Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
65
% (operating segment gross profit composition for the fiscal year ending January 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+16.7%
基準 3,999Target4,668million
Operating profit+0.0%
基準 2,026Target2,027million
Net income for the current fiscal year+0.0%
基準 2,026Target2,027million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit margin4.7% (actual for the fiscal year ended January 2026) → Not disclosed
ROE9.9% (actual for the fiscal year ended January 2026) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue of ¥4,400 million, operating profit of ¥185 million, and an operating margin of 4.2% (plan for the fiscal year ending January 2026 announced on 14 March 2025) → Revenue of ¥3,999 million, operating profit of ¥191 million, and an operating margin of 4.7% (actual for the fiscal year ended January 2026)（Revenue: -9.1%; operating profit: +3.2%）-9.1%Calculated from the two disclosed figures
Key initiatives
01Next move 1: Maximize the stock business (in-house ownership and operations)
02Next move 2: Optimize the flow business (development → sale)
03(1) Medium-term initiatives
04(2) Business plan for the fiscal year ending January 2027
05Key measures for the fiscal year ending January 2027 — [1] Building stock revenue
06Key measures for the fiscal year ending January 2027 — [2] Continuing to open indoor facilities in the Tokyo metropolitan area
07Key measures for the fiscal year ending January 2027 — [3] Proactive initiatives to improve occupancy rates
Plan assumptionsThe number of container-type stores to be opened in the fiscal year ending January 2027 is assumed to be at the same level as the 30 stores opened in the fiscal year ended January 2026., Demand for self-storage facilities in the Tokyo area is expected to continue for the time being., Construction costs may rise due to higher labor and material costs., Construction schedules may be extended due to amendments to the Building Standards Act and the impact of work-style reforms., In March 2026, the Construction Materials Price Building Cost Index was 143.3 points for collective housing (reinforced-concrete construction) and 141.2 points for business establishments (steel construction).
Segment targetSegment Stock business (operations) / Indicator Gross profit / Target Timing Fiscal year ending January 2027 / Value ¥212 million, Timing Fiscal year ending January 2028 / Value ¥415 million, Timing Fiscal year ending January 2029 / Value ¥607 million, Segment Flow business (development) / Indicator Gross profit / Target Timing Fiscal year ending January 2027 / Value ¥601 million, Timing Fiscal year ending January 2028 / Value ¥450 million, Timing Fiscal year ending January 2029 / Value ¥326 million, Segment Operations and management division / Indicator Gross profit composition / Target Timing Fiscal year ending January 2029 / Value 65.0%
Non-financial targetsIndicator Number of container-type stores opened / Target At the same level as the 30 stores opened in the fiscal year ended January 2026 / Timing Fiscal year ending January 2027, Indicator Occupancy rate of existing-store rooms / Target 75.0% / Timing Plan period, Indicator Closing Rate / Target 45.0% / Timing Plan period
Size of the Target MarketFigures Fiscal 2023: ¥86.7 billion, up 3.6% year on year, Fiscal 2024: forecast growth of 5.8% year on year, or ¥91.87 billion on the chart, Fiscal 2028: ¥100 billion (Company estimate) / Source Yano Research Institute Ltd., “Yano Research: Expanding Storage Business 2025” (released on 1 April 2025), Japan Rental Storage Space Promotion Council, “Trends and Issues in Japan’s Self-Storage Business” (published in March 2026)
Risks identified by the company
The economic environment surrounding customer needs and real estate market conditions
Intensifying competition
Funding
Rising construction costs and shortages of construction materials
Reason for revision or withdrawal
Precisely because the Company now has a strong foundation in flow revenue, it is at a stage where it must build a “second earnings base (stock revenue)” that is less affected by market fluctuations in order to further enhance corporate value and stabilize management. It is an urgent priority to build a management stabilizer in the form of stock revenue, rather than allowing the success of the flow business to be a one-off achievement.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Fiscal year ending January 2027 to fiscal year ending January 2029 |
| Progress against the plan | Partially revised |
| Sales Target | 3,999 (actual for the fiscal year ended January 2026) → 4,668 (plan for the fiscal year ending January 2027)（16.7%） |
| Operating profit target | 191 (actual for the fiscal year ended January 2026) → 217 (plan for the fiscal year ending January 2027)（13.5%） |
| Operating profit margin target | 4.7% (actual for the fiscal year ended January 2026) → Not disclosed |
| Net income target | 117 (actual for the fiscal year ended January 2026) → 134 (plan for the fiscal year ending January 2027)（14.7%） |
| ROE target | 9.9% (actual for the fiscal year ended January 2026) → Not disclosed |
| Segment target | Segment Stock business (operations) / Indicator Gross profit / Target Timing Fiscal year ending January 2027 / Value ¥212 million, Timing Fiscal year ending January 2028 / Value ¥415 million, Timing Fiscal year ending January 2029 / Value ¥607 million, Segment Flow business (development) / Indicator Gross profit / Target Timing Fiscal year ending January 2027 / Value ¥601 million, Timing Fiscal year ending January 2028 / Value ¥450 million, Timing Fiscal year ending January 2029 / Value ¥326 million, Segment Operations and management division / Indicator Gross profit composition / Target Timing Fiscal year ending January 2029 / Value 65.0% |
| Non-financial targets | Indicator Number of container-type stores opened / Target At the same level as the 30 stores opened in the fiscal year ended January 2026 / Timing Fiscal year ending January 2027, Indicator Occupancy rate of existing-store rooms / Target 75.0% / Timing Plan period, Indicator Closing Rate / Target 45.0% / Timing Plan period |
| Plan assumptions | The number of container-type stores to be opened in the fiscal year ending January 2027 is assumed to be at the same level as the 30 stores opened in the fiscal year ended January 2026., Demand for self-storage facilities in the Tokyo area is expected to continue for the time being., Construction costs may rise due to higher labor and material costs., Construction schedules may be extended due to amendments to the Building Standards Act and the impact of work-style reforms., In March 2026, the Construction Materials Price Building Cost Index was 143.3 points for collective housing (reinforced-concrete construction) and 141.2 points for business establishments (steel construction). |
| Key initiatives | Next move 1: Maximize the stock business (in-house ownership and operations), Next move 2: Optimize the flow business (development → sale), (1) Medium-term initiatives, (2) Business plan for the fiscal year ending January 2027, Key measures for the fiscal year ending January 2027 — [1] Building stock revenue, Key measures for the fiscal year ending January 2027 — [2] Continuing to open indoor facilities in the Tokyo metropolitan area, Key measures for the fiscal year ending January 2027 — [3] Proactive initiatives to improve occupancy rates |
| Results under the previous plan | Revenue of ¥4,400 million, operating profit of ¥185 million, and an operating margin of 4.2% (plan for the fiscal year ending January 2026 announced on 14 March 2025) → Revenue of ¥3,999 million, operating profit of ¥191 million, and an operating margin of 4.7% (actual for the fiscal year ended January 2026)（Revenue: -9.1%; operating profit: +3.2%） |
| Reason for revision or withdrawal | Precisely because the Company now has a strong foundation in flow revenue, it is at a stage where it must build a “second earnings base (stock revenue)” that is less affected by market fluctuations in order to further enhance corporate value and stabilize management. It is an urgent priority to build a management stabilizer in the form of stock revenue, rather than allowing the success of the flow business to be a one-off achievement. |
| Size of the Target Market | Figures Fiscal 2023: ¥86.7 billion, up 3.6% year on year, Fiscal 2024: forecast growth of 5.8% year on year, or ¥91.87 billion on the chart, Fiscal 2028: ¥100 billion (Company estimate) / Source Yano Research Institute Ltd., “Yano Research: Expanding Storage Business 2025” (released on 1 April 2025), Japan Rental Storage Space Promotion Council, “Trends and Issues in Japan’s Self-Storage Business” (published in March 2026) |
| Risks identified | The economic environment surrounding customer needs and real estate market conditions, Intensifying competition, Funding, Rising construction costs and shortages of construction materials |
| Publication date | 28 April 2026 |
Items this document does not state (8)
ROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Although flow revenue has delivered strong results, revenue volatility driven by real estate market conditions and interest rate trends remains a challenge to management stability. The Company will build stock revenue as a second earnings base that is less affected by market fluctuations, thereby establishing a stable management foundation.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.