Domestic Market Growth Constrained by the Declining Birthrate and Aging Population
First written in FY2018-Q1. 4 of 6 entries say "Worsened", first in FY2018-Q2. Latest entry: FY2021.
Palemo Holdings moved to the "Worse" side of this theme in 2017, 5 years before the typical company in this theme (2022).
The whole theme swung hardest in 2025: 3 of 7 companies on the "Worse" side.
4 other companies' latest entry also says "Worsened".
- FY2021WorsenedAnnual report
「In light of the recent decline in the birthrate and changes in the market for general merchandise formats」
The company explicitly identified the declining birthrate as a factor in its decisions to discontinue formats and concentrate management resources, reflecting its recognition of the shrinking domestic market and changing market conditions in its management measures. - FY2020-Q2WorsenedAnnual report
「In the specialty retail sector to which the Group belongs, inbound demand continued to expand as the number of visitors to Japan increased. However, across the industry, the domestic market continued to contract against a backdrop of the declining birthrate and population decline, and the difficult business environment persisted.」
The company stated that, against a backdrop of the declining birthrate and population decline, the domestic market had shifted from its previous stagnant condition to a contractionary trend. - FY2019-Q2RestatedAnnual report
「Across the industry, the difficult business environment continued, with market conditions remaining stagnant against a backdrop of the declining birthrate and population decline, while personal consumption still lacked strength.」
Market stagnation against a backdrop of the declining birthrate and population decline, together with the continuing lack of strength in personal consumption, has persisted. - FY2018WorsenedAnnual report
「In the specialty retail industry to which our group belongs, operating conditions remained challenging as the declining birthrate, aging population and population decline made market expansion unlikely, while chronic labor shortages caused labor costs to rise, increasing store operating and maintenance costs.」
The company has clarified the structural risk that market expansion cannot be expected as the declining birthrate, population decline and the resulting population-decline society progress, and has also cited rising store-maintenance costs. - FY2018-Q2WorsenedAnnual report
「In the specialty retail industry to which the Company belongs, market conditions remained stagnant amid Japan's declining birthrate, aging population and population decline. Labor shortages became more severe than before not only in the food-service industry but also in retail, while soaring labor costs spread throughout the industry, resulting in uncertain conditions.」
The market's stagnant condition against a backdrop of the declining birthrate, population decline and the resulting population-decline society has been highlighted, making the previously identified structural risk that domestic market expansion cannot be expected more concrete. - FY2018-Q1First statedAnnual report
「The specialty retail industry to which we belong is not expected to see domestic market expansion because of the declining birthrate and aging population. Competition for customers among commercial facilities and specialty retailers has intensified further, and the distinction between winners and losers in the industry has become increasingly pronounced.」
Against a backdrop of the declining birthrate and ageing population, the company has newly identified as a risk a structural market environment in which competition for customers is intensifying because domestic market expansion cannot be expected.