■Main activity results of SFP Holdings＜3198＞

1. Results of opening new stores (and changing business categories)

In the 2024/2 fiscal year, we worked to resume opening stores in anticipation of the post-COVID-19 period, opening 8 new stores and changing the business type of 4 stores. What is characteristic is that the number of stores opened in regional cities and the number of stores opened due to the popular bar business type they are focusing on has increased. As for regional stores in particular, in addition to Nagano Matsumoto and Sendai (both are Isomaru Fisheries's 2nd store in the prefecture), Osaka Kyobashi also seems to have had a great success since it was launched. Starting with the first “Isomaru Fisheries” store that opened in 2018, “Machi Sushi Torotaku” was opened in 2022, and in addition to the 2nd “Isomaru Fisheries” store after entering the 2024/2 fiscal year, the popular bar “5 of 5” was opened, and the popular bar “5 of 5” was opened, and it has steadily solidified its foothold. It is attracting attention as a role model for opening regional stores (dominant development). Meanwhile, with regard to the popular bar business type that is being focused on as the “second pillar,” in addition to opening 4 stores in front of Osaka Station, Kyoto Kawaramachi Sanjo, Yokosuka Chuo, and Sendai in “5 of 5,” “Yaki Tonfukusuke” also opened a store in Ikebukuro due to a change in business type, and the number of stores at the end of the period increased to a total of 16 stores. In the future, it is planned to establish a high-profit model and expand it in areas (including regional cities) that have established a foothold with “Isomaru Fisheries.”

2. Capture visitors to Japan (inbound)

While inbound demand from visitors to Japan has been strong, the ratio of visitors to Japan in total sales of Isomaru Fisheries reached a level of over 11% in the fourth quarter, which greatly contributed to the rise in business performance. The fact that inbound demand has been successfully captured is proof that the “Isomaru Fisheries” style really suits the tastes of visitors to Japan, and it seems that depending on the location, more than half of the stores are occupied by visitors to Japan*1. As a characteristic of visitors to Japan, dinner is often used, and meal needs are the center, but the unit price is about 5% higher than that of Japanese customers, and there is a trend where there are many orders for crab, eel, shellfish, etc. The company is working as a new revenue driver by strengthening marketing for visitors to Japan and developing high-priced products*2, which until now were not really aware of.

*1 At some stores in the Osaka/Namba area, it is over 70%.

*2 The “Isomaru Special Set” developed for visitors to Japan is popular.

3. About the personnel system

While labor shortages have become an issue in the industry as a whole, the company has also taken measures such as wage increases and active recruitment of foreign staff so as not to be a hindrance to the complete resumption of late-night business and future store expansion. In particular, the proportion of foreign staff employed is increasing, and the idea is to enhance support systems with a view to long-term employment as valuable workers. The number of employees per store for the 2024/2 fiscal year has greatly improved to 5.8 (4.8 in the previous fiscal year), and a system has been put in place for the expansion of business hours and the opening of new stores.

(Written by FISCO Visiting Analyst Ikuo Shibata)