close 30% of Remaining Stores

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<p style="text-align: center;"><strong>• RELATIVE PRICE SCORE</strong> • </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/226/original/2019-06-13_16-47-07.png?1560412038" class="editor-image img-responsive" data-smartkarma-image-id="90226"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>INTRODUCTION </strong>- The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at<strong> +4</strong> &amp; <strong>-2</strong> and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. RPS outliers with a Score of greater than 10.0 are rare outside of the 2000 tech 'bubble'. <a href="https://www.smartkarma.com/entities/goldwin-inc" target="_blank" data-smartkarma-citation="entities:410:1">Goldwin (8111 JP)</a> has the distinction of being one of only two large-cap RPS 'ten-baggers' since that time.</p><p><strong>This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/196/original/2019-06-13_11-15-27.png?1560392157" class="editor-image img-responsive" data-smartkarma-image-id="90196"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>STATISTICS</strong> - Currently, of the 3,832 listed companies for which daily RPS data is available, 94 companies are 'Overbought', and 131 are 'Oversold' - 2.5% and 3.4%, respectively of the total. For the 758 companies with a market capitalisation of over ¥100b, there are 50 'Overbought' and 18 'Oversold' companies, 6.6% and 5.0%, respectively. As noted the companion Insight, <a href="https://www.smartkarma.com/insights/japan-june-relative-price-scores-market-sectors-peer-groups-more-of-the-same" target="_blank" data-smartkarma-citation="insights:30323">🇯🇵 Japan • June Relative Price Scores: Market, Sectors &amp; Peer Groups - More of The Same</a>, these numbers and percentages are unusual and were last seen in the Japanese market in 2000. </p><hr><p style="text-align: center;"><strong>• RELATIVE PRICE SCORE TOPS •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/202/original/2019-06-13_13-06-49.png?1560398835" class="editor-image img-responsive" data-smartkarma-image-id="90202"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>RPS 'TOPS'</strong> - In the last two years, 444 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 43 days. 1.4% of the total of 1.29 million traded stock days were by companies with an RPS of over 4. For companies with a market capitalisation higher than ¥100b, the numbers are 96 companies and 75 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1">Descente (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1">Alfresa (2784 JP)</a>, <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart Uny (8028 JP)</a>, <a href="https://www.smartkarma.com/entities/kikkoman-corp" target="_blank" data-smartkarma-citation="entities:11720:1">Kikkoman (2801 JP)</a>, <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1">Kobayashi Pharmaceutical (4967 JP)</a>, and <a href="https://www.smartkarma.com/entities/eiken-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12675:1">Eiken Chemical (4549 JP)</a>.  </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/201/original/2019-06-13_13-04-38.png?1560398780" class="editor-image img-responsive" data-smartkarma-image-id="90201"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/203/original/2019-06-13_13-08-46.png?1560398945" class="editor-image img-responsive" data-smartkarma-image-id="90203"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/204/original/2019-06-13_13-09-37.png?1560399049" class="editor-image img-responsive" data-smartkarma-image-id="90204"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/205/original/2019-06-13_13-12-01.png?1560399142" class="editor-image img-responsive" data-smartkarma-image-id="90205"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/316/original/2019-06-15_19-45-47.png?1560595558" class="editor-image img-responsive" data-smartkarma-image-id="90316"></figure><p>Source: Japan Analytics</p>
</div><p><strong>RPS 'BOTTOMS'</strong> - 372 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 61 days. 1.5% of the total of 1.29 million traded stock days were by companies with an RPS of less than -2.  For larger capitalisation companies, the numbers are 85 companies and 89 days. A recent example of positive RPS mean reversion is <a href="https://www.smartkarma.com/entities/k-o-energy-group-inc" target="_blank" data-smartkarma-citation="entities:17701:1">K&amp;O Energy (1663 JP)</a>.</p><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/207/original/2019-06-13_13-14-03.png?1560399270" class="editor-image img-responsive" data-smartkarma-image-id="90207"></figure><p>Source: Japan Analytics</p>
</div><div class="content-highlight"><p>In the <strong>DETAIL </strong>section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.</p></div>

• RELATIVE PRICE SCORE • Source: Japan AnalyticsINTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. RPS outliers with a Score of greater than 10.0 are rare outside of the 2000 tech 'bubble'. Goldwin (8111 JP) has the distinction of being one of only two large-cap RPS 'ten-baggers' since that time.This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.Source: Japan AnalyticsSTATISTICS - Currently, of the 3,832 listed companies for which daily RPS data is available, 94 companies are 'Overbought', and 131 are 'Oversold' - 2.5% and 3.4%, respectively of the total. For the 758 companies with a market capitalisation of over ¥100b, there are 50 'Overbought' and 18 'Oversold' companies, 6.6% and 5.0%, respectively. As noted the companion Insight, 🇯🇵 Japan • June Relative Price Scores: Market, Sectors &amp; Peer Groups - More of The Same, these numbers and percentages are unusual and were last seen in the Japanese market in 2000. • RELATIVE PRICE SCORE TOPS •Source: Japan AnalyticsRPS 'TOPS' - In the last two years, 444 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 43 days. 1.4% of the total of 1.29 million traded stock days were by companies with an RPS of over 4. For companies with a market capitalisation higher than ¥100b, the numbers are 96 companies and 75 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been Descente (8114 JP), Alfresa (2784 JP), FamilyMart Uny (8028 JP), Kikkoman (2801 JP), Kobayashi Pharmaceutical (4967 JP), and Eiken Chemical (4549 JP).  
Source: Japan Analytics
RPS 'BOTTOMS' - 372 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 61 days. 1.5% of the total of 1.29 million traded stock days were by companies with an RPS of less than -2.  For larger capitalisation companies, the numbers are 85 companies and 89 days. A recent example of positive RPS mean reversion is K&amp;O Energy (1663 JP).
Source: Japan Analytics
In the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.

🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - June 2019

Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

Senior Bank Analyst - Japanese Banks

Windamee Research

Japanese Banks

<p>Full details are finally starting to emerge of the extent of the destruction to once-proud <a href="https://www.smartkarma.com/entities/suruga-bank-ltd" target="_blank" data-smartkarma-citation="entities:6267:1">Suruga Bank Ltd (8358 JP)</a>‘s balance-sheet and reputation caused by its catastrophic involvement in the fraudulent ‘share house’ debacle and other property investment lending disasters.  FY3/2019 consolidated net losses exceeded ¥97.1 billion (US$892.6 million).  Roughly 60% of the bank’s entire ¥1.7 trillion investment loan portfolio is deemed to have been “inappropriate”, but not necessarily irrecoverable. The bank is cautiously guiding for consolidated net profits in FY3/2020 of ¥10.5 billion, but the dividend remains suspended indefinitely and much uncertainty remains.</p><p>Heads continue to roll: at least 117 staff have been disciplined, according to media reports.  At the Board level, 5 senior Board members (including then-chairman Mitsuyoshi Okano and then-president Akihiro Yoneyama) resigned on 7 September 2018.  After the upcoming AGM at the end of June, only incumbent president Michio Arikuni is likely to remain of the current management team: all others are expected to step down, including four external directors, as the bank seeks to put even further distance between it and any lingering perception of influence from the Okano Family.</p><p>Suruga Bank’s share price is currently drifting in the mid-¥400 range.  It is down over 65% YoY.  There is perhaps some comfort to any remaining loyal shareholders in the knowledge that the stock is down a ‘mere’ 19% in the last three months.  That said, potential ‘white knights’, including <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1">Shinsei Bank (8303 JP)</a>, are biding their time and not rushing to invest, suggesting they, too, expect the stock price to go lower still.  <em>Caveat emptor</em> (May the buyer beware!)</p>

Full details are finally starting to emerge of the extent of the destruction to once-proud Suruga Bank Ltd (8358 JP)‘s balance-sheet and reputation caused by its catastrophic involvement in the fraudulent ‘share house’ debacle and other property investment lending disasters.  FY3/2019 consolidated net losses exceeded ¥97.1 billion (US$892.6 million).  Roughly 60% of the bank’s entire ¥1.7 trillion investment loan portfolio is deemed to have been “inappropriate”, but not necessarily irrecoverable. The bank is cautiously guiding for consolidated net profits in FY3/2020 of ¥10.5 billion, but the dividend remains suspended indefinitely and much uncertainty remains.Heads continue to roll: at least 117 staff have been disciplined, according to media reports.  At the Board level, 5 senior Board members (including then-chairman Mitsuyoshi Okano and then-president Akihiro Yoneyama) resigned on 7 September 2018.  After the upcoming AGM at the end of June, only incumbent president Michio Arikuni is likely to remain of the current management team: all others are expected to step down, including four external directors, as the bank seeks to put even further distance between it and any lingering perception of influence from the Okano Family.Suruga Bank’s share price is currently drifting in the mid-¥400 range.  It is down over 65% YoY.  There is perhaps some comfort to any remaining loyal shareholders in the knowledge that the stock is down a ‘mere’ 19% in the last three months.  That said, potential ‘white knights’, including Shinsei Bank (8303 JP), are biding their time and not rushing to invest, suggesting they, too, expect the stock price to go lower still.  Caveat emptor (May the buyer beware!)

Suruga Bank (8358 JP):  Purging the Augean Stables 2019: Part 7 - Executive Executions

<p style="text-align: center;"><strong>- RELATIVE PRICE SCORE</strong> - </p><p><strong>INTRODUCTION </strong>- The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at<strong> +4</strong> &amp; <strong>-2</strong> and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.</p><p><strong>STATISTICS</strong> - Currently, of the 3,804 listed companies for which daily RPS data is available, 79 companies are 'Overbought', and 117 are 'Oversold' - 2.1% and 3.1%, respectively of the total. For the 779 companies with a market capitalisation of over ¥100b, there are 42 'Overbought' and 28 'Oversold' companies, 5.4% and 3.6%, respectively illustrating the relative strength of larger capitalisation stocks at this stage of the cycle. </p><hr><p><strong>RPS 'TOPS'</strong> - In the last two years, 438 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 45 days.  For companies with a market capitalisation higher than ¥100b, the numbers are 92 companies and 83 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been <a href="https://www.smartkarma.com/entities/5414" target="_blank" data-smartkarma-citation="entities:5414:1">Kyudenko (1959 JP)</a>, <a href="https://www.smartkarma.com/entities/7168" target="_blank" data-smartkarma-citation="entities:7168:1">Nichirei (2871 JP)</a>. <a href="https://www.smartkarma.com/entities/15862" target="_blank" data-smartkarma-citation="entities:15862:1">Fancl (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart Uny (8028 JP)</a>, <a href="https://www.smartkarma.com/entities/8412" target="_blank" data-smartkarma-citation="entities:8412:1">Infocom Corp (4348 JP)</a>, and <a href="https://www.smartkarma.com/entities/24540" target="_blank" data-smartkarma-citation="entities:24540:1">SanBio (4592 JP)</a>. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/571/original/2019-04-10_11-06-11.png?1554863890" class="editor-image img-responsive" data-smartkarma-image-id="84571"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/572/original/2019-04-10_11-29-31.png?1554863914" class="editor-image img-responsive" data-smartkarma-image-id="84572"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/573/original/2019-04-10_11-30-53.png?1554863948" class="editor-image img-responsive" data-smartkarma-image-id="84573"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/574/original/2019-04-10_11-32-00.png?1554864056" class="editor-image img-responsive" data-smartkarma-image-id="84574"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/575/original/2019-04-10_11-34-40.png?1554864089" class="editor-image img-responsive" data-smartkarma-image-id="84575"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/576/original/2019-04-10_11-35-29.png?1554864110" class="editor-image img-responsive" data-smartkarma-image-id="84576"></figure><div class="content-caption">Source: Japan Analytics</div><div class="content-caption"><hr></div><p><strong>RPS 'BOTTOMS'</strong> - 360 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 59 days. For larger capitalisation companies, the numbers are 82 companies and 84 days. Some recent examples of positive RPS mean reversion in the last two months have been <a href="https://www.smartkarma.com/entities/27149" target="_blank" data-smartkarma-citation="entities:27149:1">Mercari (4385 JP)</a>, <a href="https://www.smartkarma.com/entities/2167" target="_blank" data-smartkarma-citation="entities:2167:1">AGC (5201 JP)</a>, and <a href="https://www.smartkarma.com/entities/26181" target="_blank" data-smartkarma-citation="entities:26181:1">Pksha Technology (3993 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/581/original/2019-04-10_11-46-40.png?1554864563" class="editor-image img-responsive" data-smartkarma-image-id="84581"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/582/original/2019-04-10_11-47-16.png?1554864581" class="editor-image img-responsive" data-smartkarma-image-id="84582"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/583/original/2019-04-10_11-48-48.png?1554864598" class="editor-image img-responsive" data-smartkarma-image-id="84583"></figure><div class="content-caption">Source: Japan Analytics</div><div class="content-highlight"><p>In the <strong>DETAIL </strong>section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.</p></div>

- RELATIVE PRICE SCORE - INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.STATISTICS - Currently, of the 3,804 listed companies for which daily RPS data is available, 79 companies are 'Overbought', and 117 are 'Oversold' - 2.1% and 3.1%, respectively of the total. For the 779 companies with a market capitalisation of over ¥100b, there are 42 'Overbought' and 28 'Oversold' companies, 5.4% and 3.6%, respectively illustrating the relative strength of larger capitalisation stocks at this stage of the cycle. RPS 'TOPS' - In the last two years, 438 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 45 days.  For companies with a market capitalisation higher than ¥100b, the numbers are 92 companies and 83 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been Kyudenko (1959 JP), Nichirei (2871 JP). Fancl (4921 JP), FamilyMart Uny (8028 JP), Infocom Corp (4348 JP), and SanBio (4592 JP). Source: Japan AnalyticsRPS 'BOTTOMS' - 360 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 59 days. For larger capitalisation companies, the numbers are 82 companies and 84 days. Some recent examples of positive RPS mean reversion in the last two months have been Mercari (4385 JP), AGC (5201 JP), and Pksha Technology (3993 JP).Source: Japan AnalyticsIn the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.

🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - April 2019

Isetan Mitsukoshi Holdings Ltd / Equity Bottom-Up

<p>Three years ago, Isetan-Mitsukoshi attempted to reverse a strategy of shifting to small format retailing.</p>
<p>At the same time, the department store operator made a final ditch effort to avoid closing department stores and sacked its CEO who had had the temerity to suggest closure was the only way to revive the business.</p>
<p>Last year new management finally realised the old CEO had been right and that culling stores was the only way to improve profit growth.</p>
<p>Now the company is diversifying again but, instead of just small stores, it is planning a big investment into e-commerce with a projected ¥145 billion in sales from personal styling alone.</p>

Three years ago, Isetan-Mitsukoshi attempted to reverse a strategy of shifting to small format retailing.
At the same time, the department store operator made a final ditch effort to avoid closing department stores and sacked its CEO who had had the temerity to suggest closure was the only way to revive the business.
Last year new management finally realised the old CEO had been right and that culling stores was the only way to improve profit growth.
Now the company is diversifying again but, instead of just small stores, it is planning a big investment into e-commerce with a projected ¥145 billion in sales from personal styling alone.

Isetan-Mitsukoshi Unveils Digital Strategy

Japan

Isetan Mitsukoshi Holdings Ltd. is a holding company established through a merger of Mitsukoshi and Isetan. The group operates department stores nationwide, selling clothing, foods, household goods, cosmetics and general merchandise.

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Isetan Mitsukoshi Holdings Ltd (3099 JP)

Seven & I: Sogo Seibu to Close 30% of Remaining Stores

Seven & I's (3382 JP) Sogo Seibu will undergo significant restructuring as part of the cull of Seven & I’s poorest performing...

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• RELATIVE PRICE SCORE • INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by...

Campbell Gunn

Suruga Bank (8358 JP): Purging the Augean Stables 2019: Part 7 - Executive Executions

Full details are finally starting to emerge of the extent of the destruction to once-proud Suruga Bank Ltd (8358 JP)‘s balance-sheet and reputation...

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🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - April 2019

- RELATIVE PRICE SCORE - INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by...

Campbell Gunn

Isetan-Mitsukoshi Unveils Digital Strategy

Three years ago, Isetan-Mitsukoshi attempted to reverse a strategy of shifting to small format retailing. At the same time, the department store...

Michael Causton

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