Domestic market contraction, rising procurement and construction costs, and difficulty securing personnel
First written in FY2016. 15 of 21 entries say "Restated". Latest entry: FY2026.
Valor Holdings moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2025: 3 of 7 companies on the "Worse" side.
10 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「We expect further consolidation in the distribution industry, which is the business domain of our Group, and expect the role played by the retail business across the distribution industry to become increasingly significant.」
Continues to recognize structural changes in Japan’s domestic distribution market against a backdrop of population decline, labor shortages, intensifying competition and industry consolidation. - FY2026-H1RestatedAnnual report
「Inflation has continued amid the weakening yen and rising energy prices, while personal consumption remains clouded by uncertainty against a backdrop of stagnant growth in real income.」
Continues to describe uncertainty in Japan’s domestic consumption and cost environment arising from the weakening yen, energy prices, inflation and stagnant growth in real income. - FY2025-H1RestatedAnnual report
「In addition to rising costs such as labor, utilities and delivery and distribution expenses, intensifying competition across industries and business formats has kept the operating environment challenging.」
Operating costs such as labor, utilities and delivery and distribution expenses continue to rise, while competition continues to intensify. - FY2024-Q3WorsenedAnnual report
「As price increases continued across a broad range of products, consumers’ focus on thrift and low prices strengthened. Costs such as labor and logistics expenses also rose, and the operating environment therefore remains challenging.」
Continues to describe the situation in which inflation has strengthened consumers’ focus on thrift and low prices, while labor and logistics costs have also risen. - FY2024-Q2WorsenedAnnual report
「The challenging operating environment has continued amid the impact of global monetary tightening, heightened consumer focus on protecting household budgets due to rising prices for necessities against a backdrop of high energy prices and yen depreciation, and increases in labor and logistics costs.」
Specifies that, in addition to the previously cited increases in prices and energy costs, labor and logistics costs have also risen, making the cost environment for Japan’s domestic distribution industry remain challenging. - FY2024-Q1RestatedAnnual report
「However, uncertainty surrounding Japan's economy and prices remains extremely high due to overseas economic and price trends, persistently high energy prices and rising wages.」
Continues to describe the high level of uncertainty surrounding procurement and operating costs, including soaring energy prices and rising wages. - FY2023RestatedAnnual report
「As successive price increases strengthen household thrift, energy costs such as utility expenses remain high, while logistics and labor costs continue to rise, making the operating environment surrounding our Group increasingly challenging.」
Reconfirms the structural challenges facing Japan’s domestic distribution industry arising from inflation, household thrift, and rising energy, logistics and labor costs. - FY2023-Q3WorsenedAnnual report
「In the distribution industry, which is the business domain of our Group, household thrift has strengthened further amid successive price increases. Although the easing of the government’s border-control measures showed signs of a full recovery in inbound demand, the operating environment continues to deteriorate as energy costs such as utility expenses remain high and logistics and labor costs continue to rise.」
In addition to household thrift caused by inflation, energy, logistics and labor costs continued to rise, making the operating environment for Japan’s domestic distribution industry increasingly challenging. - FY2023-Q2WorsenedAnnual report
「As historically high inflation heightens consumers’ focus on protecting their livelihoods, procurement prices for food and daily necessities, as well as energy costs such as utility expenses resulting from higher resource prices, continue to rise, making the operating environment increasingly challenging.」
Specifies that, in addition to the heightened focus on protecting household budgets caused by inflation, procurement prices for food and daily necessities and energy costs continue to rise. - FY2020-Q3RestatedAnnual report
「In the distribution industry, the operating environment remains challenging amid intensifying competition across business formats and a growing sense of labor shortages.」
Reconfirms the structural challenges facing Japan’s domestic distribution market, where competition across business formats continues to intensify and the sense of labor shortages continues to grow. - FY2020-Q2RestatedAnnual report
「In the distribution industry, the operating environment remains challenging amid intensifying competition across business formats and a growing sense of labor shortages.」
Competition in Japan’s domestic distribution market continues to intensify, while the sense of labor shortages continues to grow. - FY2020-Q1RestatedAnnual report
「In the distribution industry, the operating environment remains challenging amid intensifying competition across business formats and a growing sense of labor shortages.」
Competition in Japan’s domestic retail market continues to intensify, while the sense of labor shortages continues to grow. - FY2019-Q3RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid intensifying competition across business formats and a growing sense of labor shortages.」
Reiterates the structural challenges facing Japan’s domestic retail market, where competition continues to intensify and the sense of labor shortages continues to grow. - FY2019-Q1RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid intensifying competition across business formats and a growing sense of labor shortages.」
Reiterates the structural challenges facing Japan’s domestic retail market, where competition continues to intensify and the sense of labor shortages continues to grow. - FY2018-Q3RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid an oversupply of stores, intensifying competition across business formats and a growing sense of labor shortages.」
The disclosure reiterates the structurally challenging environment surrounding the domestic retail market, including an oversupply of stores, intensifying competition and a growing sense of labor shortages. - FY2018-Q2RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid an oversupply of stores, intensifying competition across business formats and a growing sense of labor shortages.」
The disclosure reiterates the structurally challenging environment surrounding the domestic retail market, including an oversupply of stores and a growing sense of labor shortages. - FY2018-Q1RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid intensifying competition across business formats and a growing sense of labor shortages.」
The disclosure reiterates the operating environment in which intensifying competition and a growing sense of labor shortages continue. - FY2017RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid intensifying competition across business formats and a growing sense of labor shortages.」
Intensifying competition between business formats and a growing sense of labor shortages continue to be described as a challenging operating environment. - FY2017-Q3WorsenedAnnual report
「In the retail industry, the challenging operating environment has continued amid intensifying competition across business formats and a growing sense of labor shortages.」
Regarding labor shortages, the wording changed from the previous “continues” to “growing,” indicating that the challenging environment for competition and human resources has intensified. - FY2017-Q2RestatedAnnual report
「In the retail industry, the challenging operating environment has continued amid intensifying competition across business formats and persistent labor shortages.」
The disclosure describes a challenging operating environment in which competition between business formats and labor shortages continue. - FY2016First statedAnnual report
「In recent years, the operating environment surrounding the Company has changed rapidly due to factors including a shrinking domestic market, rising procurement and construction costs, difficulty securing personnel, intensifying competition across business formats and progress in industry consolidation, and is expected to become even more challenging.」
The explanation of the background to becoming a holding company indicates structural changes in the environment surrounding growth.