Retail and Foods Monthly (May 2026)

Research evidence excerpt

Retail and Foods Monthly (May 2026)

25 May 2026

Mizuho Securities Equity Research Cross-sector Research / Retail and Foods

Industry Overview

Selective consumption and polarization ramp up

Spotlight: See Figure 2 for the Mizuho Investment strategy

Securities Retail Diffusion Index In April, the TSE Retail Index reversed course and significantly

underperformed. Amid a rally for other stock indices, led by AI and high-techRetail

stocks, investors kept their distance from domestic demand stocks given the

Senior Analyst: risks stemming from the situation in the Middle East. With uncertainty in the

Toshio Takahashi external environment increasing and cost-push inflation looking more likely,

+81 3 6202 8325 we believe consumers are becoming more selective with their spending,toshio.takahashi@mizuho-sc.com causing consumer trends to diverge at an accelerated clip. We think it is

Foods increasingly important for companies to implement product strategies and

Senior Analyst: flexibly adjust selling prices to adapt to various changes.

Hiroshi Saji March retail trends and outlook

+81 3 6202 8274 The Mizuho Securities Retail Diffusion Index (DI), calculated using monthly

hiroshi.saji@mizuho-sc.com same-store sales growth rates at 148 retail firms (excluding restaurants),

Retail & restaurants was +40 in March, for the third straight month of positive territory. Despite

the frequent rain, seasonal products did well as temperatures were highSenior Analyst:

throughout the month. The index was also apparently helped by bulk buyingHideya Asaeda driven by the conflict in the Middle East. For April, we believe the DI remained+81 3 6202 8598

hideya.asaeda@mizuho-sc.com in positive territory as seasonal products seem to have done well amid high

temperatures.

Restaurants/food services