United Super Markets Holdings Inc.
3222・Standard Market・Retail Trade
Business
United Supermarket Holdings, Inc. (USMH) is the largest supermarket holding company in the Greater Tokyo area, with four operating subsidiaries under its umbrella: Maruetsu Co., Ltd., Kasumi Co., Ltd., Maxvalu Kanto Co., Ltd., and Inageya Co., Ltd. Established in March 2015, the company expanded its consolidated store count to 660 stores following the full consolidation of Inageya Co., Ltd. as a wholly owned subsidiary in November 2024. The supermarket business, which sells food products along with household goods, apparel, and other items, accounts for the majority of revenue, complemented by support businesses in real estate, quality control, staffing, and agriculture. Its primary customers are general consumers in the Greater Tokyo area (Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, etc.), and the company also serves areas with limited shopping access through mobile supermarkets and unmanned retail outlets.
Business Model
Group companies concentrate store openings in the greater Tokyo metropolitan area to exert a dominant-area effect, securing cost competitiveness through bulk purchasing and integrated logistics leveraging the shared platform with the AEON Group. Revenue is centered on merchandise sales, with in-house production of original prepared foods and cooked rice at the Soka Delica Center, and labor-saving measures such as electronic shelf labels and self-checkout registers introduced to improve gross margin and productivity. Operating revenue for FY2026 (ending March 2026) reached ¥944,425 million.
Company Strengths
With the full consolidation of Inageya Co., Ltd. in November 2024 (adding 128 stores), the group's store count expanded to 660. Maruetsu, Inc., Kasumi Co., Ltd., Maxvalu Kanto Co., Ltd., and Inageya Co., Ltd. each cover different areas of the greater Tokyo metropolitan region, establishing a dominant structure with geographic advantages over competitors.
In FY2026 (ending March 2026), the Maruetsu Soka Delica Center will begin full-scale operation, starting supply of the original brands "Maigokoro" (cooked rice) and "Umagokoro" (prepared foods/deli items) to approximately 500 group stores. This positions the company to capture growing demand for prepared foods through in-house production, simultaneously reducing in-store labor and achieving product differentiation.
Kasumi Co., Ltd. operates 75 mobile supermarket vehicles and 245 unmanned sales locations, while Maruetsu, Inc. operates 5 mobile supermarket vehicles across 52 locations and 221 stores offering in-store pickup delivery service. The companies have also concluded comprehensive cooperation agreements with local governments, building a community-based customer base by addressing areas with limited access to shopping.
ENVALITH's Perspective
Performance Trend
Operating revenue has continued to expand over the past five fiscal periods, growing from ¥701,159 million in FY2022 to ¥793,986 million in FY2025 to ¥944,425 million in FY2026, with full-year FY2027 guidance of ¥1,133,200 million (up 17.6% year on year). Operating profit, however, has trended downward since peaking at ¥12,155 million in FY2022, falling to ¥5,050 million in FY2026. In the first quarter of FY2027 (ending February 2027) (March–May 2026), operating revenue reached ¥273,635 million (up 16.8% year on year), securing revenue growth, but amid continued increases in raw material prices (petroleum products, naphtha, etc.) and labor cost inflation as external factors, the company strengthened pricing and promotional measures centered on processed foods in response to intensifying competition, resulting in a 0.6-point deterioration in gross profit margin. SG&A expenses also rose 16.9% year on year, outpacing the growth in gross profit (up 14.2% year on year), leading to an operating loss of ¥805 million and a quarterly net loss attributable to owners of the parent of ¥2,077 million. The structural challenge of margin deterioration despite revenue growth persists.
Growth Strategy
Driving structural reform to build a ¥1 trillion supermarket business group in the Greater Tokyo area, starting with the integration into AEON Food Style
In March 2026, Maxvalu Kanto Co., Ltd. integrated the Daiei Kanto business and AEON Market Co., Ltd. to form AEON Food Style Co., Ltd. The group achieved 763 stores and operating revenue exceeding ¥1 trillion. The company's standalone operating revenue for the first quarter was ¥43,652 million (up 294% year on year for the same quarter). Although the first quarter recorded a loss due to strengthened pricing measures and upfront investment, the group aims for growth by maximizing integration effects and accelerating investment in existing stores.
The Greater Tokyo area has been re-segmented into three zones—Downtown, Urban, and Rural—combined with optimization using three store models: approximately 100 tsubo, 300 tsubo, and over 500 tsubo. In the first quarter, Maruetsu opened three new stores (AEON Town Higashi-Urawa, Maruetsu Petit Nishi-Yokohama Ekimae, etc.) and Kasumi opened three new stores. AEON Food Style reopened three renewed stores in Mita, Daikanyama, and Ishikawadai.
The company has implemented procurement integration, consolidation of frozen food logistics, and a review of fresh/deli procurement aimed at cost improvement. It is advancing and examining plans for joint use of logistics centers, and is progressing migration to the common AEON system. Full integration of head office functions into the company aims to reduce costs and speed up decision-making. As of the first quarter, an increase in selling, general and administrative expenses has preceded such effects, and the realization of cost reduction benefits remains a future challenge.
The number of WAON POINT users at Maruetsu on a standalone basis surpassed 2 million in April 2026. The company is working to improve convenience for customers in the Greater Tokyo area and expand sales through marketing utilization by deploying and promoting AEON Group common services. Results have partially materialized, as seen in the increase in the number of customer visits at existing stores (Maruetsu, Kasumi, and Inageya each recorded an increase in store visitor numbers year on year for the same quarter).
Last updated: July 17, 2026