Pan Pacific International HD (7532): Store visit report: Robin Hood’s first outlet

研报英文原文证据摘录

Pan Pacific International HD (7532): Store visit report: Robin Hood’s first outlet

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Pan Pacific International HD (7532)

Store visit report: Robin Hood’s first outlet

Maintain Rating: BUY | PO: 1,150 JPY | Price: 833 JPY

10 June 2026

Store tour of Robin Hood hosted by company on June 9 Equity

We had the opportunity to visit the Jimokuji store, the first outlet opened on April 24.

The store operates from 9:00 to 21:00, has a sales floor area of approximately 700 Arashi Nishizawa >>

tsubo, and is staffed by 3 full-time employees and 37 part-time staff. Research Analyst BofAS Japan

+81 3 6225 6402

Sales strong even after the initial opening boost subsided arashi.nishizawa@bofa.com

Compared to our visit on the opening day (see report, 24 Apr), the initial surge in Daisuke Aikawa >> Research Analyst

demand has started to settle. However, even though our visit was 2-3pm on a weekday, BofAS Japan

the parking lot was fairly occupied, suggesting that the store is gradually gaining support +81daisuke.aikawa@bofa.com3 6225 7196

from local residents. At present, there appears to be no negative impact such as

cannibalization of nearby Uny and Don Quijote stores.

Whether they can further refine the business model Stock Data

Based on insights from the first store, minor adjustments to merchandising (MD) were Price 833 JPY

implemented at the second and third stores opened on May 29. For example, although Price Objective 1,150 JPY

overall cosmetics sales have not grown as strongly as initially expected, certain Date Established 13-May-2026

categories within cosmetics are performing well. In addition, store layout and customer Investment Opinion C-1-7

flow are being re-examined to further encourage cross-category purchases in non-food 52-Week Range 795-1,139 JPY

items.