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

研报英文原文证据摘录

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

Global Research

15 June 2026ab

Japan Retail Sector Equities

JapanDepartment stores: Sales trends in the first half

of June 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

Associate 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 June (1-14 June) after

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

reporting yoy growth in sales and consumption tax-free sales. We continue to view the

price competitiveness of luxury goods in Japan and favourable forex rate trends as

contributing factors to strong performance.

Isetan Mitsukoshi Holdings

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

store total) rose 8.4% yoy, and those in the company's greater Tokyo outlets (same-store

total) rose 10.5%. By store, sales were +15.0% at the Isetan Shinjuku flagship store,

+11.5% at the Mitsukoshi Nihonbashi flagship store, and +6.5% at the Mitsukoshi

Ginza store. Consumption tax-free sales rose 31.0% yoy (number of customers +1.8%,

sales per customer +28.8%) and, by store, they were +43.5% at the Isetan Shinjuku

store, +38.4% at the Mitsukoshi Nihonbashi store, and +10.7% at the Mitsukoshi Ginza

store. Consumption tax-free sales in the domestic department store business (same-