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

Honeys Holdings Co., Ltd. / Equity Bottom-Up

<ul>
<li>Low cost apparel retailers have enjoyed a significant uptick in the past few years as consumers look to polarise their spending further between cheaper basics and luxury treats. </li>
<li>But the real change is in improving profitability. One the biggest beneficiaries has been Honeys, a low cost womenswear retailer that has seen a revival in the past few years.</li>
<li>Operating profit has tripled since 2018. Can it last? Work on creating its own low cost manufacturing base suggests it can.</li>
</ul>


Low cost apparel retailers have enjoyed a significant uptick in the past few years as consumers look to polarise their spending further between cheaper basics and luxury treats. 
But the real change is in improving profitability. One the biggest beneficiaries has been Honeys, a low cost womenswear retailer that has seen a revival in the past few years.
Operating profit has tripled since 2018. Can it last? Work on creating its own low cost manufacturing base suggests it can.


Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pair trade opportunities persist across three markets and five sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pair trade opportunities persist across three markets and five sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Apr 2026)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/kikkoman-corp" target="_blank" data-smartkarma-citation="entities:11720:1" rel="noopener">Kikkoman (2801 JP)</a> vs. <a href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20386:1" rel="noopener">Nitori (9843 JP)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Nitori (9843 JP) and short Kikkoman (2801 JP) targets a 9% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Kikkoman (2801 JP) vs. Nitori (9843 JP) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Nitori (9843 JP) and short Kikkoman (2801 JP) targets a 9% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Nitori (9843 JP) Vs. Kikkoman (2801 JP): Statistical Arbitrage Setup in Consumer Pair

Thematic (Sector/Industry)

<ul>
<li>Japan’s top retailers had a strong FY2025, with the top 81 companies now controlling 48% of all retail sales, up 5.2 points in a single year.</li>
<li>It was a year defined as much by reconfiguration as growth, with drugstores, discounters and e-commerce taking share from supermarkets, department stores and home centres.</li>
<li>A wave of M&amp;A reshaped the competitive map faster than organic performance alone could explain. This focus examines what results reveal about where Japanese retail is heading next.</li>
</ul>


Japan’s top retailers had a strong FY2025, with the top 81 companies now controlling 48% of all retail sales, up 5.2 points in a single year.
It was a year defined as much by reconfiguration as growth, with drugstores, discounters and e-commerce taking share from supermarkets, department stores and home centres.
A wave of M&amp;A reshaped the competitive map faster than organic performance alone could explain. This focus examines what results reveal about where Japanese retail is heading next.


M&A a Key Tool to Gain Market Share in Japanese Retailing

<ul>
<li>In May last year, Akio Nitori returned as the president of the furniture retailer he founded, at the spritely age of 81. </li>
<li>Nitori is dissatisfied that the chain is facing a slowdown compared to rivals like Muji and referenced the problems of ‘big company disease’.</li>
<li>While the company has been in a trough recently, overseas expansion remains a very promising growth area and Nitori himself seems confident of potential fixes at home.</li>
</ul>


In May last year, Akio Nitori returned as the president of the furniture retailer he founded, at the spritely age of 81. 
Nitori is dissatisfied that the chain is facing a slowdown compared to rivals like Muji and referenced the problems of ‘big company disease’.
While the company has been in a trough recently, overseas expansion remains a very promising growth area and Nitori himself seems confident of potential fixes at home.


Nitori: ‘big Company Disease’ but with Awareness

Japan

Nitori Holdings Co., Ltd., is based in Hokkaido and operates a furniture retail chain.  The Company sells living room furniture, storage furniture, dining furniture, office furniture, beds, and interior goods.  Nitori Holdings also sells original brand merchandise and imported merchandise.

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Nitori Holdings (9843 JP)

Sweet Honeys: A Profit Machine

Low cost apparel retailers are seeing increased profitability, with Honeys leading the way through a revival and focus on creating a low cost...

Michael Causton

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Apr 2026)

Discover eight pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Nitori (9843 JP) Vs. Kikkoman (2801 JP): Statistical Arbitrage Setup in Consumer Pair

Relative value opportunity targeting 9% by going long Nitori (9843 JP) and short Kikkoman (2801 JP), appealing to quantitative traders seeking mean...

Gaudenz Schneider

Nitori: ‘big Company Disease’ but with Awareness

Akio Nitori, 81, returns as president of his furniture chain, dissatisfied with slowdown compared to rivals, sees potential in overseas expansion...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sweet Honeys: A Profit Machine

​Low cost apparel retailers are seeing increased profitability, with Honeys leading the way through a revival and focus on creating a low cost...

Michael Causton

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Apr 2026)

​Discover eight pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Nitori (9843 JP) Vs. Kikkoman (2801 JP): Statistical Arbitrage Setup in Consumer Pair

Relative value opportunity targeting 9% by going long Nitori (9843 JP) and short Kikkoman (2801 JP), appealing to quantitative traders seeking mean...

Gaudenz Schneider

M&A a Key Tool to Gain Market Share in Japanese Retailing

Japan’s top 81 companies control 48% of all retail sales as of FY2025, up 5.2 points in a single year. M&A was the main reason and the pace of...

Michael Causton

Nitori: ‘big Company Disease’ but with Awareness

​Akio Nitori, 81, returns as president of his furniture chain, dissatisfied with slowdown compared to rivals, sees potential in overseas expansion...

Michael Causton

Low cost apparel retailers are seeing increased profitability, with Honeys leading the way through a revival and focus on creating a low cost...

Discover eight pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Akio Nitori, 81, returns as president of his furniture chain, dissatisfied with slowdown compared to rivals, sees potential in overseas expansion...