Japan retailing sector: Monthly data

Research evidence excerpt

Japan retailing sector: Monthly data

Global Markets Research

Japan retailing sector: Monthly data 15 July 2026

EQUITY: JAPAN RETAILING

Department stores in first half of July, Seven & i Holdings Research Analysts

overseas, drugstores Japan retailing

Hisahiro Yamaoka - NSC

Solid showing at department stores in July H1; same-store sales: up 0.5% at 7-Eleven Inc, down 2.9% at MatsukiyoCocokara, down hisahiro.yamaoka@nomura.com

1.5% non-dispensing/up 11.4% dispensing at Sugi Holdings +81 3 6703 1680

Shintaro Umeda - NSC

Sales at department store operators in first half of July shintaro.umeda@nomura.com

+81 3 6703 1741

• Department store operators released sales data for the first 14 days of July. J.Front

Retailing [3086] reported a 4.5% y-y rise in same-store sales at Daimaru Matsuzakaya

Department Stores, Isetan Mitsukoshi Holdings [3099] reported a 9.5% rise in total

sales at department stores in Japan, and Takashimaya [8233] reported a 13.7% rise

in same-store in-store sales. Regular and tax-free sales were both solid, and we

expect sales at department store operators to remain solid thanks in part to wealth

effects

• 1-14 July regular (ie non-tax-free) sales at Daimaru Matsuzakaya Department Stores

were down 0.8% y-y (up 3.5% at the Umeda store), while in-store (same-store) sales

excluding tax-free sales at Takashimaya were up 11.1%. Sales of high-ticket items

look to have remained steady. Sales momentum also improved versus June, when

poor weather had a negative impact. Renovation of the Umeda store has continued to

have a negative impact on Daimaru Matsuzakaya Department Stores.

• 1-14 July tax-free sales were up 44.1% y-y at Daimaru Matsuzakaya Department

Stores (up 55.2% at the Umeda store) and up 37.0% at Takashimaya. Sales to