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>If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.</li>
<li>Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.</li>
<li>Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.</li>
</ul>


If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.
Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.
Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.


Japan Retail Update: Winners and Losers as FY2023 Ends

<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

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS. US LABOR DAY HOLIDAY. With US out, No leaders in Global Equities; European shares closed flat on thin Volumes;  China's measures to support Property market taking hold. </li>
<li>JAPAN.US Markets Off. NKY Futs vs Cash -0.1%; USDJPY 146.5; Nikkei Rebal: Mercari, Lasertec, Nitori ADDED; Nippon Sheet Glass, Mitsui E&amp;S, Matsui Sec OUT; JFE 200bn Equity/CB raising  </li>
<li>JAPAN X: JFE Holdings Plans to Raise ¥200 Billion for Carbon Emissions Reduction Efforts. Still need clarity willingness of customers to accept "green pricing".  Watch Nippon Steel and Kobe Steel. </li>
</ul>


OVERSEAS. US LABOR DAY HOLIDAY. With US out, No leaders in Global Equities; European shares closed flat on thin Volumes;  China's measures to support Property market taking hold. 
JAPAN.US Markets Off. NKY Futs vs Cash -0.1%; USDJPY 146.5; Nikkei Rebal: Mercari, Lasertec, Nitori ADDED; Nippon Sheet Glass, Mitsui E&amp;S, Matsui Sec OUT; JFE 200bn Equity/CB raising  
JAPAN X: JFE Holdings Plans to Raise ¥200 Billion for Carbon Emissions Reduction Efforts. Still need clarity willingness of customers to accept "green pricing".  Watch Nippon Steel and Kobe Steel. 


Ohayo Japan| Lack of Direction with US Closed; JAPAN X: JFE to Raise ¥200bn for Green Steel Drive

<ul>
<li>Results for FY2022-23 provide a snapshot of winners and losers in Japan's retail sector.</li>
<li>The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.</li>
<li>This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.</li>
</ul>


Results for FY2022-23 provide a snapshot of winners and losers in Japan's retail sector.
The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.
This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>We continue to recommend a tactical overweight to defensives (Staples, Health Care, and Utilities) as the MSCI ACWI (ACWI-US) tests the top-end of our anticipated 2023 trading range at $93.</li>
<li>We also remain overweight Europe, Japan, and India, where a lot more than just defensives continue to outperform.</li>
<li>Actionable Themes: Consumer Discretionary and Defensives, Mainly in Japan and Europe</li>
</ul>


We continue to recommend a tactical overweight to defensives (Staples, Health Care, and Utilities) as the MSCI ACWI (ACWI-US) tests the top-end of our anticipated 2023 trading range at $93.
We also remain overweight Europe, Japan, and India, where a lot more than just defensives continue to outperform.
Actionable Themes: Consumer Discretionary and Defensives, Mainly in Japan and Europe


Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus

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.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Nitori Holdings (9843 JP)

Japan Retail Update: Winners and Losers as FY2023 Ends

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

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

Ohayo Japan| Lack of Direction with US Closed; JAPAN X: JFE to Raise ¥200bn for Green Steel Drive

US Markets Off. NKY Futs vs Cash -0.1%; USDJPY 146.5; Nikkei Rebal: Mercari, Lasertec, Nitori ADDED; Nippon Sheet Glass, Mitsui E&S, Matsui Sec...

Mark Chadwick

Japan's Best Performing Retailers

There were strong improvements in both sales and profits for leading retailers last year and the following insight looks at the main winners and...

Michael Causton

Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus

We continue to recommend a tactical overweight to defensives as $ACWI tests the top-end of our anticipated 2023 trading range at $93. Remain...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Retail Update: Winners and Losers as FY2023 Ends

​Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

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

Ohayo Japan| Lack of Direction with US Closed; JAPAN X: JFE to Raise ¥200bn for Green Steel Drive

US Markets Off. NKY Futs vs Cash -0.1%; USDJPY 146.5; Nikkei Rebal: Mercari, Lasertec, Nitori ADDED; Nippon Sheet Glass, Mitsui E&S, Matsui Sec...

Mark Chadwick

Japan's Best Performing Retailers

There were strong improvements in both sales and profits for leading retailers last year and the following insight looks at the main winners and...

Michael Causton

Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus

We continue to recommend a tactical overweight to defensives as $ACWI tests the top-end of our anticipated 2023 trading range at $93. Remain...

Vermilion Research

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

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