September 2026 Issue
FOCUS
Department stores: fewer, richer and data-driven
Department stores are shrinking in number with sales concentrating within a small group of powerful flagships. Apparel lost share again last year as the main chains prioritised luxury, food, services and property income. The latest rankings show how CRM and better marketing to affluent domestic customers has separated the true elite from tourist-dependent stores, although duty-free sales are now recovering as spending by Asian and Western VIPs strengthens. Success increasingly depends on distinctive positioning, customer data and lasting high-value relationships.
Qoo10 to open flagship in push to ¥500 billion
eBay’s Qoo10 is betting on a radical move into retail – opening three permanent Tokyo stores, including a 2,500 sqm Harajuku flagship – to help it reach a new target of ¥500 billion in GTVs by 2029. It is also moving beyond K-beauty dependence by expanding collaboration with Japan-based vendors (including overseas brands) at the same time as broadening categories across fashion, food, home and appliances.
Editorial: Know your customer or cut prices
Strong year for PPI, more to come with first Robin Hood store in Tokyo
PPI posted excellent results last year, despite increases in SG&A costs, and new chains should mean significantly more growth to come. The leading discounter already has five Robin Hood supermarkets up and running and will open the first in Tokyo in December.
Snow Peak: growth through clothing
The last few years haven’t been kind to Snow Peak. As well as a family feud and a sharp drop in sales, the company’s MBO was followed by a major restructuring. More recently, sales have stabilised under new management with big plans to make clothing the core growth business, with an IPO set for 2027.
Seven & I still looking for new growth
A year after Couche-Tard withdrew its bid, Seven & I is still searching for new growth. Over the summer, it pulled out of an attempt to expand in Europe, watched franchisee profits fall for a second year, and has now sold 6.6% of itself to SoftBank, PayPay and Sumitomo Mitsui Card to buy a retail media future.
Oshman’s to double stores
ABC Mart aims to have 50 Oshman’s stores by 2031 on the back of Run & Fitness, a new, smaller concept designed for shopping malls and to appeal to more female customers through yoga and Pilates.
Daiso: record sales, 6,000 stores
Daiso posted its 15th consecutive year of record sales in FY2025, with revenues up 6.4% to ¥771 billion and store count reaching 6,000, driven by rapid expansion of its multi-banner format combining Daiso, Standard Products, and Threeppy under one roof. This is alongside a growing proprietary IP business and fandom marketing that is beginning to feed directly into product development.
Halmek: profit in the senior market
Despite Japan’s burgeoning and quite obviously active senior population, the majority of businesses targeting this market focus on medical and care products rather than lifestyle. Halmek is an exception and its retail and events business is thriving.
OK’s assault on Kansai continues
OK plans to have 20 stores in Kansai by 2028, double the current number. Its EDLP marketing model is new for customers in the region and it has had to adapt merchandising, but lower, guaranteed price retail is clearly popular and local chains may need to change radically to compete.
Workman turnaround gathers pace
Workman’s back-to-basics strategy has delivered a second straight year of record sales and profit, with same-store sales up 9%. New president Koji Ouchi has just revamped the business under five core functional categories, mass-scale manufacturing, and corporate franchising to drive expansion toward 1,300 stores by 2030.
Asset sales fund Trial’s Seiyu rebuild
Trial Holdings is monetising ¥17 billion of Seiyu property to acquire funds to expand. Behind record consolidated sales of ¥1.347 trillion sits ¥394.6 billion of borrowing, a 70% fall in net profit, and a Seiyu recovery that could get more expensive before it pays.
Aoki becomes largest ‘suit’ retailer
Aoki’s early bet on diversification is paying off. As mass market suit demand continues to fade, it is turning oversized stores into gyms, karaoke studios and golf ranges, chasing ¥30 billion operating profit by 2033.
Retail Data: Summer heat brings retail growth in July
IN BRIEF
Yaesu Core to open in 2029
Lazona Kawasaki begins major refurbishment
Iran war pushing up prices in Japan
18 new malls in 1H2026
Lalique expands direct retail
Carmina opens first Asian store in Tokyo
Jupiter Shop Channel: record sales again
Free haircuts to order
De Beers’ Forevermark exits Japan
Green Cola provides boost for Asahi
Urban Research ties with Disney
FamilyMart clothing sales up 30%
Matsuya targets new customers with annex
Amazon opens largest FC in Kansai
FamilyMart collects for BookOff
50 new Large Stores approved in June
Mercari GTVs up in double-digits
Atre Nakano to open with 73 shops
Oasis pressuring Japanese drugstore chains
Devirock sales exceed ¥8 billion
FamilyMart to sell retail media ads to suppliers
Isetan Salone to close
Aeon exits Thailand
Further big city concentration
Brands and companies in this Issue
ABC Mart, 8
Aeon, 4, 12, 13
Agnès b, 9
Ain Holdings, 11
Alpen, 8
Amazon, 3, 9
Amazon Japan, 9
Animate, 13
Anniversaire, 13
Aoki Holdings, 13
Aoyama Shoji, 13
Asahi Soft Drinks, 7, 8
Atre Nakano, 4, 11
Bain Capital, 5
Belc, 10
BookOff, 10
Calpis, 7
Carmina Shoemaker, 5
Coop Kobe, 10
Cosmos Yakuhin, 10
Cotose, 9
CyberAgent, 7
Daimaru-Matsuzakaya, 16, 18
Daiso Sangyo, 8
Daiwa, 16
De Beers, 7
Dentsu, 7
Devirock, 11, 12
Disney, 8
Don Quijote, 4, 5, 9
eBay, 1, 2, 3
Entetsu, 16, 17
FamilyMart, 7, 8, 9, 10, 12
Forevermark, 7
G.K. Japan Agency, 4
G7 Retail Japan, 12
Green Cola, 7
Grow, 12
Hagoromo Foods, 4
Halmek, 9, 10
Hankyu Hanshin, 3, 16, 18
Hyundai Department Store, 3
Isetan Mitsukoshi, 12, 13, 14, 16, 18
Isetan Salone, 12, 13
Ito-Yokado, 6
Itochu Shokuhin, 7
J Front, 14
Joinus, 19
JR Takashimaya, 15
Jupiter Shop Channel, 5, 6
Kansai Supermarket, 10
Kashikey, 7
KDDI, 7
Keen, 8
KKR, 12
Kobe Bussan, 12
Kusuri no Aoki, 10, 11
Lalique, 4, 5
Lawson, 7
Lazona Plaza, 3
Lopia, 10
Mandai, 10
Matin Kim, 3
Matsuya, 9
Mediheal, 11
Mediquitous, 3
Mercari, 10
Minasama no Osumitsuki, 13
Mitsui Fudosan, 3
Mitsuya, 7, 8
Mixi, 6, 7
Muji, 9
Musinsa, 2, 3
My Basket, 5
Nippon Access, 7
Nippon Ham, 4
NTT Docomo, 7, 12
Nugu, 3
Oasis Management, 11
OK Super, 10
Okuwa, 10
Olympic, 4, 5
Orihica, 13
Oshman’s, 8
Pan Pacific International Holdings (PPI), 2, 4, 5
PayPay, 2, 3, 6, 7
Piago, 4
Ponta, 7, 18
Qoo10, 1, 2, 3
Rakuten, 3, 7
Robin Hood, 4, 5
Seijo Ishii, 11
Seiyu, 12, 13
Seven & I (S&I), 6, 7, 8
Seven Eleven Japan, 7
Shimamura, 11
Snow Peak, 5
SoftBank, 2, 6, 7
Solamachi, 8
Standard Products, 8, 9
Starbucks Japan, 5
Sumitomo Realty, 3
Sunny, 10
Suntory, 7, 8, 12
T-Point, 7
Takashimaya, 2, 14
The Hyundai, 3
Threeppy, 8
TikTok, 4
Tokyo Midtown Yaesu, 3
Tokyu Omokado, 3
Tomoe Shoji, 5
Trial, 2, 12, 13
Tsuruha, 11, 13
Uniqlo, 9, 11, 12
United Arrows, 5
Uny, 4, 5
Urban Research, 8
V-Point, 7
Visa, 7
Welcia, 11
Workman, 11, 12
X Shelter, 11
Yaesu Core, 3
Yakuodo, 10
Yamakataya, 15, 16, 17
York Holdings, 6
Zero Stage, 12
Zozo, 3
Żabka, 6