CVS Bay Area Inc.
2687・Standard Market・Services
Business
CVS Bayarea Co., Ltd. traces its origins to a convenience store business founded in 1981, and is currently a group of companies comprising the company and 10 consolidated subsidiaries. It operates its core hotel business (BAY HOTEL brand, 6 properties in Chiba and Tokyo), its condominium front desk service business (subsidiary Ask Co., Ltd., total orders received: 703), which holds the top independent market share, a cleaning business (subsidiary F.A.24), a convenience store business with 4 directly-operated Lawson franchise stores, and other businesses including real estate leasing and hair cutting services. The company concentrates its operations in the Chiba Prefecture and central Tokyo areas, which are dense with footfall-generating facilities such as large theme parks, commercial facilities, and arenas, giving it a structure that captures both inbound and domestic leisure demand. In March 2025, it newly opened the outdoor resort facility "THE FARM Slow Mountain Narita" in Narita City, Chiba Prefecture, expanding its business domain.
Business Model
The hotel and CVS business generates flow-type revenue by leveraging locations near large theme parks and arenas, enhancing profitability through ADR optimization via revenue management. The condominium front desk service business forms a stable base through monthly stock-type revenue based on the number of contracted units (business revenue of ¥4,261 million in FY2025 (ended February 2025)). The cleaning business complements revenue through cross-selling in coordination with the condominium front desk business. Each business operates in areas that overlap geographically and in terms of customer base, aiming for a model in which intra-group synergies serve as a source of revenue.
Company Strengths
The subsidiary Ask holds the top market share among independent condominium front-desk service companies, maintaining a total of 703 contracted properties as of the end of FY2025 (ended February 2025). Through its proprietary tool series "OICOS" (164 contracted properties), it is also expanding into the small- and medium-sized condominium market.
The company concentrates its hotel and convenience store operations in locations near large theme parks, major event venues, and commercial facilities in the Urayasu-Ichikawa area of Chiba Prefecture, as well as near arenas and large exhibition halls in central Tokyo. In FY2025 (ended February 2025), hotel business revenue reached ¥1,986 million (up 16.2% year on year), demonstrating that locational advantage directly drives business performance.
Building on its convenience store business founded in 1981, the company has diversified into hotels (opened 2009), condominium front-desk services (subsidiary since 2009), and cleaning services (subsidiary since 2002). Of the consolidated net sales of ¥7,822 million in FY2025 (ended February 2025), the condominium front-desk business accounted for over 54%, achieving a structure in which recurring revenue resilient to economic fluctuations underpins the overall business.
ENVALITH's Perspective
Performance Trend
Revenue continued moderate growth from ¥7,209 million in FY2022 to ¥7,902 million in FY2026, but in FY2026 operating profit sharply deteriorated to ¥130 million and net income to ¥-1,140 million due to new facility opening expenses and other factors. In Q1 of FY2027 (ending February 2027) (March-May 2026), operating revenue was ¥2,061 million (down 0.7% year-on-year), a slight decrease, but profits recovered sharply: operating profit of ¥90 million (up 102.1% YoY), ordinary profit of ¥91 million (up 34.7% YoY), and quarterly net income of ¥90 million (up 96.3% YoY). As external factors, expanding inbound demand and rising domestic leisure demand boosted the hotel and CVS businesses. The restructuring of unprofitable businesses and reduction in SG&A expenses (from ¥971 million to ¥955 million year-on-year) contributed to the profit improvement. The full-year forecast (operating profit of ¥414 million) remains unchanged.
Growth Strategy
Targeting sales of ¥9,500 million through three pillars: cultivating the outdoor resort business, expanding OICOS sales, and maximizing hotel business revenue
For this outdoor resort facility, which opened in March 2025, the company is promoting SNS activation, expansion of sales channels, renewal of food and beverage menus, and strengthening of digital marketing. In Q1 of FY2027 (ending February 2027), improvement was confirmed across all indicators, including sales, occupancy rate, ADR, number of guests, and profitability.
Orders for "OICOS", a DX support tool for condominiums, expanded to 191 cases as of the end of Q1 FY2027 (ending February 2027), an increase of 12 cases from the previous fiscal year-end. In April 2026, a generative AI automated response chat function was launched, and IoT collaboration with housing equipment manufacturers was also strengthened. The company is simultaneously promoting the conversion of unprofitable manned front desk properties to OICOS.
The company implemented agile ADR adjustments based on demand forecasting, promotion of consecutive-night stays, and enhanced sales targeting families and groups. Hotel segment profit in Q1 FY2027 (ending February 2027) rebounded sharply to ¥106 million (up 67.9% year on year). The company is also actively working to capture group accommodation demand from corporations, schools, and sports organizations.
In the convenience store business, the company is promoting labor-saving through increased utilization of self-checkout registers and expanding Lawson delivery services. In the cleaning business, withdrawal from unprofitable clients and increased new orders for corporate linen supply led to a significant increase in segment profit in Q1 FY2027 (ending February 2027), up 113.8% year on year.
Last updated: July 17, 2026