Retail and Foods Monthly (June 2026)

Research evidence excerpt

Retail and Foods Monthly (June 2026)

22 June 2026

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

Industry Overview

Consumers more selective with spending as propensity to consume declines

Spotlight: See Figure 2 for the Mizuho Investment strategy

Securities Retail Diffusion Index In May, the TSE Retail Index underperformed TOPIX for the second straight

month. Partly due to the release of macro data indicating a deterioration inRetail

the consumption environment, there has been a continued shift in allocation

Senior Analyst: to AI and high-tech stocks. Consumer sentiment has been worsening

Toshio Takahashi overall, and consumers are becoming more selective with their spending

+81 3 6202 8325 and continue to spend on necessary items. We still think it is increasinglytoshio.takahashi@mizuho-sc.com important for companies to implement product strategies and flexibly adjust

selling prices to adapt to various changes.Foods

April retail trends and outlookSenior Analyst:

The Mizuho Securities Retail Diffusion Index (DI), calculated using monthlyHiroshi Saji same-store sales growth rates at 147 retail firms (excluding restaurants), was+81 3 6202 8274

+54 for April 2026, for the fourth straight month in positive territory. Seasonalhiroshi.saji@mizuho-sc.com

products did well as temperatures were high. The index was also apparently

Retail & restaurants helped by bulk buying driven by the situation in the Middle East. For May,

we believe the DI remained in positive territory as summer products seem to

Senior Analyst: have done well amid the high temperatures.

Hideya Asaeda

+81 3 6202 8598 Restaurants/food services

hideya.asaeda@mizuho-sc.com Aggregate same-store sales for the 21 restaurant chains referenced in this