ENVALITH
マックスバリュ東海株式会社 logo

Mavvalu tokai co., Ltd.

8198・Standard Market・Retail Trade

Official website
マックスバリュ東海株式会社 logo
Mavvalu tokai co., Ltd. 8198

Business

MaxValu Tokai Co., Ltd. (Single Segment: Supermarket Business) is the core company in the Tokai region for the food supermarket business of the Aeon Group, whose parent company is Aeon Co., Ltd. (holding 64.6% of voting rights). The company operates 244 stores across a total of 7 prefectures, including 109 stores in Shizuoka Prefecture, 56 stores in Aichi Prefecture, and 48 stores in Mie Prefecture, as well as Gifu, Shiga, Kanagawa, and Yamanashi. As a consolidated subsidiary, it has Delica Foods Co., Ltd. (Consolidated Subsidiary), which manufactures prepared dishes and cooked rice products, and it also operates the Franchise Business (Mister Donut, Fujiya). Its main customers are daily food shoppers in each region, and it is also expanding its Mobile Supermarket & Non-Store Business, including mobile supermarkets (34 vehicles), the unmanned store Max Mart, and online supermarket services (28 locations). Operating revenue for FY2025 (ending February 2025) was ¥384,951 million.

Business Model

With daily food sales as the core business, the company procures private-brand products such as Topvalu and fresh food from AEON Group companies, utilizing the Group's logistics, IT, and financial infrastructure to secure profitability while controlling costs. The gross profit margin has remained stable at around 27%. DX investments such as electronic shelf labels, self-checkout registers, and automated ordering support systems absorb the increase in labor costs, while the expansion of the Non-Store Business broadens customer touchpoints, creating a structure that improves both customer traffic and average spending per customer.

Company Strengths

The company transacts with 46 Aeon Group companies, including Aeon merchandise procurement and Aeon Top Value, with merchandise purchases through the group alone totaling approximately ¥92,673 million across the five main companies combined. Logistics are outsourced to Aeon Global SCM (¥5,779 million), and IT leverages Aeon iBIS, Aeon Smart Technology, and others, securing cost competitiveness through economies of scale.

The company operates 244 stores across 7 prefectures, centered on Shizuoka, Aichi, and Mie. Following the 2019 absorption-type merger with MaxValu Chubu (adding 102 stores) and other developments, it established a wide-area dominant market position. In FY2025 (ending February 2025), it opened 5 new stores and renovated 16 stores, achieving total store sales of 103.2% and existing store sales of 102.0% year on year.

In FY2025 (ending February 2025), ROE was 11.1% (improved from 10.8% in the previous period), and ROA (ordinary income to total capital ratio) was 10.5%. The company achieved both of its self-set targets (ROE of 10% or higher and ROA of 10% or higher). Due to the application of the wage increase promotion tax system, the effective tax rate declined, and profit attributable to owners of parent increased 12.9% year on year to ¥9,387 million.

ENVALITH's Perspective

In Q1 of FY2027 (ending February 2027), operating profit was ¥2,403 million (down 11.8% year-on-year), ordinary profit was ¥2,489 million (down 11.5% year-on-year), and profit attributable to owners of parent was ¥1,632 million (down 18.8% year-on-year), representing a significant year-on-year decline across all profit line items. Selling, general and administrative expenses increased to ¥24,349 million (from ¥23,762 million in the same period of the previous year), while net sales declined slightly to ¥93,298 million (from ¥93,686 million). The decline in net profit was further amplified by the reversal effect from extraordinary income of ¥264 million recorded in the same period of the previous year (gain on sale of fixed assets, gain on cancellation of leases, etc.). The full-year earnings forecast (operating revenue of ¥400,000 million, operating profit of ¥14,700 million) has not been revised, but the Q1 progress rate stood at only approximately 16.3% on an operating profit basis, and it should be noted that this presupposes a recovery in the latter half of the fiscal year.

Existing store sales came in at 99.4% year-on-year, falling short of the prior-year level, as the impact of rising food prices on customer traffic and intensifying competition transcending industry and business format boundaries weighed on existing store performance. Meanwhile, all-store sales reached 100.4%, supported by the opening of 7 new stores (including 5 Urban Compact Stores). As an external factor, surging raw material prices and rising delivery costs have worsened the cost structure across the industry as a whole, and the company's increase in SG&A expenses (up ¥587 million year-on-year) reflects this trend. Attention is focused on whether in-house production efficiencies from the planned absorption-type merger with Delica Foods Co., Ltd. (Consolidated Subsidiary) (scheduled for September 2026) will contribute to cost improvement from the second half onward.

Aeon MaxValu (Guangzhou) Commercial Co., Ltd. completed its liquidation in November 2025, fully resolving overseas business risk. Meanwhile, domestically, competition transcending industry and business format boundaries continues to intensify, requiring the company to balance price appeal (products under the "Feel the Savings, Support Household Budgets" concept) with improvements in quality and convenience. Amid the ongoing trend of rising SG&A expenses, including personnel costs, productivity gains from DX investment are key to defending profit margins, though the effects are expected to take time to materialize. While the financial soundness reflected in the equity ratio of 62.0% and net assets per share of ¥3,012.18 is commendable, ROE is under downward pressure due to the decline in net profit.

Growth Strategy

Medium-term growth built on three pillars: business structure transformation, technology utilization, and sustainability

In the first quarter of FY2027 (ending February 2027), a total of 7 new stores were opened (including 5 Urban Compact Stores in Nagoya City), and 5 existing stores were renovated. Market coverage was expanded centered on strengthening dominance in Nagoya City, securing total store sales of 100.4%. Continued store openings and renovation investment increased property, plant and equipment to ¥63,207 million (up ¥923 million from the previous fiscal year-end).

The wholly owned subsidiary Delica Foods (sushi, rice products, and delicatessen manufacturing) is scheduled to be absorbed via merger effective September 1, 2026. The purpose is to strengthen coordination with the fresh food and delicatessen divisions and to concentrate and streamline management resources. The transaction is expected to be treated as a transaction under common control. Delicatessen division sales reached ¥11,569 million in Q1 results (up ¥368 million year on year), expanding as a growth category.

The company is promoting the expansion of self-checkout registers, extending the weather-data-based automated ordering support system to the seafood division, and introducing digital signage. Depreciation expense continues to increase at ¥1,423 million (versus ¥1,375 million in the same period of the previous year), reflecting continued investment. The aim is to function as a structural countermeasure against upward pressure on SG&A expenses, though quantitative realization of the effects remains a future challenge.

The company is simultaneously promoting expansion of Mobile Supermarket operations, opening new unmanned stores under the Max Mart format, strengthening promotion of the online supermarket, and expanding Uber Eats delivery services. The aim is to contribute to improved convenience and regional revitalization while cultivating new revenue channels that complement existing stores. Revenue contribution remains limited at this stage.

The company is promoting development of regionally collaborative products such as commemorative items for the 150th anniversary of Mie Prefecture's founding, expanding growth categories including delicatessen items, frozen foods, and in-store bakery products, and promoting sales of commemorative products marking Topvalu's 100th anniversary. Non-food sales increased to ¥4,359 million (versus ¥4,097 million in the same period of the previous year). However, existing store sales stood at 99.4%, with recovery in customer traffic remaining a challenge.

Last updated: July 17, 2026