Japan Retail Sector: Department stores: Sales trends in the first half of July at Isetan Mitsukoshi, Takashimaya, and J. Front Retailing, and the implications

Research evidence excerpt

Japan Retail Sector: Department stores: Sales trends in the first half of July at Isetan Mitsukoshi, Takashimaya, and J. Front Retailing, and the implications

Global Research

15 July 2026ab

Japan Retail Sector Equities

JapanDepartment stores: Sales trends in the first half

of July at Isetan Mitsukoshi, Takashimaya, and J. Retail

Front Retailing, and the implications Takahiro KazahayaAnalyst

takahiro.kazahaya@ubs.com

+81-3-5208 6226

Summary: Luxury demand remains strong among domestic and inbound Kazuki Oike

Analystcustomers

kazuki.oike@ubs.com

Isetan Mitsukoshi Holdings (3099), Takashimaya (8233), and J. Front Retailing (3086) (all +81-3-5208 6964

not covered) announced monthly sales trends for the first half of July (1-14 July) after the

Hirotaro Hasegawa

15 July close. Demand for luxury goods remains strong, with all three companies

Associate Analyst

reporting yoy growth in sales and consumption tax-free sales, with the latter in particular hirotaro.hasegawa@ubs.com

showing firm yoy growth. At the same time, we view the price competitiveness of luxury +81-3-5208 6684

goods in Japan and favourable forex rate trends as contributing factors to strong

performance, and note the boost to yoy growth from a rebound to weak sales last year

as a result of the spread of information on social media related to a possible major

earthquake in Japan in July.

Isetan Mitsukoshi Holdings: Solid

In the first half of July, sales at Isetan Mitsukoshi's domestic department stores (same-

store total) rose 9.5% yoy, and those in the company's greater Tokyo outlets (same-store

total) rose 15.1%. By store, sales were +17.0% at the Isetan Shinjuku flagship store,

+15.2% at the Mitsukoshi Nihonbashi flagship store, and +17.1% at the Mitsukoshi

Ginza store.