MARUI GROUP CO.,LTD.
8252・Prime Market・Retail Trade
Retail
Commercial facility operation and tenant leasing segment centered on Marui and Modi stores
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (external customers) | ¥81,037 million | ¥75,550 million | ↑ |
| Segment profit (operating profit) | ¥11,196 million | ¥8,599 million | ↑ |
| Segment assets | ¥203,998 million | ¥255,840 million | ↓ |
| Depreciation | ¥6,671 million | ¥6,440 million | ↑ |
| ROIC | 4.2% | 3.1% | ↑ |
| Non-merchandise tenant floor area composition | 70% | 65% | ↑ |
| Fixed-term lease monthly unit price per tsubo | ¥52,000 | ¥51,000 | ↑ |
Business Details
Centered on the leasing and operational management of commercial facilities in Marui and Modi stores, this segment engages in the wholesale and sale of apparel and accessories, space production, advertising, contracted fashion logistics, and building maintenance management. It promotes category conversion toward experience-based tenants, schools, dining, and services that are not aimed at "selling," thereby expanding recurring revenue centered on real estate leasing income. The stores also serve as EPOS Card issuance points, creating synergies with the FinTech segment.
Recent Overview
Achieved profit growth for the fifth consecutive fiscal year through accelerated conversion to non-merchandise tenants and improved profit margins
In FY2026 (ending March 2026), Retail segment operating profit rose significantly to ¥11,196 million (+30% year-on-year), marking profit growth for the fifth consecutive fiscal year. The non-merchandise tenant floor area composition expanded to 70% (+5 points year-on-year), aided by growth in tenant and event categories. The introduction of new tenants through OMEMIE reduced vacant units and advanced facility value enhancement. ROIC improved to 4.2% (+1.1 points year-on-year). Operating profit for FY2027 (ending March 2027) is forecast at ¥11,500 million (+3% year-on-year).
Key Products
Growth Drivers
- Facility value enhancement and reduction of vacant units through category conversion to non-merchandise tenants (experience-based, dining, services, events)
- Accelerated acquisition of new tenants through OMEMIE and improved foot traffic through event-filled store design
- Increase in tenant revenue driven by a rise in the fixed-term lease monthly unit price per tsubo (¥52,000)
- Synergies with FinTech through real-life event offerings linked to cards that support "things you love"
- Creation of new customer touchpoints through nationwide expansion of the "things you love" support unit in major cities
Risks
- Risk of decline in real estate leasing income due to tenant departures and rising vacancy rates
- Decline in foot traffic to physical stores due to changes in consumer purchasing behavior (EC and digital shift)
- Risk of store closures due to climate change (typhoons, heavy rain, and other water damage) (impact on real estate leasing income of approximately ¥1.9 billion, building damage of approximately ¥3.0 billion)
- Decline in capital efficiency as the Retail segment's equity ratio is expected to significantly exceed the optimal level (35%) at 50% in FY2031 (ending March 2031)
- Increased difficulty in securing specialized personnel due to intensifying competition for talent
Last updated: June 19, 2026