ENVALITH
ミニストップ株式会社 logo

MINISTOP CO., LTD.

9946・Prime Market・Retail Trade

Official website
ミニストップ株式会社 logo
MINISTOP CO., LTD.9946

Business

MINISTOP Co., Ltd. is a convenience store chain established in 1980 as a subsidiary of AEON CO., LTD. Its domestic business centers on the convenience store operations through franchise and directly-managed stores, characterized by a "combo store model" that combines in-store-processed fast food (soft-serve ice cream, hand-made rice balls, French fries, etc.) with general convenience store merchandise. Its consolidated subsidiary Network Service Co., Ltd. handles logistics for domestic stores. In its overseas business, MINISTOP VIETNAM COMPANY LIMITED operates franchise and directly-managed stores in Vietnam. The company is also cultivating new businesses such as workplace services (MINISTOP POCKET), delivery, and e-commerce, and is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

The primary revenue sources are royalty income under the profit-sharing 'MINISTOP Partnership Agreement' with franchise stores, and store sales from directly-operated stores (271 stores as of end-February 2025). The company is promoting a business model transition toward a structure in which franchise stores and headquarters jointly generate and share business profits. In addition to this, the workplace business (MINISTOP POCKET, 1,700 locations), delivery service (deployed at 1,174 stores), and e-commerce (growth of over 290% year-on-year) are contributing to revenue diversification. By leveraging the AEON Group's supply chain, Topvalu products, and payment infrastructure, the company is complementing its product competitiveness and cost efficiency.

Company Strengths

Ministop's in-store processed fast food, backed by 45 years of know-how since founding, has established a unique position within the convenience store industry. Growth was achieved across multiple categories: cold sweets up over 110% year on year, handmade rice dishes up 117.5% year on year, and hot snacks up year on year. External evaluation has also been high, including receiving high ratings across all products for the first time among convenience stores in a major TV feature in July 2024.

The workplace business, centered on MINISTOP POCKET, expanded to 1,700 locations as of the end of February 2025 (up over 120% year on year), with business profit growing over 180% year on year. The delivery service saw business profit grow over 135% year on year, and e-commerce sales grew over 290% year on year (an all-time high), with multiple new businesses simultaneously achieving high growth.

The proportion of Topvalu products in the product lineup has expanded to 30% (at flagship stores), and Group synergies are being utilized in multiple ways, including mutual customer referrals with AEON Group's online supermarket "Green Beans" and the implementation of AEON Pay. The agricultural product supply system has also been renewed in the Kanto area by leveraging AEON Group's distribution channels, giving the company a procurement and logistics foundation that independent chains do not possess.

ENVALITH's Perspective

Operating loss for Q1 of FY2027 (ending February 2027) was ¥2,015 million (versus ¥0 million in the same period of the prior year), and quarterly net loss attributable to owners of the parent was ¥2,308 million (versus ¥151 million in the same period of the prior year), with losses expanding sharply. The main causes were increased advertising expenses and higher personnel costs associated with the increase in directly-operated stores, compounded by failure to meet plans for existing-store daily sales (95.0% year-on-year) and gross profit margin (30.3%, down 0.9 percentage points year-on-year). Achieving the full-year forecast (operating profit of ¥1,500 million) will require substantial profit improvement over the remaining three quarters, and the feasibility of the plan needs to be carefully assessed.

The workplace-based insurance business, delivery, and e-commerce segments have all shown strong growth, but the number of existing-store customers in the domestic MINISTOP business continues to fall short of plan at 94.0% year-on-year. Existing-store daily sales in the in-store processed fast food category dropped sharply to 79.9% year-on-year, with delays in expanding the product lineup by time of day acting as a drag on customer count recovery. The scale of profit from new businesses has not yet reached a level sufficient to absorb losses in the core business, making the turnaround of the core business an urgent priority. Deteriorating consumer sentiment due to price increases is also serving as an external headwind.

Operating loss in the Vietnam business improved by ¥99 million to ¥92 million (versus ¥192 million in the same period of the prior year), with the effects of merchandising and operational reforms beginning to show in the numbers. The external environment, including Vietnam's real GDP growth rate of 7.83% (year-on-year), has also been a tailwind. On the other hand, the expansion of losses in the domestic business (operating loss of ¥1,923 million), which accounts for the majority of consolidated results, has far outweighed the improvement in Vietnam, making the completion of domestic structural reforms essential for the recovery of consolidated performance. The equity ratio declined from 38.3% (end of FY2026, ending February 2026) to 32.0% (end of Q1 FY2027, ending February 2027), and attention should also be paid to the deterioration in the financial base.

Growth Strategy

Business regrowth through the completion of structural reform, establishment of the New Combo Store model, and OMO-enabling of new businesses

Against an annual closure plan of 80 stores, 39 stores had been closed by the end of the first quarter, progressing as planned. The company is concurrently advancing a review of the franchisee support system and strengthening/streamlining head office functions (utilizing AI and digital technology) to improve operating income.

The company is promoting expanded assortment in key categories such as onigiri, prepared bread, and cold sweets, along with food loss reduction through markdown utilization. In the first quarter, existing store daily sales stood at 95.0% and gross profit margin at 30.3%, both below plan, with accelerating the expansion of time-of-day-specific assortment identified as a challenge.

MINISTOP POCKET expanded to 2,200 locations (over 120% year-on-year) and generated operating income of over 110% year-on-year. Delivery grew over 140% year-on-year and e-commerce grew over 180% year-on-year, continuing high growth. As pillars of the growth business, the company continues to expand locations and develop new products and services.

The company is enhancing the assortment of everyday-use products such as rice-based prepared foods (kome-han deli), fresh produce, dairy, and frozen foods by leveraging the AEON Group's infrastructure, and continues to verify a new format that balances Ministop's unique value proposition with low-cost operations. A review of the promotion structure and the organization of highly effective measures are underway.

Through MD reform (strengthening in-store processed drinks and bakery) and operational reform (reducing disposal losses and optimizing labor costs), the first-quarter operating loss was ¥92 million (an improvement of ¥99 million year-on-year). Total chain-wide sales grew to 106.7% year-on-year, with steady progress in improving the profitability of the individual store model.

Last updated: July 17, 2026