Tour of HAERA, Matsuzakaya Nagoya store: Quick Note

研报英文原文证据摘录

Tour of HAERA, Matsuzakaya Nagoya store: Quick Note

Global Markets Research

21 July 2026J.Front Retailing

3086.T 3086 JP / EQUITY: JAPAN RETAILING

RatingTour of HAERA, Matsuzakaya Nagoya store Neutral

Target price JPY 2,280Quick Note

Closing price

17 July 2026 JPY 3,267Tour of HAERA and Matsuzakaya Nagoya store: Reaffirmed our sense of the

company's strengths in Sakae area (Note: Quick Note reports are not a

On 17 July, we had the opportunity to take part in a company-organized tour of HAERA vehicle for changes to ratings, target

and the Matsuzakaya Nagoya store. Our takeaways are as follows. prices, or earnings forecasts)

HAERA is a luxury mall operated by J.Front Retailing that opened on 11 June, occupying

basement level 2 through the fourth floor of the Landmark Nagoya Sakae building. The

mall features 65 shops, including flagship stores from luxury brands and 40 shops making

their first appearance in the Tokai area. Business conditions have been favorable since Research Analysts

opening, and although the tour was held on a weekday, HAERA had many customers, Japan retailing

underscoring the advantages of its prime location with direct access to the station. The

Hisahiro Yamaoka - NSCinterior design and décor showed careful attention to detail throughout, and the exterior hisahiro.yamaoka@nomura.com

too left us with the impression that the mall is well-designed for appealing to customers as +81 3 6703 1680

a luxury retail space. The group has successfully captured the top luxury brands in the

Sakae area.

The Matsuzakaya Nagoya store is notable for its strong gaisho (corporate and VIP

services), which account for roughly half of transaction volume. The store has been

undergoing large-scale renovations aimed at revamping the store's product lineup and