HASEGAWA CO., LTD.
8230・Standard Market・Retail Trade
Business
Hasegawa Co., Ltd., founded in 1929, is a specialty retailer of Buddhist altars, fittings, and gravestones listed on the Standard Market of the Tokyo Stock Exchange. It operates directly managed stores in East Japan and West Japan, with the Buddhist Altars & Fittings Business (approximately 67% of sales) and the Gravestone Business (approximately 20%) as its core operations. In October 2024, the company made Gendai Butsudan Co., Ltd. a wholly owned subsidiary, acquiring the "Gallery Memoria" network of approximately 100 stores nationwide. The company also operates the Peaceful Life Support Business, which handles consignment sales of Indoor Cemeteries, the Food Service, Food Products & Sundries Business (Tanomi), and inheritance and estate organization services, thereby expanding its business domain from "memorial services" to supporting a "emotionally fulfilling life (peaceful life)." Its primary customers are general consumers, mainly bereaved family members who have lost a loved one.
Business Model
Centered on directly-operated store retail sales of Buddhist Altars & Fittings and gravestones, the company also runs EC sales and wholesale sales. On the product side, it appeals through added value built around four core brands—"H PREMIUM," "LIVE-ing," "HASEGAWA Standard," and "MIND STYLE"—developed jointly with partners such as Karimoku Furniture, Hida Sangyo, and Kengo Kuma. The Indoor Cemetery business operates under consignment sales contracts with temples (with sales guarantee deposits placed), while tree burials are covered through in-house planning and consignment sales, together covering the full range of memorial services for cremated remains. In the Peaceful Life Support Business, the company has built a referral fee-based revenue model, promoting a shift away from one-time sales.
Company Strengths
The company operates directly managed stores across East Japan and West Japan, and in October 2024 made Gendai Butsudan a wholly owned subsidiary, thereby acquiring the nationwide "Gallery Memoria" network of approximately 100 stores. Consolidated net sales for FY2025 (ended March 2025) reached ¥21,228 million, giving the company a scale-based competitive advantage in the religious goods retail industry.
In FY2025 (ended March 2025), the Indoor Cemetery Business recorded net sales of ¥569 million against segment profit of ¥232 million, achieving a profit margin of 40.8%. Under a business model based on consignment sales agreements with temples, sales of high value-added facilities—such as the Sennichidani Jyoen (Shinjuku-ku, Tokyo), designed by Kengo Kuma, which completed its planned sales—have supported earnings.
The Peaceful Life Support Business, which began full-scale rollout across all stores in April 2023, achieved net sales of ¥130 million in FY2025 (ended March 2025), up 259.6% year on year. Enhanced promotional activities—including TV commercials, web advertising, and inheritance seminars (held at 15 venues in total)—along with strengthened call center functions, increased the number of consultations, positioning the business as an emerging pillar of earnings in the end-of-life planning and inheritance field.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales were ¥21,122 million (down ¥106 million year on year), operating profit was ¥772 million (down ¥432 million year on year), and net income attributable to owners of parent was ¥291 million (down ¥614 million year on year), with all three metrics marking the lowest levels in the past five fiscal periods. Income before income taxes remained limited to ¥609 million, as an increase in net defined benefit asset (△¥493 million) weighed on operating cash flow. On the other hand, a decrease in inventories (¥206 million) and changes in trade payables served as partial mitigating factors, resulting in operating cash flow of ¥427 million, an improvement from ¥150 million in the previous period. Investing cash flow turned positive at ¥190 million, and the fiscal year-end balance of cash and cash equivalents increased to ¥2,405 million (from ¥1,395 million at the previous fiscal year-end). As an external factor, changing attitudes toward memorial services in Japan (a trend toward simplification and downsizing) is structurally depressing demand for Buddhist Altars & Fittings, with continued headwinds affecting both unit prices and customer traffic.
Growth Strategy
Expansion into adjacent memorial services and "moving away from a one-time sales model" under the new medium-term management plan
Centered on the four-brand framework of H PREMIUM, LIVE-ing, HASEGAWA Standard, and MIND STYLE, the company aims to maintain and improve unit prices through co-developed products with well-known external partners such as Karimoku Furniture and Kengo Kuma. It is also promoting intra-group synergies by introducing Modern Buddhist Altars products into existing stores.
The company continues to expand its in-house planned development, and consignment sales, of tree burial and eternal memorial graves across East Japan and West Japan. Through a combined-sales model of gravestones and tree burials, it aims to increase the total number of orders for cremated remains memorial services. In the West Japan region, three facilities had already opened as of the cumulative third quarter.
The Peaceful Life Support Business, which handles end-of-life planning and inheritance support, is being expanded through TV commercials, web advertising, seminars, and other means. By leveraging the nationwide store network to build consultation referral channels and strengthening call center functions, the company aims to establish a new revenue model based on consultation and referral fees.
Centered on the new sales contribution from the Tanomi Solamachi store (opened May 2025), the company is expanding its food gift product lineup. It aims to generate synergies by leveraging the nationwide Hasegawa sales store network to expand gift sales, in conjunction with customer touchpoints in the religious goods-related business.
For Modern Buddhist Altars, which became a wholly owned subsidiary in October 2024, the company is promoting improved sales efficiency by leveraging Hasegawa's multi-store operation expertise, and creating intra-group synergies by introducing products into existing stores. It also continues to expand its product lineup through co-developed products with external partners.
Last updated: July 17, 2026