Industry map/Retail, Trading & Restaurants
Department Stores industry map
Who earns the money in Department Stores, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 21 companies · ¥2.87T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥2.87T
- Companies
- 21
- Avg. salary（parent only）
- ¥7.4M
- Industry weather
- Sunny
YoY +0.9%
Avg. age 44.4
Operating income +0.4%
Tokyu[9005]
Life service
- Revenue
- ¥511.5B▲0.8%
- Operating income
- ¥21.9B▲13.0%
Margin 4.3%
Whole company: Revenue ¥1.09T · Net income ¥87.1B
Avg. salary ¥9M · 42.0（parent only）
Isetan Mitsukoshi Holdings[3099]
Department store business
- Revenue
- ¥446.8B▼2.5%
- Operating income
- ¥65.5B▲1.5%
Margin 14.7%
Whole company: Revenue ¥545.6B · Net income ¥76.1B
Avg. salary ¥9M · 47.4（parent only）
J.front Retailing[3086]
Department Store Business + 1 more
- Revenue
- ¥333.8B▲2.2%
- Operating income
- ¥43.5B▲2.3%
Margin 13.0%
Whole company: Revenue ¥445.1B · Net income ¥28.3B
Avg. salary ¥9M · 47.8（parent only）
Kintetsu Group Holdings[9041]
Merchandise sales
- Revenue
- ¥223.5B▲4.8%
- Operating income
- ¥9.16B▲30.4%
Margin 4.1%
Whole company: Revenue ¥1.75T · Net income ¥53.8B
Avg. salary ¥8.2M · 44.6（parent only）
Kintetsu Department Store[8244]
Department store business
- Revenue
- ¥103.2B▲10.9%
- Operating income
- ¥5.69B▲45.2%
Margin 5.5%
Whole company: Revenue ¥125.5B · Net income ¥3.71B
Avg. salary ¥5.2M · 46.9（parent only）
- Kintetsu Group Holdings owns 63.1%
H2O Retailing[8242]
Department
- Revenue
- ¥185.3B▼3.6%
- Operating income
- ¥23.8B▼15.8%
Margin 12.8%
Whole company: Revenue ¥680.2B · Net income ¥29.9B
Avg. salary ¥10M · 46.2（parent only）
Central Japan Railway Company[9022]
Merchandise and other
- Revenue
- ¥174.5B▲6.9%
- Operating income
- ¥15.8B▲1.3%
Margin 9.1%
Whole company: Revenue ¥2.01T · Net income ¥552.9B
Avg. salary ¥8.6M · 37.0（parent only）
Tobu Railway[9001]
Logistics
- Revenue
- ¥165.4B▲2.2%
- Operating income
- ¥6B▼20.6%
Margin 3.6%
Whole company: Revenue ¥655.4B · Net income ¥55.6B
Avg. salary ¥7.4M · 47.7（parent only）
Odakyu Electric Railway[9007]
Living services
- Revenue
- ¥155.1B▼6.2%
- Operating income
- ¥7.66B▼15.5%
Margin 4.9%
Whole company: Revenue ¥418.7B · Net income ¥37.4B
Avg. salary ¥8.3M · 43.5（parent only）
Keio[9008]
Life Services
- Revenue
- ¥136.4B▲0.9%
- Operating income
- ¥5.84B▲9.7%
Margin 4.3%
Whole company: Revenue ¥496.9B · Net income ¥42.9B
Avg. salary ¥7.6M · 40.5（parent only）
Keikyu[9006]
Retailing
- Revenue
- ¥83.7B▲4.9%
- Operating income
- ¥2.16B▲3.5%
Margin 2.6%
Whole company: Revenue ¥304.2B · Net income ¥27.5B
Avg. salary ¥7.2M · 40.0（parent only）
Marui Group[8252]
Retail
- Revenue
- ¥81B▲7.3%
- Operating income
- ¥11.2B▲30.2%
Margin 13.8%
Whole company: Revenue ¥276.9B · Net income ¥28.5B
Avg. salary ¥6.9M · 39.6（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Nagoya Railroad · Keisei Electric Railway · Keihan Holdings · Matsuya · Izutsuya · Daiwa · Sanyo Electric Railway · Saikaya Department Store · AFC-HD AMS Life Science
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | TokyuLife service | ¥511.5B | 17.8% | 4.3% | +1.1% | -¥31.6B |
| 2 | Isetan Mitsukoshi HoldingsDepartment store business | ¥446.8B | 15.6% | 14.7% | +4.7% | ¥60B |
| 3 | J.front RetailingDepartment Store Business + 1 more | ¥333.8B | 11.6% | 13.0% | +8.4% | ¥48.3B |
| 4 | Kintetsu Group HoldingsMerchandise sales | ¥223.5B | 7.8% | 4.1% | +4.5% | -¥33.8B |
| 5 | H2O RetailingDepartment | ¥185.3B | 6.5% | 12.8% | +9.0% | ¥22.7B |
| 6▲1 | Central Japan Railway CompanyMerchandise and other | ¥174.5B | 6.1% | 9.1% | +16.5% | ¥224.1B |
| 7▲1 | Tobu RailwayLogistics | ¥165.4B | 5.8% | 3.6% | +3.1% | -¥1.94B |
| 8▼2 | Odakyu Electric RailwayLiving services | ¥155.1B | 5.4% | 4.9% | — | -¥24.7B |
| 9 | KeioLife Services | ¥136.4B | 4.7% | 4.3% | — | -¥30.5B |
| 10 | Kintetsu Department StoreDepartment store business | ¥103.2B | 3.6% | 5.5% | +6.6% | ¥11.1B |
| 11 | KeikyuRetailing | ¥83.7B | 2.9% | 2.6% | +5.0% | -¥41.4B |
| 12 | Marui GroupRetail | ¥81B | 2.8% | 13.8% | +2.7% | -¥63.5B |
| 13 | Nagoya RailroadDistribution | ¥65.8B | 2.3% | -2.9% | +1.4% | -¥110.8B |
| 14 | Keisei Electric RailwayMerchandise sales | ¥58.8B | 2.0% | 0.4% | +5.8% | -¥42.6B |
| 15 | Keihan HoldingsRetail | ¥57B | 2.0% | 4.9% | +2.1% | -¥12.4B |
| 16 | MatsuyaDepartment | ¥37.7B | 1.3% | 5.7% | -10.7% | ¥3.19B |
| 17 | IzutsuyaDepartment store + 1 more | ¥21.3B | 0.7% | 3.4% | -20.6% | ¥1.46B |
| 18 | DaiwaDepartment store business | ¥13.4B | 0.5% | 1.2% | -21.9% | ¥873.8M |
| 19 | Sanyo Electric RailwayRetailing | ¥9.36B | 0.3% | 2.5% | +2.1% | ¥2.44B |
| 20 | Saikaya Department StoreDepartment Store Business | ¥4.62B | 0.2% | 14.4% | — | -¥89.3M |
| 21 | AFC-HD AMS Life ScienceDepartment store business | ¥4.61B | 0.2% | 1.3% | +9.5% | -¥1.75B |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Operating profit
- Central Japan Railway Company5941
- Marui Group136918
- Isetan Mitsukoshi Holdings384715
- Keihan Holdings8515
- Odakyu Electric Railway8713
- J.front Retailing523711
- Tobu Railway8911
- Keio8911
- Keikyu8911
- Sanyo Electric Railway8911
- Tokyu9010
- Keisei Electric Railway9010
- AFC-HD AMS Life Science66277
- Matsuya4648
- Kintetsu Group Holdings95
- H2O Retailing5540
- Kintetsu Department Store4946
- Nagoya Railroad95
- Izutsuya5047
- Saikaya Department Store5047
- Daiwa4752
Ownership links
From the major-shareholder section of annual securities reports.
- Kintetsu Group HoldingsIn industry
- SubsidiaryKintetsu Department Store63.1%
- AFC-HD AMS Life ScienceIn industry
- AffiliateSaikaya Department Store37.1%
- KeikyuIn industry
- StakeSaikaya Department Store9.3%
- 西日本鉄道株式会社Outside
- StakeIzutsuya9.3%
- 阪急阪神ホールディングス㈱Outside
- StakeH2O Retailing7.2%
- 松井証券株式会社Outside
- StakeSaikaya Department Store6.2%
- 倉敷紡績株式会社Outside
- StakeDaiwa5.2%
- Tobu RailwayIn industry
- StakeMatsuya4.7%
- 株式会社オリエンタルランドOutside
- StakeKeisei Electric Railway3.6%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Department Stores (by revenue)
All 21 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Tokyu¥511.5B · 4.3%
- Isetan Mitsukoshi Holdings¥446.8B · 14.7%
- J.front Retailing¥333.8B · 13.0%
- Kintetsu Group Holdings¥223.5B · 4.1%
- H2O Retailing¥185.3B · 12.8%
- Central Japan Railway Company¥174.5B · 9.1%
- Tobu Railway¥165.4B · 3.6%
- Odakyu Electric Railway¥155.1B · 4.9%
- Keio¥136.4B · 4.3%
- Kintetsu Department Store¥103.2B · 5.5%
- Keikyu¥83.7B · 2.6%
- Marui Group¥81B · 13.8%
- Nagoya Railroad¥65.8B · -2.9%
- Keisei Electric Railway¥58.8B · 0.4%
- Keihan Holdings¥57B · 4.9%
- Matsuya¥37.7B · 5.7%
- Izutsuya¥21.3B · 3.4%
- Daiwa¥13.4B · 1.2%
- Sanyo Electric Railway¥9.36B · 2.5%
- Saikaya Department Store¥4.62B · 14.4%
- AFC-HD AMS Life Science¥4.61B · 1.3%
Revenue · Op. margin
Related industries
- General Trading Companies
- Specialty Trading & Wholesale
- Convenience Stores
- Supermarkets
- Drugstores & Pharmacies
- Electronics Retailers
- Home Centers
- Furniture, Interior & Lifestyle Goods
- Apparel
- Baby & Kids Goods
- Outdoor & Sporting Goods Stores
- Catalog & TV Shopping
- Secondhand Retail
- Restaurants & Pubs
- Fast Food & Quick Service
- Cafés
- Takeout & Delivery Meals
Analyze this page with AI
Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.