Industry map/Retail, Trading & Restaurants
Supermarkets industry map
Who earns the money in Supermarkets, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 65 companies · ¥16.5T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥16.5T
- Companies
- 65
- Avg. salary（parent only）
- ¥5.6M
- Industry weather
- Sunny
YoY +5.8%
Avg. age 42.5
Operating income +7.3%
Pan Pacific International Holdings[7532]
Japan Business + 2 more
- Revenue
- ¥2.25T▲7.2%
- Operating income
- ¥162.3B▲15.8%
Margin 7.2%
Whole company: Revenue ¥2.25T · Net income ¥90.5B
Avg. salary ¥6.9M · 42.5（parent only）
United Super Markets Holdings[3222]
- Revenue
- ¥944.4B▲18.9%
- Operating income
- ¥5.05B▼15.5%
Margin 0.5%
Avg. salary ¥6M · 46.3（parent only）
Life[8194]
Retail
- Revenue
- ¥879.9B▲3.6%
- Operating income
- ¥26.6B▲3.1%
Margin 3.0%
Whole company: Revenue ¥848.6B · Net income ¥18.8B
Avg. salary ¥5.8M · 41.2（parent only）
TRIAL Holdings[141A]
Distribution and retail
- Revenue
- ¥799.8B▲11.9%
- Operating income
- ¥23.7B▲8.4%
Margin 3.0%
Whole company: Revenue ¥803.8B · Net income ¥11.8B
Avg. salary ¥10.3M · 39.5（parent only）
Fuji[8278]
- Revenue
- ¥784.3B▲0.8%
- Operating income
- ¥11.2B▼13.4%
Margin 1.4%
Avg. salary ¥5.2M · 45.6（parent only）
Blue Zones Holdings[417A]
- Revenue
- ¥783.4B
- Operating income
- ¥36.4B
Margin 4.6%
Avg. salary ¥8.1M · 35.4（parent only）
Arcs[9948]
- Revenue
- ¥627B▲3.1%
- Operating income
- ¥17.6B▲10.6%
Margin 2.8%
Avg. salary ¥6.2M · 47.4（parent only）
- Valor Holdings owns 2.5%
- Retail Partners owns 2.5%
Valor Holdings[9956]
Supermarket business
- Revenue
- ¥540.8B▲11.9%
- Operating income
- ¥22.1B▲13.6%
Margin 4.1%
Whole company: Revenue ¥896.2B · Net income ¥16.5B
Avg. salary ¥7.4M · 45.1（parent only）
- Retail Partners owns 2.4%
- Arcs owns 2.4%
Kobe Bussan[3038]
Gyomu Super division
- Revenue
- ¥530.5B▲8.5%
- Operating income
- ¥43.5B▲16.5%
Margin 8.2%
Whole company: Revenue ¥551.7B · Net income ¥31.9B
Avg. salary ¥5.3M · 38.5（parent only）
- G-7 Holdings・Supply/OEM
Aeon Kyushu[2653]
- Revenue
- ¥520.6B▲3.0%
- Operating income
- ¥10.7B▲2.0%
Margin 2.1%
Avg. salary ¥4.8M · 47.0（parent only）
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）
Heiwado[8276]
Retail + 1 more
- Revenue
- ¥439.2B▲2.6%
- Operating income
- ¥14.6B▼2.4%
Margin 3.3%
Whole company: Revenue ¥418B · Net income ¥9.41B
Avg. salary ¥6M · 43.0（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Belc · H2O Retailing · Aeon Hokkaido · Maxvalu Tokai · Sundrug · Axial Retailing · Daikokutenbussan · Retail Partners · Arclands · Okuwa · San-A · Kintetsu Group Holdings · Halows · Mammy Mart Holding · JM Holdings · Tobu Railway · Odakyu Electric Railway · Mr Max Holdings · Keio · eco's · G-7 Holdings · Yamaya · Albis · Plant · Sotetsu Holdings · Yamazawa · Candoco. · Makiya · Keikyu · Yamanaka · Ocean System · Alpico Holdings · Watahan& · Zensho Holdings · Nishi-Nippon Railroad · Keisei Electric Railway · Daiichi · Keihan Holdings · Tenmaya Store · Maruyoshi Center …+13
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- Pan Pacific International Holdings' Japan business is the biggest at ¥2.07T, yet that is only 14% of the listed total.
- Kobe Bussan, which runs the Gyomu Super stores, keeps 8.2% of sales as operating profit. United Super Markets Holdings keeps 0.5%.
- United Super Markets grew +18.9%, but still keeps very little of it as profit.
- The standout is TRIAL Holdings: up +67.9% to ¥1.34T.
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 | Pan Pacific International HoldingsJapan Business + 2 more | ¥2.25T | 13.6% | 7.2% | — | ¥79.8B |
| 2▲1 | United Super Markets Holdings | ¥944.4B | 5.7% | 0.5% | +7.7% | ¥2.3B |
| 3▼1 | LifeRetail | ¥879.9B | 5.3% | 3.0% | +3.5% | ¥61.9B |
| 4▲1 | TRIAL HoldingsDistribution and retail | ¥799.8B | 4.8% | 3.0% | +10.8% | -¥40B |
| 5▼1 | Fuji | ¥784.3B | 4.7% | 1.4% | +26.7% | ¥19.4B |
| 6new | Blue Zones Holdings | ¥783.4B | 4.7% | 4.7% | — | ¥11.1B |
| 7▼1 | Arcs | ¥627B | 3.8% | 2.8% | +2.1% | ¥18.4B |
| 8▲2 | Valor HoldingsSupermarket business | ¥540.8B | 3.3% | 4.1% | +7.5% | ¥9.61B |
| 9 | Kobe BussanGyomu Super division | ¥530.5B | 3.2% | 8.2% | +10.5% | ¥32.8B |
| 10▼2 | Aeon Kyushu | ¥520.6B | 3.1% | 2.1% | — | -¥3.75B |
| 11▼4 | TokyuLife service | ¥511.5B | 3.1% | 4.3% | +1.1% | -¥31.6B |
| 12▼1 | HeiwadoRetail + 1 more | ¥439.2B | 2.7% | 3.3% | +0.7% | ¥429M |
| 13 | Belc | ¥416.5B | 2.5% | 4.3% | +8.8% | -¥2.39B |
| 14▼2 | H2O RetailingSupermarket business | ¥415.9B | 2.5% | 2.4% | +7.4% | ¥22.7B |
| 15 | Aeon Hokkaido | ¥380.1B | 2.3% | 2.2% | +4.3% | ¥3.57B |
| 16▼2 | Maxvalu Tokai | ¥377B | 2.3% | 3.6% | +2.0% | ¥13.2B |
| 17▼1 | SundrugDiscount store | ¥364.1B | 2.2% | 5.3% | +7.8% | ¥12.2B |
| 18▼1 | Axial RetailingSupermarket | ¥294.8B | 1.8% | 4.0% | +4.7% | ¥12.5B |
| 19▼1 | Daikokutenbussan | ¥292.9B | 1.8% | 3.4% | +7.2% | -¥4.86B |
| 20▼1 | Retail PartnersSupermarket | ¥277.3B | 1.7% | 2.5% | +6.1% | ¥3.81B |
| 21▼1 | ArclandsRetail Business | ¥276.7B | 1.7% | 1.6% | -2.5% | ¥1.39B |
| 22▼1 | Okuwa | ¥239.5B | 1.4% | 0.8% | -1.7% | ¥1.84B |
| 23▼1 | San-ARetail business | ¥236.2B | 1.4% | 6.3% | — | ¥25.9B |
| 24▼1 | Kintetsu Group HoldingsMerchandise sales | ¥223.5B | 1.4% | 4.1% | +4.5% | -¥33.8B |
| 25▼1 | Halows | ¥219.4B | 1.3% | 5.7% | +8.3% | ¥13.3B |
| 26▲2 | Mammy Mart HoldingSupermarket | ¥193.2B | 1.2% | 3.5% | +9.4% | ¥2.39B |
| 27▼2 | JM HoldingsSupermarket | ¥180.6B | 1.1% | 5.3% | +9.5% | ¥2.62B |
| 28▼1 | Tobu RailwayLogistics | ¥165.4B | 1.0% | 3.6% | +3.1% | -¥1.94B |
| 29▼3 | Odakyu Electric RailwayLiving services | ¥155.1B | 0.9% | 4.9% | — | -¥24.7B |
| 30▲1 | Mr Max Holdings | ¥142.1B | 0.9% | 3.1% | +4.3% | -¥365M |
| 31▼2 | KeioLife Services | ¥136.4B | 0.8% | 4.3% | — | -¥30.5B |
| 32▼2 | eco's | ¥134.2B | 0.8% | 4.3% | -0.1% | ¥427M |
| 33 | G-7 HoldingsBusiness Supermarket Business | ¥132.8B | 0.8% | 3.6% | +10.5% | ¥2.63B |
| 34▼2 | YamayaLiquor Business | ¥129.7B | 0.8% | 2.1% | -0.3% | ¥2.07B |
| 35 | Albis | ¥99.8B | 0.6% | 2.2% | +2.4% | -¥1.19B |
| 36▼2 | Plant | ¥97.8B | 0.6% | 2.1% | +0.4% | -¥931M |
| 37▼1 | Sotetsu Holdingsmerchandising | ¥97.2B | 0.6% | 0.9% | +0.6% | -¥11.2B |
| 38▼1 | YamazawaSupermarket business | ¥92.3B | 0.6% | 1.6% | -1.4% | ¥4.88B |
| 39▼1 | Candoco. | ¥87.1B | 0.5% | 1.8% | +4.5% | ¥2.51B |
| 40 | MakiyaRetailing | ¥85.5B | 0.5% | 2.9% | +5.6% | ¥78.2M |
| 41 | KeikyuRetailing | ¥83.7B | 0.5% | 2.6% | +5.0% | -¥41.4B |
| 42▼3 | Yamanaka | ¥81B | 0.5% | -0.0% | -3.0% | -¥120M |
| 43▲2 | Ocean SystemSupermarket for retailer business + 1 more | ¥79.7B | 0.5% | 3.2% | +7.7% | ¥1.05B |
| 44▼1 | Alpico HoldingsMerchandise Sales | ¥78.7B | 0.5% | 2.2% | +2.3% | ¥1.16B |
| 45▼3 | Watahan&Retail | ¥77B | 0.5% | 2.0% | — | -¥469M |
| 46▼2 | Zensho HoldingsRetail | ¥77B | 0.5% | -1.3% | — | ¥20.8B |
| 47▼1 | Nishi-Nippon RailroadDistribution | ¥73.9B | 0.4% | 0.9% | +1.8% | -¥63M |
| 48▼1 | Keisei Electric RailwayMerchandise sales | ¥58.8B | 0.4% | 0.4% | +5.8% | -¥42.6B |
| 49 | Daiichi | ¥58.6B | 0.4% | 2.2% | +7.4% | ¥930.8M |
| 50▼2 | Keihan HoldingsRetail | ¥57B | 0.3% | 4.9% | +2.1% | -¥12.4B |
Showing the top 50. See all 65 in the list below
* 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
- Other
- Operating profit
- Tokyu9010
- San-A68338
- Pan Pacific International Holdings68257
- Kobe Bussan887
- Sundrug7420
- Halows7423
- Blue Zones Holdings7524
- H2O Retailing5540
- Kintetsu Group Holdings95
- Belc7324
- Maxvalu Tokai7325
- Axial Retailing7125
- Arclands6239
- Life6932
- TRIAL Holdings7918
- Arcs7522
- Valor Holdings7327
- Heiwado6937
- Daikokutenbussan7720
- Retail Partners7625
- Fuji7230
- Aeon Kyushu7429
- Aeon Hokkaido7529
- United Super Markets Holdings7130
- Okuwa7232
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 阪急阪神ホールディングス㈱Outside
- AffiliateKobe Electric Railway27.7%
- StakeH2O Retailing7.2%
- 三菱商事株式会社Outside
- 住友商事株式会社Outside
- AffiliateMammy Mart Holding21.6%
- サンリン株式会社Outside
- StakeAlpico Holdings9.2%
- ArcsIn industry
- StakeRetail Partnerscross-held7.3%
- Valor HoldingsIn industry
- StakeRetail Partnerscross-held7.3%
- キッセイ薬品工業株式会社Outside
- StakeAlpico Holdings5.8%
- 株式会社滋賀銀行Outside
- StakeHeiwado5.1%
- 株式会社オートバックスセブンOutside
- StakeG-7 Holdings5.0%
- 株式会社北洋銀行Outside
- StakeHokuyu Lucky4.9%
- スルガ銀行株式会社Outside
- StakeMakiya4.9%
- StakeOomitsu4.5%
- ホクト株式会社Outside
- StakeAlpico Holdings4.4%
- 株式会社八十二長野銀行Outside
- StakeAlpico Holdings4.3%
- StakeWatahan&4.3%
- 株式会社しまむらOutside
- StakeBelc4.2%
- 江崎グリコ株式会社Outside
- StakeIceco3.8%
- 株式会社山陰合同銀行Outside
- StakeHiraki3.8%
- 株式会社オリエンタルランドOutside
- StakeKeisei Electric Railway3.6%
- 株式会社 百十四銀行Outside
- StakeMaruyoshi Center3.5%
- 株式会社紀陽銀行Outside
- StakeOkuwa3.4%
- 株式会社 阿波銀行Outside
- StakeMaruyoshi Center3.4%
- 株式会社山形銀行Outside
- StakeYamazawa3.3%
- StakeBelc3.3%
- StakeBlue Zones Holdings3.1%
- ㈱ジョイフル本田Outside
- StakeJM Holdings3.1%
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 Supermarkets (by revenue)
All 65 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.
- Pan Pacific International Holdings¥2.45T · 7.1%
- TRIAL Holdings¥1.34T · 2.6%
- United Super Markets Holdings¥944.4B · 0.5%
- Life¥879.9B · 3.0%
- Fuji¥784.3B · 1.4%
- Blue Zones Holdings¥783.4B · 4.7%
- Arcs¥627B · 2.8%
- Valor Holdings¥540.8B · 4.1%
- Kobe Bussan¥530.5B · 8.2%
- Aeon Kyushu¥520.6B · 2.1%
- Tokyu¥511.5B · 4.3%
- Heiwado¥439.2B · 3.3%
- Belc¥416.5B · 4.3%
- H2O Retailing¥415.9B · 2.4%
- Aeon Hokkaido¥380.1B · 2.2%
- Maxvalu Tokai¥377B · 3.6%
- Sundrug¥364.1B · 5.3%
- Daikokutenbussan¥319.2B · 1.7%
- Axial Retailing¥294.8B · 4.0%
- Retail Partners¥277.3B · 2.5%
- Arclands¥276.7B · 1.6%
- Okuwa¥239.5B · 0.8%
- San-A¥236.2B · 6.3%
- Kintetsu Group Holdings¥223.5B · 4.1%
- Halows¥219.4B · 5.7%
- Mammy Mart Holding¥193.2B · 3.5%
- JM Holdings¥180.6B · 5.3%
- Tobu Railway¥165.4B · 3.6%
- Odakyu Electric Railway¥155.1B · 4.9%
- Mr Max Holdings¥142.1B · 3.1%
- Keio¥136.4B · 4.3%
- eco's¥134.2B · 4.3%
- G-7 Holdings¥132.8B · 3.6%
- Yamaya¥129.7B · 2.1%
- Albis¥99.8B · 2.2%
- Plant¥97.8B · 2.1%
- Sotetsu Holdings¥97.2B · 0.9%
- Yamazawa¥92.3B · 1.6%
- Candoco.¥87.1B · 1.8%
- Makiya¥85.5B · 2.9%
- Keikyu¥83.7B · 2.6%
- Yamanaka¥81B · -0.0%
- Ocean System¥79.7B · 3.2%
- Alpico Holdings¥78.7B · 2.2%
- Watahan&¥77B · 2.0%
- Zensho Holdings¥77B · -1.3%
- Nishi-Nippon Railroad¥73.9B · 0.9%
- Keisei Electric Railway¥58.8B · 0.4%
- Daiichi¥58.6B · 2.2%
- Keihan Holdings¥57B · 4.9%
- Tenmaya Store¥51.4B · 3.7%
- Maruyoshi Center¥40.8B · 0.8%
- Hokuyu Lucky¥37.2B · 0.6%
- Jason¥28.6B · 0.7%
- Minoya¥24B · 2.8%
- Oomitsu¥23.4B · 4.1%
- 株式会社ひとまいる¥14.1B · 6.4%
- Uoki¥8.2B · 7.4%
- TAKAYOSHI Holdings¥7.76B · 11.8%
- Anabuki Kosan¥7.6B · -2.5%
- Iceco¥7.15B · 1.2%
- Hiraki¥6.54B · 2.1%
- Satoh&¥6.34B · 4.2%
- Kobe Electric Railway¥5.28B · 0.4%
- Autowave¥3.19B · 3.3%
Revenue · Op. margin
Related industries
- General Trading Companies
- Specialty Trading & Wholesale
- Convenience Stores
- Department Stores
- 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
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