Japan retailing sector: Monthly data

Research evidence excerpt

Japan retailing sector: Monthly data

Global Markets Research

Japan retailing sector: Monthly data 23 June 2026

EQUITY: JAPAN RETAILING

Research Analysts

Shimamura Japan retailing

Shintaro Umeda - NSC

shintaro.umeda@nomura.com

Shimamura same-store sales down 2.0% y-y in June accounting month +81 3 6703 1741

Hisahiro Yamaoka - NSC

Shimamura [8227]: June accounting month sales hisahiro.yamaoka@nomura.com

+81 3 6703 1680

June accounting month sales: Weaker than we had expected, with cold weather

from early June acting as headwind for sales of summer merchandise

• Fashion Center Shimamura format same-store sales fell 2.0% y-y in the June

accounting month (21 May–20 Jun), versus our forecast of 4–5% growth. Calendar

factors look to have boosted sales by 1.3%. All-store sales were down 1.7%, with

customer traffic down 3.4% and average customer spend up 1.7%.

• Sales fell y-y in the Kanto region and regions to the north because of a slowdown in

demand for summer merchandise caused by cold and rainy weather throughout

Japan. Amid weak sales of summer merchandise, women's teens and young apparel

saw strong sales of products that can be worn in layers, such as camisoles or vests

with T-shirts, as well as bottoms that are cool to the touch. In accessories, sales were

boosted by items such as cooling towels featuring popular characters and ice-pack

bottles, as well as car accessories and melamine tableware.

• Sales look to have been hit by unfavorable weather from early June. Sales look to

have been strong in late May, buoyed by warm weather. However, same-store sales

fell across the June accounting month as a whole as colder weather and rainfall

slowed demand for summer apparel from early June.

• Unfavorable weather since early June looks to have dented sales of summer