ALPICO HOLDINGS CO., LTD.
297A・Standard Market・Retail Trade
ALPICO HOLDINGS CO., LTD.
297A・Standard Market・Retail Trade
Business
Alpico Holdings is a pure holding company operating primarily in Nagano Prefecture. Under its umbrella, it operates five segments: the distribution business (61 stores) centered on the food supermarket "Delicia"; the transportation business encompassing buses, railways, and taxis; the tourism business bringing together hotels, inns, service areas, travel, and leisure; the real estate business handling property leasing and vacation home site management; and other services business focused on insurance sales. Tracing its roots to Chikuma Railway, founded in 1920, the company listed on the Standard Market of the Tokyo Stock Exchange in December 2024. Its main customers are general consumers, tourists, and corporations within Nagano Prefecture, making it a regional infrastructure-type corporate group that also benefits from inbound tourism demand.
Business Model
The distribution business, accounting for approximately 73% of net sales, is underpinned by stable consumer revenue from supermarkets operating under a dominant-area strategy. The transportation and tourism business captures transport and lodging demand in tourist destinations such as Kamikochi and Hakuba, boasting a high profit margin despite seasonal fluctuations. The real estate and insurance businesses, though small in scale, supplement stable earnings. Within the group, infrastructure (transportation), lodging, and retail businesses are interlinked, covering the overall daily life of consumers and tourists within Nagano Prefecture, thereby diversifying revenue and maintaining regional market share.
Company Strengths
The company operates 61 stores in Nagano Prefecture in total, comprising 52 "Delicia" stores and 9 "Gyomu Super and Yupallet" stores, achieving efficiency in logistics, advertising, and management costs through a dominant strategy. It has also established a multi-channel structure including 40 "Tokushi-Maru" mobile supermarket vehicles, 19 online supermarket hubs, and 1 unmanned checkout store, building a community-based customer base that is difficult for competitors to replicate in a short period.
The "Matsumoto Kamikochi Line" is an exclusive route of Alpico Kotsu, accounting for nearly half of the operating profit of the entire tourist route bus business. The company operates railway (Kamikochi Line, 14.4km), bus, and taxi services in an integrated manner, and holds a top-class share of taxi sales within Nagano Prefecture. The route network, which exclusively handles access to tourist destinations, functions as a barrier to entry that is difficult for competitors to penetrate.
With a history of over 100 years since the founding of Chikuma Railway, the company operates five business segments—distribution, transportation, tourism, real estate, and insurance—within Nagano Prefecture. Its listing on the TSE Standard Market in December 2024 also established access to capital markets. As group companies support the daily infrastructure of local residents, tourists, and corporations, the company possesses a depth of customer touchpoints and regional brand credibility that cannot be achieved through a single business alone.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), operating revenue reached ¥107,422 million (up 3.5% year on year), operating profit reached ¥3,914 million (up 14.7%), and ordinary profit reached ¥3,558 million (up 16.3%), with operating and ordinary profit both renewing record highs. However, income taxes surged 2.1x year on year to ¥1,197 million, causing net profit to decline to ¥1,999 million (down 12.8%), a reversal from the prior trend. In terms of external factors, continued expansion of inbound demand drove the transportation and tourism business, while rising procurement costs and higher personnel expenses squeezed the profit margin of the distribution business. Operating CF expanded 2.5x year on year to ¥6,264 million, but increased capital expenditure (acquisition of tangible fixed assets of ¥4,914 million) caused investing CF to widen substantially to ¥-5,382 million, and cash balances declined to ¥5,317 million (from ¥6,152 million at the prior fiscal year-end).
Growth Strategy
Execution of the medium-term management plan 2024-2026, centered on M&A promotion, business area expansion, DX, and sustainability
Opened the Delicia Kawanakajima store (opened October 2025) and rolled out four locations of "Delicia Meals," a format with enhanced prepared foods offerings. Multichannel expansion is also progressing, including 40 mobile supermarket vehicles, 19 online supermarket bases, and unmanned checkout stores. Capital expenditure in the distribution business has become more aggressive, reaching ¥2,731 million (up 32.7% year on year).
Opened the Karuizawa office in October 2025, expanding the taxi business's service area to major tourist destinations within Nagano Prefecture. Operating revenue for the transportation business as a whole reached ¥14,219 million (up 6.9% year on year), and operating profit reached ¥2,087 million (up 31.2%), delivering strong results.
Promoting DX initiatives such as AI demand-forecasting-based automatic ordering to reduce costs and improve productivity in the face of rising labor costs and procurement costs. According to the FY2027 (ending March 2027) forecast, productivity-improvement measures are not expected to fully absorb the cost increases, making acceleration of these initiatives a key challenge.
Continuing investment in human capital through wage increases (base pay hikes). Contribution to environmental management and regional revitalization is positioned as a pillar of the medium-term plan. Rising labor costs are emerging as a factor squeezing profits in FY2027 (ending March 2027), making it a challenge to balance this with appropriate price revisions through value-added improvements.
Last updated: July 19, 2026