LENS

Operating store networks

Companies that strengthen a store network by combining assortment, pricing and customer touchpoints.

Look beyond products to how the network itself is operated.

6 companies through this lens

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Nishimatsuya Chain Co., Ltd.Year ended February 2026

Nishimatsuya opened 61 stores and closed 25

61 / 25 storesJapan openings / closures, year ended February 2026
1,181 storesJapan network at February 20, 2026
−17.3%Standalone operating profit, year ended February 2026
What emerges

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.

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JINS HOLDINGS Inc.Year ended August 2026

The work behind a pair of JINS glasses

78.4%Consolidated gross margin, year ended August 2026
68.1%Consolidated SG&A as a share of sales, same year
878 storesGroup stores in Japan and overseas, August 2026
What emerges

JINS finishes frames and lenses into glasses for individual wearers. In the year ended August 2026, its 78.4% gross margin and 10.3% operating margin were separated by SG&A equal to 68.1% of sales, including personnel, rent and system-related costs. These are consolidated ratios across Japan and overseas, not the economics of an individual product. The store count reached 878, but operating profit fell in Japan and rose overseas. Stocking products and running the stores profitably are both part of the business.

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FAST RETAILING CO., LTD.Year ended August 2025

UNIQLO feeds sales back into production decisions.

56.2%UNIQLO International share of group revenue (site calculation)
86.4%Japan + International UNIQLO share of group revenue (site calculation)
1,725 storesUNIQLO International stores
What emerges

UNIQLO checks each store’s sales and stock daily and dispatches goods accordingly. Merchandising and production teams use in-season sales to instruct partner factories to increase or decrease output. In FY2025, international revenue was about 1.86 times Japan’s by site calculation, while North America and Europe grew and Greater China declined. Connecting stores worldwide requires decisions about where to send clothes, how many to make and what to improve next.

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NITORI Holdings Co., Ltd.Fiscal year ended March 2026

Nitori manages manufacturing at supplier factories too

¥912.2bnRevenue, year ended March 2026
1,069 storesGroup stores at March 31, 2026
Manufacturing-Logistics-IT-RetailThe company's own business-model framing
What emerges

Nitori extends its retail operations into raw-material sourcing, manufacturing at its own factories, production supervision at supplier factories, imports and logistics. IT supports operations and sales. The NITORI business generated ¥816.1bn in sales for the year ended March 2026. The group had 1,069 stores at March 31, 2026; in mainland China, three openings and 25 closures reduced the network from 100 to 78. The 1,212-store figure for March 2027 is a plan.

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株式会社良品計画FY2025/8

MUJI stores also make room for local vendors

46.9%Share of operating revenue from household goods
757 / 1,474 storesStores outside Japan / total stores
17.5 millionAnnual active MUJI app users in Japan
What emerges

Ryohin Keikaku gives its retail network additional roles: a venue for local vendors and a place to return used products. In accommodation, company-operated MUJI BASE differs from MUJI room’s renovation of existing facilities, while stores are positioned as local hubs. Activities and operating arrangements vary; the activity and collection counts do not measure their contribution to revenue.

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Pan Pacific International Holdings CorporationFY6/2026

Don Quijote expands around different reasons to shop

¥2.45tnFY6/2026 net sales
364mH1 checkout transactions worldwide
96.2%Domestic share of operating profit in the plan baseline year
What emerges

PPIH combines pricing and assortment with stores designed for tourist shopping and everyday food purchases. Rising same-store sales do not mean that same-store and business-wide gross margins move together. Robin Hood still has to turn early traffic gains into a profitable operating model. The long-term plan for 250 additional domestic stores extends this work on store formats.

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