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>There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. </li>
<li>Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.</li>
<li>Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.</li>
</ul>


There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. 
Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.
Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.


[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

<ul>
<li>There has been a long-term trend of market concentration in Japan's retail sector for more than a decade.</li>
<li>But consolidation is accelerating due to the pressures to find growth in a depopulating market and the winner takes all phenomenon which rewards the leading chains.</li>
<li>With higher growth and greater access to capital for the best retailers, the net result is dramatically higher levels of M&amp;A in sectors like drugstores and even supermarkets.  </li>
</ul>


There has been a long-term trend of market concentration in Japan's retail sector for more than a decade.
But consolidation is accelerating due to the pressures to find growth in a depopulating market and the winner takes all phenomenon which rewards the leading chains.
With higher growth and greater access to capital for the best retailers, the net result is dramatically higher levels of M&amp;A in sectors like drugstores and even supermarkets.  


Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

<ul>
<li>Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.</li>
<li>Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.</li>
<li>The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. </li>
</ul>


Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.
Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.
The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. 


Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

<ul>
<li>This in-depth analysis of consumption data shows the level of caution among consumers caused by inflation and fears of more price rises to come. </li>
<li>Food expenditure has risen to a record high due to higher prices and this has curtailed spending in other categories like fashion for most income classes.</li>
<li>Savings rates are at record levels, however, boosting opportunities for the better brands and retailers. If wages rise in real-terms, then consumer confidence is likely to rebound.</li>
</ul>


This in-depth analysis of consumption data shows the level of caution among consumers caused by inflation and fears of more price rises to come. 
Food expenditure has risen to a record high due to higher prices and this has curtailed spending in other categories like fashion for most income classes.
Savings rates are at record levels, however, boosting opportunities for the better brands and retailers. If wages rise in real-terms, then consumer confidence is likely to rebound.


Japan Consumers: Still Cautious Spending but Big Savings Will Unlock when Real Wages Rise

<ul>
<li>E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. </li>
<li>By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.</li>
<li>As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.</li>
</ul>


E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. 
By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.
As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.


E-Commerce in Japan: Omnichannel Consolidation

Japan

Yamada Holdings Co., Ltd. operates as a holding company. The Company, through its subsidiaries, sells home appliances and offers various services for housing, furniture and interior, remodeling, real estate, insurance, finance, and others. Yamada Holdings provides its services throughout Japan.

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Yamada Holdings (9831 JP)

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Michael Causton

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

Japan Consumers: Still Cautious Spending but Big Savings Will Unlock when Real Wages Rise

Consumers are still cautious due to inflation, as record high food costs reduce spending in other categories. But savings are high, offering...

Michael Causton

E-Commerce in Japan: Omnichannel Consolidation

E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

​Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

​Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Michael Causton

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

Japan Consumers: Still Cautious Spending but Big Savings Will Unlock when Real Wages Rise

​Consumers are still cautious due to inflation, as record high food costs reduce spending in other categories. But savings are high, offering...

Michael Causton

E-Commerce in Japan: Omnichannel Consolidation

​E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Michael Causton

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Consumers are still cautious due to inflation, as record high food costs reduce spending in other categories. But savings are high, offering...

E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...