Sanyodo Holdings Inc.
3058・Standard Market・Retail Trade
Business
Sanyodo Holdings Co., Ltd. is a retail service company with a network of 67 stores centered on the Tokai-Hokuriku region around Aichi Prefecture, with additional expansion into the Kanto and Kinki regions. Built around a core of hybrid bookstores that sell both new and used books, the company is actively rolling out a variety of sales and service segments, including Trading Card Kan (trading card outlets, 26 stores), Suruga-ya (used hobby goods, 7 stores), plastic model sales corners (45 stores), buffet restaurants, fitness, and education businesses. Positioning itself under the "Smart Book Variety Store" concept, the company combines smart unmanned store operations using facial-recognition entry (32 stores) with smartphone-based services, aiming to establish a new revenue structure while responding to the shrinking book and magazine market. Its core customer base spans a wide range of age groups, centered on enthusiasts of books, comics, hobbies, and trading cards.
Business Model
Operates a multi-format retail model combining new product sales (books, trading cards, hobby goods, games, etc.), reuse sales (used books, used trading cards, used hobby goods, etc.), and video/music software rental within a single store. Procurement is based on publication sourcing through a capital and business alliance with TOHAN, while reuse products are sourced through purchases from consumers. The structure aims to improve profitability by expanding the high-margin trading card and Suruga-ya segment while improving the cost structure through labor cost reduction via smart unmanned operations and extended business hours.
Company Strengths
In FY2026 (ending March 2026), the trading card segment grew 26.6% year on year (net sales of ¥2,576 million), and the Suruga-ya segment grew 80.7% year on year (net sales of ¥1,128 million), a rapid expansion that pushed them up to the second and fourth largest segments by sales, respectively. The growth of these two high-margin segments drove a ¥301 million increase in overall gross profit, advancing the transformation toward a revenue structure that offsets the contraction of the books and rental markets.
The company has expanded smart unmanned store operations using facial recognition entry to 32 stores, achieving 24-hour operation at 2 stores and extended operating hours at 16 stores. Furthermore, by converting part of the staffed operating hours to unmanned operation at 24 stores that have adopted the system, the company has built a unique operational framework that extends operating hours while curbing increases in labor costs even amid rising minimum wages.
The company entered into a capital and business alliance agreement with Tohan Corporation, its principal business partner, under which Tohan holds 1,400,000 shares of the company's common stock. In addition to a basic transaction agreement designating Tohan as the primary supplier of publications, the two companies also agreed to support the development of new business formats and jointly develop new bookstore models, institutionally securing both stable procurement and cooperation in business format development.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥18,854 million in FY2022 (ending March 2022) before declining for four consecutive periods, but FY2026 (ending March 2026) marked a turnaround with revenue of ¥17,249 million (up 3.9% year on year), the first increase in five periods. Growth segments such as trading cards, Suruga-ya, stationery and sundry goods, and new businesses offset the revenue decline in shrinking segments such as books and rental. Operating profit rose sharply to ¥268 million (up 117.2% year on year), marking a second consecutive period of major improvement. As an external factor, the steady reuse market amid rising prices provided a tailwind. However, FY2027 (ending March 2027) is forecast to see a profit decline, with operating profit projected at ¥200 million (down 25.5% year on year), as increased growth investment costs and the continued contraction of existing businesses are expected to weigh on profit.
Growth Strategy
Two pillars: expansion of growth segments—trading cards, Suruga-ya, and plastic models—and cost structure reform through smart unmanned operations
Expanded the Trading Card Corner to a 26-store network, achieving the No. 2 position by segment sales (up 26.6% year on year) in FY2026 (ending March 2026). Sales growth in the trading card segment is expected to continue in the next fiscal year, and the company will keep promoting expansion of the number of stores offering this format.
Expanded Suruga-ya, which handles used hobby items, to a 7-store network, rising to No. 4 by segment sales in FY2026 (ending March 2026), up 80.7% year on year. Newly opened the Yokkaichi store (Mie Prefecture) and the Tsu-Shirotsuka store (Mie Prefecture). Sales growth is expected to continue in the next fiscal year.
Expanded "Smart Unmanned Operations" using facial recognition entry to 32 stores. Achieved 24-hour operation at 2 stores and extended operating hours at 16 stores, and made a portion of staffed hours unmanned at 24 stores. Will continue to promote adoption and improve operational efficiency through review of staffed hours in the next fiscal year as well.
Newly introduced plastic model sales floors at 10 additional stores in FY2026 (ending March 2026), establishing a 45-store network. Aims to strengthen customer draw through a broader product lineup and create synergies across segments.
Promoting a focus on web marketing utilizing SNS and the company's own website, along with raising awareness of smart services such as self pick-up and self hold. Aims to encourage store visits and improve customer convenience through strengthened digital touchpoints.
Last updated: July 19, 2026