GFOOT CO.,LTD.
2686・Standard Market・Retail Trade
Business
G-Foot Co., Ltd. is a footwear retailer founded in 1931 that operates a specialty store business as a subsidiary of Aeon Co., Ltd. The company operates multiple store formats, including ASBee, ASBee Fam, ASBee Kids, and Green Box, running 594 domestic stores as of the end of FY2026 (ending February 2026). Its main customers span a broad range, including families, young people, and active seniors, with products centered on sports shoes (40.4% of sales composition), children's shoes (23.4%), and women's shoes (16.2%). Many of its stores are located within shopping centers operated by Aeon Retail Co., Ltd. and others, employing a location strategy that leverages the group's infrastructure.
Business Model
Sales of ¥56,906 million are derived mostly from the retail sale of shoes and sundry goods at stores. While leveraging the stable customer traffic base as a tenant within AEON Group shopping centers, the company aims to improve gross margin through the development and sale of its own private-brand products (ATHREAM and heal me). The structure aims to expand customer touchpoints through OMO initiatives via the EC business and the ASBee app (cumulative 2.37 million members), generating synergy with in-store sales.
Company Strengths
Based on the business and capital alliance concluded with AEON CO., LTD. in 2005, the company receives personnel exchange, joint merchandise procurement, and store development cooperation. In FY2026 (ending February 2026) as well, AEON CO., LTD. has indicated its intention to "provide management support as needed and build a unified management structure across the group," functioning as a safety net in terms of fundraising.
The ASBee app, introduced in the previous consolidated fiscal year, gained 1.10 million new members in the current consolidated fiscal year, bringing the cumulative total to 2.37 million members. The EC business achieved sales of 109% year-on-year due to the effects of kids' category enhancement and large-scale sales promotions, and has begun functioning as an OMO (online-merges-with-offline) platform linking digital channels with physical stores.
Under the company's own private brands "ATHREAM" and "heal me," the company developed functional products such as the hands-free shoe "Sugu Supo," waterproof and slip-resistant snow boots, and shoes with thermal insulation features, resulting in PB sales growth of 109% year-on-year. The company possesses product development capabilities that can simultaneously pursue differentiation through proprietary products and improvement in gross margin.
ENVALITH's Perspective
Performance Trend
Revenue declined for the fifth consecutive period, from ¥66,266 million in FY2022 (ending February 2022) to ¥56,906 million in FY2026 (ending February 2026). Operating loss had narrowed to ¥805 million in FY2025 (ending February 2025) but widened again to ¥2,388 million in FY2026 (ending February 2026). As an external factor, rising prices heightened consumers' thrift and price consciousness, pressuring sales, while stronger sales promotion measures to attract customers pushed down the gross profit margin by 1.3 points. Sluggish performance in sports shoes (40.4% of sales composition), down to 91.4% year on year, also weighed on results. SG&A expenses were reduced by 1.8% year on year to ¥26,750 million, but this could not offset the decline in sales and the drop in gross margin. An impairment loss of ¥336 million (versus ¥955 million in the prior period) was recorded as an extraordinary loss. Net assets fell into negative territory (debt exceeding assets by ¥2,359 million), further eroding the financial base.
Growth Strategy
The company aims to achieve a recovery in business performance under an integrated Aeon Group management structure following delisting
Green Box stores are being converted to the Asbee brand with the aim of eliminating unprofitable stores and concentrating management resources on profitable stores. 66 stores were converted during the fiscal year under review, bringing the cumulative total to 198 stores converted. Although this falls short of the target number of stores under the original four-year plan, the company will continue to pursue maximization of sales efficiency through brand unification.
The company developed functional products such as the hands-free shoe "Sugu Spo," waterproof snow boots, and boa-lined functional footwear under its private brands, resulting in PB sales growth of 109% year on year. However, sales fell short of plan, and inventory optimization remains a challenge, as evidenced by an increase in period-end inventory compared to the beginning of the period.
EC sales achieved 109% year on year, driven by enhancement of the kids' category and the effects of large-scale promotions. Asbee app membership increased by 1.10 million during the fiscal year under review, reaching a cumulative total of 2.37 million. The company will continue to promote repeat purchasing and improve promotional efficiency by leveraging its digital customer base.
The company opened 3 "Asbee Kids Grande" stores (Laketown, Tsukuba, and Morioka Minami) and 2 "Asbee Kids" stores in department stores. It also opened 1 "Asbee Plus" store (Musashimurayama), marking the start of expansion into channels other than shopping centers.
The company is scheduled to be delisted on June 23, 2026. By securing a short-term borrowing facility from Aeon Co., Ltd. and receiving management support as needed, the company aims to build an integrated Aeon Group management structure to stabilize its financial base and achieve a recovery in business performance. Earnings forecasts for FY2027 (ending February 2027) have not been disclosed.
Last updated: July 19, 2026