TAKAYOSHI Holdings, INC.
9259・Growth Market・Services
Business
Takayoshi Holdings Inc., guided by its vision of "creating a world where peace of mind and smiles spread," operates the Share Shop Business (single segment), which shares sales space with producers such as local farmers, prepared food shops, bakeries, and food manufacturers. Its flagship format, "Wakuwaku Hiroba" (Share Shop), operated 182 stores nationwide as of the end of September 2025 (153 mall stores and 29 roadside stores), with the number of registered producers reaching 33,906. The product mix has diversified, comprising approximately 31% bento/prepared foods and bread, approximately 29% vegetables and fruits, and approximately 28% processed foods, evolving from a direct farm-produce sales outlet into a regional food select shop. Having started in Chiba Prefecture in 2000, the company now operates across 7 regions nationwide, from Hokkaido to Kyushu.
Business Model
A net revenue recognition model whereby the company accepts sales consignment from producers, temporarily holds the sales proceeds, and in the following month pays producers the amount after deducting a commission (set within a range of 50–80% depending on the product category). The company bears no inventory risk, and since producers also handle part of the in-store operations such as pricing and merchandising, low-cost operations are achieved. Financial soundness is also high due to the structure in which cash inflows precede outflows. For FY2025 (ending September 2025), gross merchandise value was ¥26,872 million and operating revenue was ¥7,982 million.
Company Strengths
The Company adopts a consignment sales model that does not bear ownership or inventory risk for producers' products. The cash flow structure, in which sales proceeds are received first and payments to producers are made the following month, has compressed net assets to ¥3,236 million and total liabilities to ¥2,825 million as of the end of FY2025 (ended September 2025), resulting in high financial soundness.
The number of registered producers increased approximately 44% over four years, from 23,516 at the end of FY2021 (ended September 2021) to 33,906 at the end of FY2025 (ended September 2025). In the current fiscal year alone, the number increased by 2,248 compared to the end of the previous fiscal year. The expansion of the producer base directly strengthens product appeal and merchandise assortment, creating a network effect whereby increased customer traffic leads to the acquisition of new producers in a virtuous cycle.
Producers themselves handle some in-store tasks such as pricing and merchandising, eliminating the need for flyer-based promotions, while store equipment remains simple, limited to flat display tables, refrigerated cases, and cash registers. Total capital expenditure for FY2025 (ended September 2025) was kept small at ¥180 million, and the operating margin was maintained at approximately 11.4% (operating profit of ¥913 million divided by operating revenue of ¥7,982 million).
ENVALITH's Perspective
Performance Trend
Operating revenue expanded over the past five fiscal years from ¥5,528 million (FY2021) to ¥7,982 million (FY2025), but the full-year forecast for FY2026 (ending March 2026) stands at ¥7,800 million (down 2.3% year on year), indicating an expected decline in revenue. Operating revenue for the current interim period (FY2026, ending March 2026) came to ¥4,020 million, down 1.0% year on year, remaining sluggish. On the profitability side, however, a reduction of ¥105 million in SG&A expenses and a reduction of ¥90 million in special losses contributed to a substantial improvement, with operating profit rising 12.0% to ¥517 million and interim net profit rising 41.8% to ¥280 million. Progress against the full-year forecast (operating profit of ¥1,000 million and net profit of ¥520 million) stood at 51.7% and 53.8%, respectively, at the interim stage, indicating generally steady progress. As for external factors, improvement in the employment and income environment is expected to support consumer purchasing intent, while uncertainty over trade policy remains a risk that could affect food costs and consumer sentiment.
Growth Strategy
Sustainable growth in total distribution value through store count expansion, deepening of the producer network, and strengthening of in-house logistics
During the current interim period, 24 new stores were opened and 10 stores were closed, bringing the period-end store count to 196 (a net increase of 14 stores from 182 at the previous fiscal year-end). The company is proceeding in parallel with the consolidation of unprofitable stores and new openings in favorable locations, aiming to improve profitability per store.
The number of registered producers at the end of the current interim period was 35,048 (an increase of 1,142 from the previous fiscal year-end). The company will continue to actively recruit nearby producers, enhancing and differentiating regional product assortments, thereby increasing consumer visit frequency and expanding total distribution value.
Through the development of the in-house logistics system, the company is accelerating the development of small-scale nearby producers who were previously difficult to access. By improving the convenience of listing products for producers, the company simultaneously achieves an increase in the number of registrations and an improvement in the freshness and diversity of products, thereby strengthening the platform's competitive advantage.
Selling, general and administrative expenses in the current interim period were ¥3,282 million, a reduction of ¥105 million year on year. The company will continue to pursue efficiency in fixed costs and optimization of variable costs, aiming to establish a profit structure that maintains and improves profit margins even as top-line growth slows.
Last updated: July 17, 2026