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>Parts of the apparel/fashion sector made a complete recovery last year but performance was patchy, with high rates of growth from a few but more had sales below 2019.</li>
<li>2023-24 should be a stellar year thanks to inbound tourism growth and healthier, if still hesitant, domestic demand.</li>
<li>While profitability has risen significantly, the pressure to keep prices down is widening the gap between efficient operators and the rest.</li>
</ul>


Parts of the apparel/fashion sector made a complete recovery last year but performance was patchy, with high rates of growth from a few but more had sales below 2019.
2023-24 should be a stellar year thanks to inbound tourism growth and healthier, if still hesitant, domestic demand.
While profitability has risen significantly, the pressure to keep prices down is widening the gap between efficient operators and the rest.


Japan's Fashion Sector 2023: Recovery Complete for Some as the Sector Looks Forward

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 7th. The aggregated net margin trading position is USD27,619m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor, Mitsubishi Heavy Industries, Fujikura, Furukawa Electric, Fujifilm, Nitto Boseki.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 7th. The aggregated net margin trading position is USD27,619m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor, Mitsubishi Heavy Industries, Fujikura, Furukawa Electric, Fujifilm, Nitto Boseki.


JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

<ul>
<li>The apparel/fashion sector made a partial recovery last year but was still down on 2019. 2022 looks a lot brighter with customers now back in stores including even inbound tourists. </li>
<li>The same challenges that the sector faced before Covid remain but there is plenty of room to grow by taking share from the less innovative competitors – i.e. more consolidation.</li>
<li>The sector saw the highest fall in store numbers in its history last year, but there was more investment in creating a compelling omnichannel model suited to Japan’s particular market.</li>
</ul>


The apparel/fashion sector made a partial recovery last year but was still down on 2019. 2022 looks a lot brighter with customers now back in stores including even inbound tourists. 
The same challenges that the sector faced before Covid remain but there is plenty of room to grow by taking share from the less innovative competitors – i.e. more consolidation.
The sector saw the highest fall in store numbers in its history last year, but there was more investment in creating a compelling omnichannel model suited to Japan’s particular market.


Japan's Apparel/Fashion Sector Big Review: Momentum Builds for Full Recovery

<ul>
<li>Low demand and slightly higher unemployment during the pandemic dampened the rising cost of part-time employees but that short respite is now over. </li>
<li>Hourly wages hit a new high in August and are set to rise further in coming months, renewing pressure on sectors like hospitality, retailing and logistics.</li>
<li>Retailers with high ratios of part-time wages such as the 100 Yen retailers like <a href="https://www.smartkarma.com/entities/seria-co-ltd" target="_blank" data-smartkarma-citation="entities:12989:1" rel="noopener">Seria Co Ltd (2782 JP)</a> and apparel retailers, will be hit particularly hard.</li>
</ul>


Low demand and slightly higher unemployment during the pandemic dampened the rising cost of part-time employees but that short respite is now over. 
Hourly wages hit a new high in August and are set to rise further in coming months, renewing pressure on sectors like hospitality, retailing and logistics.
Retailers with high ratios of part-time wages such as the 100 Yen retailers like Seria Co Ltd (2782 JP) and apparel retailers, will be hit particularly hard.


New Highs for Part-Time Wages a Worry for Japan's Retailers

<ul>
<li>The last 18 months were the most traumatic for the fashion retail history since WWII. </li>
<li>Average household consumption budgets for apparel fell 18% in 2020 to a monthly average of just ¥10,655, 22% down on five years previously.</li>
<li>The following is an in-depth review of the fashion sector with unique rankings of the top 100, most profitable, fastest growing chains.</li>
</ul>


The last 18 months were the most traumatic for the fashion retail history since WWII. 
Average household consumption budgets for apparel fell 18% in 2020 to a monthly average of just ¥10,655, 22% down on five years previously.
The following is an in-depth review of the fashion sector with unique rankings of the top 100, most profitable, fastest growing chains.


Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

Japan

NISHIMATSUYA CHAIN Co., Ltd., a specialty retailer, sells mainly clothes for infants and children, and also women and men.  The Company also sells maternity clothes and new born baby goods.

Price Gauge
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Nishimatsuya Chain (7545 JP)

Japan's Fashion Sector 2023: Recovery Complete for Some as the Sector Looks Forward

Apparel sector's recovery in 2022 was uneven. Tourism and domestic demand are expected to boost 2023-24 sales, but pricing pressure is widening...

Michael Causton

JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Taiyo Yuden (6976 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japan's Apparel/Fashion Sector Big Review: Momentum Builds for Full Recovery

Japan's fashion and apparel sector was severely hit by the pandemic and the loss of tourism. With wallets full, Japanese are now spending again...

Michael Causton

New Highs for Part-Time Wages a Worry for Japan's Retailers

Wage growth slowed during the pandemic in Japan but is now relentlessly on the rise again. Retailers in particular are vulnerable, especially those...

Michael Causton

Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

This insight is an in-depth review of Japan's apparel sector providing key background and comparisons for investors, including rankings of the top...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan's Fashion Sector 2023: Recovery Complete for Some as the Sector Looks Forward

​Apparel sector's recovery in 2022 was uneven. Tourism and domestic demand are expected to boost 2023-24 sales, but pricing pressure is widening...

Michael Causton

JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Taiyo Yuden (6976 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japan's Apparel/Fashion Sector Big Review: Momentum Builds for Full Recovery

Japan's fashion and apparel sector was severely hit by the pandemic and the loss of tourism. With wallets full, Japanese are now spending again...

Michael Causton

New Highs for Part-Time Wages a Worry for Japan's Retailers

Wage growth slowed during the pandemic in Japan but is now relentlessly on the rise again. Retailers in particular are vulnerable, especially those...

Michael Causton

Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

This insight is an in-depth review of Japan's apparel sector providing key background and comparisons for investors, including rankings of the top...

Michael Causton

Apparel sector's recovery in 2022 was uneven. Tourism and domestic demand are expected to boost 2023-24 sales, but pricing pressure is widening...