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

<ul>
<li>JR Takashimaya is a newbie in the world of department store retailing but has grown to become the fourth highest selling store in the two decades since it opened. </li>
<li>As a result, it is increasingly regarded by brands as the Nagoyan version of Isetan Shinjuku in Tokyo and Hankyu Umeda in Osaka.</li>
<li>The store is an example of Takashimaya's successful strategy to surround its key stores with more shopping facilities to suit all population segments, so driving traffic to the main store.</li>
</ul>


JR Takashimaya is a newbie in the world of department store retailing but has grown to become the fourth highest selling store in the two decades since it opened. 
As a result, it is increasingly regarded by brands as the Nagoyan version of Isetan Shinjuku in Tokyo and Hankyu Umeda in Osaka.
The store is an example of Takashimaya's successful strategy to surround its key stores with more shopping facilities to suit all population segments, so driving traffic to the main store.


<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

Japan Specialist

Mark Chadwick

<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

Isetan Mitsukoshi Holdings Ltd / Equity Bottom-Up

<ul>
<li>Isetan-Mitsukoshi is dangerously dependent on a small number of wealthy customers for a lot of its revenue.</li>
<li>Wealthy VIP customers account for around half of sales at both Isetan Shinjuku and Mitsukoshi Nihonbashi department stores</li>
<li>But the wealth market is one of the few segments to continue to grow so should be a source of growth even while the rest of its market shrinks.</li>
</ul>


Isetan-Mitsukoshi is dangerously dependent on a small number of wealthy customers for a lot of its revenue.
Wealthy VIP customers account for around half of sales at both Isetan Shinjuku and Mitsukoshi Nihonbashi department stores
But the wealth market is one of the few segments to continue to grow so should be a source of growth even while the rest of its market shrinks.


50% of Sales at Isetan-Mitsukoshi Flagships from Top 5% of Customers

Equity Capital Markets

<ul>
<li>Subscription rental services have become increasingly mainstream and the earlier start ups are now maturing into larger businesses. One of the first, Air Closet, plans an IPO later this month. </li>
<li>Air Closet specialises in renting out clothing from major labels but also in taking away the burden of choice by arranging for styles to be picked in-house.</li>
<li>As well as this growing service, Air Closet has also just launched a rental service for gadgets ranging from kitchen appliances to cameras.</li>
</ul>


Subscription rental services have become increasingly mainstream and the earlier start ups are now maturing into larger businesses. One of the first, Air Closet, plans an IPO later this month. 
Air Closet specialises in renting out clothing from major labels but also in taking away the burden of choice by arranging for styles to be picked in-house.
As well as this growing service, Air Closet has also just launched a rental service for gadgets ranging from kitchen appliances to cameras.


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)

Record Sales at JR Tokai Takashimaya

Takashimaya is one of the few department store chains likely to outperform an otherwise problematic sector in the next few years. Its Nagoya stores...

Michael Causton

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

50% of Sales at Isetan-Mitsukoshi Flagships from Top 5% of Customers

Isetan-Mitsukoshi is focusing on VIPs which already account for 50% of sales at its flagships but this is not enough. Drags on sales and profits...

Michael Causton

Air Closet Files for IPO

Listing this month on the TSE is Air Closet, a fashion rental business within Japan's fast-growing subscription market. It is expanding into other...

Michael Causton

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