ENVALITH
株式会社松屋 logo

Matsuya Co., LTD.

8237・Prime Market・Retail Trade

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株式会社松屋 logo
Matsuya Co., LTD.8237

Business

Matsuya Co., Ltd. is a long-established department store group founded in 1869 and listed on the Prime Market of the Tokyo Stock Exchange. Centered on its core Department Store Business (Matsuya Ginza Store and Matsuya Asakusa Store), the group operates Food Service & Wedding Business (Atable Matsuya Co., Ltd.), Building Comprehensive Services & Advertising Business (CBK Co., Ltd.), and peripheral businesses such as real estate leasing and supplies delivery. Its main customers include affluent consumers and inbound foreign visitors to Japan, as well as other highly discerning consumer segments. Consolidated net sales for FY2026 (ending March 2026)... [Note: source states 2026年２月期] were ¥45,706 million, with the Department Store Business accounting for approximately 83% of segment sales. Located in Ginza, one of the world's leading commercial districts, the company differentiates itself through high-value-added merchandise centered on luxury brands, cosmetics, and jewelry/watches.

Business Model

In the Department Store Business, the company sells high-value-added products such as luxury brands and cosmetics at its urban stores in Ginza and Asakusa, with two revenue pillars: deepening customer relationships with affluent clients through Personal Outside Sales Business and enhanced CRM, and duty-free sales to inbound visitors to Japan. Through MATSUYA GINZA.com Co., Ltd., the omnichannel platform "matsuyaginza.com (Omnichannel Platform)" provides a new purchasing experience that integrates physical and digital channels. Within the group, CBK Co., Ltd. handles facility management and advertising in-house, while Ginza Inz Co., Ltd. and others contribute stable real estate leasing income, forming a multi-layered structure.

Company Strengths

Headquartered in "Ginza," one of the world's leading commercial districts, the company has strengthened its lineup of luxury brands, jewelry, watches, and cosmetics, including expanding the Louis Vuitton Matsuya Ginza Store to one of the largest scale in Japan. In FY2025 (ending February 2025), operating profit in the Department Store Business reached ¥4,189 million (+45.2% year on year), achieving high profitability.

Duty-free sales at the Ginza store in July 2024 renewed their all-time high. The number of foreign visitors to Japan in FY2024 hit a record high, with purchases from a wide range of countries driving sales across the entire store. In November 2024, the company launched "matsuyaginza.com (Omnichannel Platform)," the first department store platform in Japan to feature a duty-free purchasing function, aiming to improve customer convenience.

Founded in 1869 and having established its Ginza flagship store in 1925, the company is a long-established department store with a history spanning over 155 years, listed on the Prime Market of the Tokyo Stock Exchange. In-house group companies engaged in real estate leasing (Ginza Ins Co., Ltd. and Ginza Gochome Kanzai Co., Ltd.) and facility management (CBK Co., Ltd.) complement stable earnings, with consolidated total assets reaching ¥76,107 million in FY2026 (ending February 2026).

ENVALITH's Perspective

Operating profit of ¥661 million in Q1 of FY2027 (ending February 2027) showed a strong recovery, up +35.9% year-on-year. However, the full-year forecast remains unchanged at operating profit of ¥1,800 million (down 31.7% YoY), ordinary profit of ¥1,300 million (down 50.0% YoY), and net income of ¥500 million (down 77.2% YoY), reflecting a significant projected profit decline, with Q1 progress rate at a high level of 36.7%. Close attention should be paid to the conservatism of the full-year forecast and the possibility of a divergence from actual results.

By segment in Q1 of FY2027 (ending February 2027), the Department Store Business led growth with net sales up +8.5% and operating profit up +82.9%, while the Food & Beverage Business saw net sales decline -13.3% and posted an operating loss of ¥11 million due to the contraction of the Wedding & Banquet Services business. The Building Comprehensive Services & Advertising Business deteriorated sharply, with net sales down -11.0% and operating profit down -88.6%, due to decreased orders in the Creative Division and Construction & Interior Division. The Group's overall earnings structure has become even more concentrated in the Department Store Business, making the turnaround of non-department-store businesses a key challenge.

Comprehensive income for Q1 of FY2027 (ending February 2027) was ¥-191 million (deteriorating from ¥279 million in the same quarter of the previous year). Valuation difference on available-for-sale securities decreased by ¥586 million, and the equity ratio declined from 35.0% at the end of the previous fiscal year to 34.2%. As an external factor, fluctuations in the stock market directly affect the valuation of held shares, and there is a risk that the valuation trend of investment securities, which stood at ¥9,232 million (compared to ¥10,144 million at the end of the previous fiscal year), will continue to affect net assets and the equity ratio.

Growth Strategy

Under the "Global Destination" concept, the company aims to achieve operating income of ¥8,000–8,500 million in FY2030 through concentrated investment in Ginza, regional co-creation, and strengthened global presence.

Deepening the concentration of luxury brands, including the expansion of the Louis Vuitton Matsuya Ginza Store to one of the largest scales in Japan. Through year-round programs and events (such as "GINZA Shoku no Ennichi"), the company is establishing an overwhelming presence in Ginza and driving the transformation into a premium retailer that attracts affluent customers from both Japan and overseas.

Expanding ID customers through organizational strengthening and staff increases in the Personal Outside Sales Business, together with an omnichannel strategy leveraging matsuyaginza.com (Omnichannel Platform). Also strengthening the capture of inbound demand from a wide range of countries, including partnerships with financial institutions aimed at attracting affluent customers from Southeast Asia. Contributed to an 82.9% increase in operating income in the Department Store Business in Q1 of FY2027 (ending February 2027).

Promoting the rebranding of regional production areas, industries, and products nationwide through regional co-creation initiatives spanning 20 prefectures and 46 projects. In Q1 of FY2027 (ending February 2027), the company carried out an initiative at "Tokyo Creative Salon 2026" highlighting denim from Fukuyama City, Hiroshima Prefecture, and embroidery from Kiryu City, Gunma Prefecture, disseminating these from Ginza to Japan and overseas.

The Food & Beverage Business (Atable Matsuya Co., Ltd.) recorded an operating loss of ¥11 million in Q1 of FY2027 (ending February 2027), affected by the contraction of the wedding and banquet business. The Building Comprehensive Services & Advertising Business (CBK Co., Ltd.) also saw a sharp decline in operating income to ¥6 million (down 88.6% year on year) due to lower orders in the Creative Division (Advertising & Promotion) and Construction & Interior Division (Building Interior Work & Decoration). Turning around non-department store businesses to stabilize overall group profitability remains a key challenge.

Last updated: July 17, 2026