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>Adastria is on a roll, capturing more market share in both the core apparel market as well as through licensing (Forever 21) and home decoration and other lifestyle markets.</li>
<li>Until now, it has focused on slightly premium mass markets but a new chain will face Uniqlo and Muji head on in apparel basics.</li>
<li>It is also adding a new basics chain in home decoration and hoovering up contracts to supply apparel to chain stores. </li>
</ul>


Adastria is on a roll, capturing more market share in both the core apparel market as well as through licensing (Forever 21) and home decoration and other lifestyle markets.
Until now, it has focused on slightly premium mass markets but a new chain will face Uniqlo and Muji head on in apparel basics.
It is also adding a new basics chain in home decoration and hoovering up contracts to supply apparel to chain stores. 


Adastria Takes on Uniqlo and Muji with New Chain

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. US Equities rise, defying higher yields and further yield curve inversion;  Fed's Bostic out again - talking of a summer pause; Telsa Day: Musk's Master Plan lacking details</li>
<li>JAPAN. NKY Futs +0.7% vs Cash; USDJPY Weakens to ¥136.8 on stronger USD;  Expectations rise  BOJ Policy Change in June;  Invidual invetors shifting to risk assets; Strong Retail SSS </li>
<li>NUGGET:Japan Video Streaming Wars: U-Next(9418) well positioned to flourish as consolidation kicks off in earnest.</li>
</ul>


OVERSEAS. US Equities rise, defying higher yields and further yield curve inversion;  Fed's Bostic out again - talking of a summer pause; Telsa Day: Musk's Master Plan lacking details
JAPAN. NKY Futs +0.7% vs Cash; USDJPY Weakens to ¥136.8 on stronger USD;  Expectations rise  BOJ Policy Change in June;  Invidual invetors shifting to risk assets; Strong Retail SSS 
NUGGET:Japan Video Streaming Wars: U-Next(9418) well positioned to flourish as consolidation kicks off in earnest.


Good Morning Japan |Equities DEFY Yield Rise; Tesla Master Plan-Details Absent; NUGGET: U-Next(9418)

<ul>
<li>Inflation remains the biggest headwind but most retail formats will see growth in 2023 with e-commerce expected to become the largest channel in the next 18 months.</li>
<li>Supermarkets are ripe for consolidation as new competitors emerge from the discount sector and online while convenience stores will consolidate further in a saturated sector.</li>
<li>Department stores will rebound further but only the leading firms will survive in a contracting sector.</li>
</ul>


Inflation remains the biggest headwind but most retail formats will see growth in 2023 with e-commerce expected to become the largest channel in the next 18 months.
Supermarkets are ripe for consolidation as new competitors emerge from the discount sector and online while convenience stores will consolidate further in a saturated sector.
Department stores will rebound further but only the leading firms will survive in a contracting sector.


<ul>
<li>Inbound tourism only got going again from October but the pent up demand to visit Japan has meant a surge in visitors. </li>
<li>Since many tourists also have stuffed wallets due to curtailed spending during the pandemic and the Yen is at very low levels, there is much higher spending. </li>
<li>Key beneficiaries are listed below among department stores, premium fashion stores and drugstores.</li>
</ul>


Inbound tourism only got going again from October but the pent up demand to visit Japan has meant a surge in visitors. 
Since many tourists also have stuffed wallets due to curtailed spending during the pandemic and the Yen is at very low levels, there is much higher spending. 
Key beneficiaries are listed below among department stores, premium fashion stores and drugstores.


Inbound Tourism up 50%, Spending Almost at 2019 Levels

<ul>
<li>Growth in the Japanese home interiors and furniture markets is set to continue long-term. </li>
<li>At present, just a handful of brands have any major presence led by <a href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20386:1" rel="noopener">Nitori Holdings (9843 JP)</a> which continues to expand market share.</li>
<li>With multiple formats, Nitori looks set to continue to dominate but faces competition from unlikely quarters, especially <a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP).</a>
</li>
</ul>


Growth in the Japanese home interiors and furniture markets is set to continue long-term. 
At present, just a handful of brands have any major presence led by Nitori Holdings (9843 JP) which continues to expand market share.
With multiple formats, Nitori looks set to continue to dominate but faces competition from unlikely quarters, especially Yamada Denki (9831 JP).



Interiors Long-Term Growth in Japan a Plus for Nitori

Japan

RYOHIN KEIKAKU CO., LTD. is a retailer and wholesaler of Mujirushi Ryohin brand products, which were originally a generic private-brand product.  The Company's product line includes knitwear, food, and household items

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Ryohin Keikaku (7453 JP)

Adastria Takes on Uniqlo and Muji with New Chain

Adastria is on a roll, expanding brands in Japan's rebounding clothing market. While in the long-term there is not much room for the apparel market...

Michael Causton

Good Morning Japan |Equities DEFY Yield Rise; Tesla Master Plan-Details Absent; NUGGET: U-Next(9418)

NKY Futs +0.7% vs Cash; USDJPY Weakens to ¥136.8 on stronger USD; Expectations rise BOJ Policy Change in June; Invidual invetors shifting to...

Mark Chadwick

Outlook for Japanese Retail in 2023

Most Japanese retailers can look forward to a good year in 2023 but there will be challenges for formats like supermarkets where consolidation is...

Michael Causton

Inbound Tourism up 50%, Spending Almost at 2019 Levels

Of course inbound tourism will rebound in Japan in 2023 but spending per visitor may well exceed 2019 levels due to the weak Yen and full wallets....

Michael Causton

Interiors Long-Term Growth in Japan a Plus for Nitori

Japan's interiors consumption has been one of the few categories to grow consistently and will continue to grow steadily as Japanese appetite for...

Michael Causton

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