Don Quijote expands around different reasons to shop
PPIH is the retail group behind Don Quijote, MEGA Don Quijote, Apita and Piago. Its stores in Japan and overseas sell food, everyday supplies, clothing and general merchandise to consumers.
PB means private brand; OEM refers to products manufactured by an outside supplier. PPIH reports the two together. Pricing sits alongside food, everyday goods and products that make a store worth visiting.
The full-year presentation says that price initiatives intensified from the second quarter, while a larger PB/OEM sales mix and improved margins on tax-free sales supported profitability (full-year presentation, Japanese, p.3). That combination takes different forms in a tourist destination store and a place to pick up food close to home.
Two company-described approaches: visitor shopping and a food-focused store model
Match the selling space and location to the shopping trip
A traveler visiting Japan
Pre-travel promotion encourages a visit
Visit→
A store on the itinerary
Broad assortment, late hours and tax-free selling areas
Choose and buy→
Buy goods during the trip
Enjoying the store is also a reason to visit
A resident on a daily route
Needs food or everyday supplies
Visit→
300-tsubo Robin Hood
Walkable station locations and convenient food such as prepared meals
Choose and buy→
Stop for everyday shopping
A frequent-visit model is being tested
The upper row shows visitor initiatives in the first-half material; the lower row shows a store model in the full-year presentation. These are selected approaches, not a complete classification of stores, a tracked customer journey or a revenue split.
Read transactions and items as measures of store activity
DATA VIEW
How many items moved in one checkout?
First-half items sold divided by checkout transactions gives the average number of items per purchase.
2.73bnItems sold in H1
÷
364mCheckout transactions in H1
=
~7.5Items per checkout (our calculation)
Domestic profits underpin the expansion plan
DATA VIEW
Domestic and overseas operations carry different sales and profit weights
The plan’s FY6/2025 baseline. Each row uses its own total, sales or operating profit, as 100%. These are company-disclosed shares; the operating-profit calculation was also checked by the site.
Sales
Domestic84.3%Overseas15.7%
Operating profit
Domestic96.2%Overseas3.8%
In FY6/2026, the first year of the plan, it opened 25 stores in these three categories: 11 roadside, 11 urban and rail-side, and three inbound-focused locations (full-year presentation, Japanese, p.5). That category-specific total is distinct from new openings across the whole group.
The FY2035 sales target is ¥4.2 trillion
THE VIEW AFTER THE NUMBERS
What the numbers suggest
PPIH changes the assortment and the store format to fit the reason for shopping. Variety and late-night hours serve visitors during a trip; food and locations on everyday routes serve residents picking up supplies.
More customers and sales still leave the work of managing margins and expenses. Same-store and business-wide gross margins can move differently. Robin Hood is also working to turn early sales gains, which include opening demand, into a consistently profitable model.
The plan for 250 new domestic stores and ¥4.2tn of sales extends this work on store formats over the longer term.
Nishimatsuya reshapes its network through openings, closures and replacements, supplying private-label clothing and childcare goods. In the year ended February 2026, it also added online visibility of physical-store stock. Standalone sales increased while operating profit declined. Beyond adding selling space, the economics depend on selling goods at their original prices and organizing work in stores and logistics.
