Retail & Consumer Goods Japan 2009

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  • 8/14/2019 Retail & Consumer Goods Japan 2009

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*

    T`xmgc %Oljspi`tNllhs

    Vmtxj`t gj KmvmjN_ Gjx`tjmxgljmc Kmvmj

    5)8)=? _lsbgnmwm# Xlawl

    _`xmnmwm)ap =0>)66>4 Kmvmj

    ^`d ~~~*ns)gjx)cxh*oli

    Imta`x T`vltxs Kmvmj 4667

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*

    ocgoa xl nl xl vmn`

    =' ^bmx gs Kmvmj xlhmw oljligomccw< vmn` ?4' Bl~ givltxmjx gs Kmvmj gj xb` ~ltch< vmn` 8?' Vtl Olj Kmvmj T`xmgc Imta`x 4667 vmn` 08' Bl~ hl`s xb` Kmvmj`s` oljspi`t clla cga`< vmn` 50' _lvbgsxgomx`h oljspi`ts ~gxb bgnb vptobmsgjn vl~`t vmn` >5' ^bmx hl Kmvmj`s` v`lvc` clu` xl dpw< vmn` 2>' ^bmx hl Kmvmj`s` oljspi`ts sv`jh xb`gt ilj`w lj< vmn` 72' Ngexs Vt s`jxs gj Kmvmj m smc`s ilxlt- vmn` =67' Imta`x _`ni`jxmxglj t xmgc gj Kmvmj vmn` ===6' Lu`tug`~ le Kmvmjs ?6 dgnn`sx t`xmgc obmgjs vmn` =4==' Mcc t`xmgc`ts smc`s hl~j< Olju`jg`jo` sxlt`s pv gj 4667- vmn` =?=4' Jlj)_xlt` T`xmgc _mc`s gj Kmvmj vmn` =8=?' @rmivc`s le spoo`ssepc t`xmgc jxtg`s xl Kmvmj vmn` =0=8' E`~ a`w vlgjxs gj t`nmths xl Kmvmj`s` opsxli`ts vmn` =5=0' Bl~ xl spoo``h gj Kmvmj< vmn` =>=5' N_ Kmvmj s`tugo`s lu`tug`~ vmn` =2=>' A`w T`e`t`jo` vmn` =7

    Oljx`jxs , I`jp

    4

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*?

    Kmvmj gs m vtligsgjn imta`x# ~gxb m imta`x somc` mx xb` xlv le h`u`clv`h jmxgljs*

    Gx gs 4jh cmtn`sx t`xmgc imta`x d`bgjh xb` P_M ~gxb slvbgsxgomx`h# }pmcgxw oljsoglps oljspi`ts*

    ocgoa xl nl dmoa xl i`jp

    NHV dw olpjxtw "%# P_( dgccglj# 466>' V`t omvgxm NHV "466>'

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*8

    *** xb` ~ltch.s s`oljh)dgnn`sx t`xmgc imta`x ~gxb =?*6? xtgccglj w`j 9 (=88 dgccglj smc`s v*m*

    "_lpto`; K`xtl# 4662'

    _lpto`; GIE# 466>

    ocgoa xl nl dmoa xl i`jp

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*

    OLJ Kmvmj 4667

    ncldmc `oljligo hl~j)xptj# vtgumx` oljspivxglj e cc dw 6*8 v`to`jx migh

    Kmvmjs NHV e cc ?*? v`to`jx "}pmtx`t)lj)}pmtx`t'# elt mcc elt 4662# gx sbtmja 6*> v`to`j#

    xb` egtsx h`ocgj` gj jgj` w`mts# moolthgjn xl xb` Omdgj x Leego` "imgj t`msljs; sbtgjagjn

    ncldmc h`imjh mjh bgsxltgo sxtljn w`j c`x `rvltxs olccmvs`'

    VTL Kmvmj 4667

    Kmvmj sxgcc 4

    jh

    dgnn`sx `oljliw,t xmgc imta x d`bgjh xb` P_M vtgumx oljspivxglj gj Kmvmj gs pv ?6% gj xb` vmsx 46 w`mts "=727 4667'

    smugjn tmxgl gs hl~j etli =8#0% xl 4#5% gj xb` smi` x ti "=727 4667'

    bgnb mvvt`ogmxglj le Kmvmj s` oljspi`t le elt`gnj }pmcgxw nllhs "emsbgljmdc` cge )sxwc '

    Kmvmj bms cl~`sx s ce)speegog`jow tmx` miljn N># t`spcxs gj dgn h`imjh elt ellh givltxs

    xl t`ugu` xb` `oljliw# Kmvmj.s vmtcgmi`jx vmss`h m oljx`jxglps 8*2 xtgccglj w`j "(04*4

    dgccglj' sxgipcps vcmj gj Kmjpmtw 4667# gjocphgjn m omsb vmwlpx xbmx milpjxs xl =4#666

    w`j "(=??' v`t gjhgughpmc "46#666 w`j elt gjbmdgxmjxs wlpjn`t xbmj 2# lt lch`t xbmj 50'#

    xb` omsb vmwlpx gs d cg u`h xl sxgipcmx` xb` Kmvmj`s` t xmgc imta`x h`imjh gj 4667 Kmvmj gs xb` olpjxtw ~gxb xb` bgnb`sx elt gnj optt jow mjh nlch t`s`tu`s "`}pgumc jx xl

    ilt` xbmj lj`)xtgccglj)hlccmt P_'# xb` Kmvmj`s` nlu`tji`jx vcmjs xl vpx vmtx le gx gjxl

    m sxgipcps vcmj elt Kmvmj`s` imjpemoxpt ts mjh oljspi`t imta`xs

    xb` optt`jxcw sxtljn Kmvmj`s` w`j "= @PT hl~j etli =50 w`j gj spii`t 4662 xl ==0

    w`j gj Imtob 4667' ima`s givltxs xl Kmvmj mdlpx ?6% ob`mv`t xbmj m w`mt mnl

    0 ocgoa xl nl dmoa xl i`jp

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*5

    Kmvmjs Vlvpcmxglj 4662

    Jpid`t gj #666

    I@XG Kmvmj# 4662

    _v`magjn n`j`tmccw# elccl~gjn a`w~lths mvvcw xl Kmvmj;

    bgnb s`js` le }pmcgxw bgnb c`u`c le s`tugo` `rv`oxmxglj xmsx` elt elt`gnj "~`sx`tj' vtlhpoxs bgnb dtmjh m~mt`j`ss bgnb)vtgo`h t`xmgc imta`x bgnbcw oliv`xgxgu` imta`x mngjn slog`xw {`tl gjecmxglj slcgh# sxmdc` opsxli`ts oljspi`t moxgugsxs

    ocgoa xl nl dmoa xl i`jp

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*>

    Kmvmj`s` oljspi`ts mt` `mtcw mhlvx`ts mjh ilu`

    emsx xl sxmw lj xb` opxxgjn `hn` le xb` cmx`sxx`objlclng`s*

    Ilsx olivmjg`s gj Kmvmj cgsx`j omt`epccw xloljspi`t h`imjhs ~b`j h`u`clvgjn j`~ vtlhpoxs#ms imjw vtlhpoxs gj oliilj ps` mtlpjh xb` ~ltchbmu` ltgngjmx`h gj Kmvmj* Kmvmj xbps ima`s mj gh`mcx`sx imta`x elt j`~ vtlhpoxs mjh s`tugo`s*

    _lpto`; Xb` Ncldmc Oliv`xgu`j`ss T`vltx 466> ^ltch @oljligo Eltpi# 466>

    ocgoa xl nl dmoa xl i`jp

  • 8/14/2019 Retail & Consumer Goods Japan 2009

    8/18 N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*

    Xlxmc V`t Omvgxm _mc`s le Xlv 0 T`xmgc Imta`xs

    2

    Cprptw

    Elt`gnj bgnb)`jh t`xmgc`ts bmu` elt w`mts `jklw`hsxtljn smc`s gj xb` Kmvmj`s` imta`x# ~bgob mcsls`tu`s ms mj pjtgumcc`h imta`x elt h`u`clvgjn lebgnb)`jh oljspi`t vtlhpoxs*

    Olju`jg`jo`M emsx)vmo`h cge`sxwc` mjh xb` ntl~xb le `)olii`to`gj Kmvmj bms ot`mx`h m sxtljn imta`x elt elt`gnj jlj)

    sxlt` t`xmgc`ts ~bl vtlugh` }pgoa mjh `msw moo`ss xlxb`gt vtlhpoxs*

    _xwc`Elt`gnj mvvmt`c t`xmgc`ts# jlx mdc` xl hl ~gxblpx spobm ugxmc imta`x elt mvvmt`c# oljxgjp` xl `rvmjh xb`gtdpsgj`ss`s xl xbgs emsbglj)elt~mth clomxglj*

    OlieltxBli` eptjgsbgjn o`jx`ts t`vltx ntl~xb w`mt mex`t w`mtmjh mt` dtlmh`jgjn xb`gt lee`tgjns xl b cvgjnoljspi`ts mobg`u` olieltxmdc` cgugjn `jugtlji`jxs#tmxb`t xbmj ljcw s`ccgjn blps`blch vtlhpoxs*

    _lpto`; GNH Ncldmc# 466>

    ocgoa xl nl dmoa xl i`jp

  • 8/14/2019 Retail & Consumer Goods Japan 2009

    9/18 N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*7

    Kmvmj Blps`blch _v`jhgjn dw Omx`nltw# 466>Kmvmj Blps`blch _v`jhgjn dw Omx`nltw# 466>

    _lpto`; I@XG# 4662

    ocgoa xl nl dmoa xl i`jp

    _li` hgee t`jo`s xbmx Kmvmj t`mccw s`x gx mvmtx etlilxb`t mhumjo`h imta`xs gs oljspi`t sv`jhgjn;

    Kmvmj`s` oljspi`ts sv`jh mcilsx =0)=>% le xb`gtiljxbcw dphn`xs lj ellh mclj`* Xbgs olivmt`s xl kpsx0)>% gj xb` P_ mjh d`x~``j =6)=4% gj @ptlv`# xb` ljcwomx`nltw xbmx ~ms cmtn`t ~ms Lxb`t sv`jhgjn# ~bgobgjocph`s ngexs mjh et`` sv`jhgjn vloa`x ilj`w*

    Gj 466> mx c`msx# blps`blchs mcsl vpx m cmtn`tvtlvltxglj gjxl smugjns# mhhgjn =7*=% le blps`blchgjoli` v`t iljxb# bl~`u t smugjns mt sbmtvcwh`ot`msgjn* Kmvmj`s` sv`jh m sptvtgsgjn cl~ 2% lj b`mcxb

    ellh sv`jhgjn gs vmtxgopcmtcw bgnb gj Kmvmj msgjlthgjmx`cw ellh vtgo`s mt` bgnb "s`ce)speegog`jow tmx`le Kmvmj gs ljcw 86%# xb` cl~`sx tmx` miljn xb` N>jmxgljs# ~bgob i`mjs 56% le ellh gj Kmvmj gs givltx`h'

    "egnpt`s h`tgu`h etli xb` sxmjhmth I@XG Blps`blch Moolpjxs _ptu`w lj~ltagjn blps`blchs le 4 lt ilt` v`lvc`# `rocphgjn t`jx `rv`js`s'

    Kmvmjs j``h elt givltxgjn ellh lv`js lvvltxpjgxg`selt @ptlv`mj ellh dtmjhs

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    10/18 N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*=6

    Ngugjn ngexs gs m imklt vmtx leKmvmjs opcxpt`

    Gj Kmvmj# ellh gs lex`j xb` d`sx ngex* Kmvmj`s` oljspi`ts mt`emilps elt xb`gt xmsx` le `rv`jsgu` oblolcmx`# ~gj`# lt `u`j

    etpgxs* Gj xb` bgnb)`jh spv`timta`xs le hl~jxl~j Xlawl#vt`igpi mvvc`s olsx pv xl =5 @PT m vg`o`*

    Dpx jlx ljcw vt`igpi mjh cprptw gs htgugjn xb` Kmvmj`s` ngexmjh vt`s`jx imta`x* Gx gs ilt` xb` opsxli xl bmjh)lu`t m ngex mxmcilsx `u`tw loomsglj gj cge`# c`x gs d` m ugsgx xl m etg`jhs blps`lt `u`j t`xptjgjn xl leego` etli m sbltx xtgv* Kmvmj`s` ~mjxv`lvc` mtlpjh xb`i c`x ajl~ xb`gt mvvt`ogmxglj dw ngugjn m ngex*Ilt`lu`t# Kmvmj`s` lex j t`xptj m ngex gj `robmjn`# ljo

    xb`wu` t`o`gu`h lj`* T`o`gu` m elt gnj "@ptlv`mj dtmjh`h'vtlhpox ms m ngex gs s``j ms umcpmdc`1 sbl~s bgnb mvvt`ogmxglj*

    ocgoa xl nl dmoa xl i`jp

  • 8/14/2019 Retail & Consumer Goods Japan 2009

    11/18 N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*==

    Xb` Kmvmj`s` t`xmgc imta`x omj d` hgugh`h gjxl x~l omx`nltg`s; xb` ulcpi`imta`x xbmx imgjcw oljsgsxs le t`cmxgu`cw cl~)vtgo`h hmgcw vtlhpoxs# mjh xb`xt`jh)oljsoglps imta`x elt oljspi`ts xbmx mt` bgnbcw s`jsgxgu` xl emsbglj#cge`)sxwc` mjh x`objlclnw xt`jhs*

    ocgoa xl nl dmoa xl i`jp

  • 8/14/2019 Retail & Consumer Goods Japan 2009

    12/18 N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*=4 ocgoa xl nl dmoa xl i`jp

    Ngmjxsgj mbpn`imta`x

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*=?

    Kmvmj olju`jg`jo` sxlt` smc s pv >*6%gj Kmjpmtw 4667

    Kmvmj Etmjobgs` Msslogmxglj olju`jg`jo` sxlt` smc`sgj Kmvmj tls` >*6% gj Kmjpmtw 4667* B`t` gs mdt`mahl~j le xb` elpt imklt omx`nltg`s t`vltx`h# ~gxbxb` v`to`jx le xlxmc smc`s t`vt`s`jx`h dw xbmx omx`nltwms ~`cc ms gxs obmjn` etli m w`mt d`elt`;

    Vt`vmt`h ellhs ??*4% le xlxmc !=*4%Vmoamn`h ellhs 47*>% le xlxmc !4*7%Jlj)ellhs ?4*2% le xlxmc !42*6%_`tugo`s 8*?% le xlxmc !7*5%

    Kmvmjs Kmjpmtw 4667 h`vmtxi`jx sxlt` smc s; Vcps 6*6%;

    Xb` Kmvmj H`vmtxi`jx _xlt s Msslogmxglj gs t`vltxgjn m vcps gj

    jmxglj~gh` h`vmtxi`jx sxlt` smc s !6*6% lj m w`mt `mtcg`t# mx

    522*5 dgccglj w`j* Xb` jmxglj~gh` sptu`w gjocph`s 4>5 sxlt`s

    l~j`h dw 70 olivmjg`s* Xlawl smc`s xlxmcc`h =58*8 dgccglj w`j*

    ocgoa xl nl dmoa xl i`jp

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*=8

    Ms ilt` sblvv`ts clla xl xb` olju`jg`jo` le d`gjnmdc` xl sblv etli xb`gt olivpx`ts mjh ildgc` vblj`slpxsgh` le t`npcmt sxlt` blpts# xb` jlj)sxlt` t`xmgcs`oxlt bms d``j ntl~gjn sx`mhgcw*

    Xb` xlv elpt i`hgm omxmclnp`# hgt`ox imgc# Gjx`tj`xmjh XU)ima` pv >0% le smc`s# le ~bgob XU sblvvgjnmjh Gjx`tj`x smc`s bmu` sbl~j vmtxgopcmtcw lpxsxmjhgjnntl~xb* Kmvmj gs mcsl lex`j omcc`h xb` olpjxtw le xb`u`jhgjn imobgj`s

    XU sblvvgjn

    Hptgjn EW 4662# xb` =6 c`mhgjn XU sblvvgjnolivmjg`s slch m xlxmc le 4=6 dgccglj w`j ~ltxb lei`tobmjhgs`# m 40% gjot`ms` etli xb` vt`uglps w`mt* _mc`s elt EW 4667 mt` elt`omsx`h xl milpjx xl ilt`xbmj 4?6 dgccglj w`j*

    Gjx`tj`x Ildgc` I`id`t egtis le xb` Kmvmj Hgt`ox Imta`xgjnMsslogmxglj t`vltx`h xbmx xb`gt Gjx`tj`x smc`s hlpdc`hgj EW 4664 xl mdlpx =06 dgccglj w`j* >7*4 igccglj Kmvmj`s` bmh Gjx`tj`x ugm xb`gt ildgc`vblj`s ms le H@O 4662 "bgnb`sx tmx` ~ltch~gh`'#mccl~gjn xb`i xl ima` vmwi`jxs xl ildgc` x`c`vbljw)dms`h Gjx`tj`x i`tobmjxs mjh eptxb`t Gjx`tj`x smc`s*

    ocgoa xl nl dmoa xl i`jp

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*=0

    GA@M Kmvmj# `sxmdcgsb`h 4664Dpsgj`ss; bli` eptjgsbgjns# t`xmgc Ga`m gs tpjjgjn 5 sxlt`s gj Kmvmj gj 4667 "egtsx x~l xl lv`j`h gj 4665' ~gxb bpn`spoo`ss1 Xliiw Apccd`tn# Vt`sgh`jx le Ga`m Kmvmj; Ge Ga`m omj ~gj xb` oljegh`jo` le

    Kmvmj`s` oljspi`ts# ~` omj s cc lpt vtlhpoxs mjw~b t` gj xb` ~ltch*

    BI Kmvmj# `sxmdcgsb`h 4662Dpsgj`ss; mvvmt`c# t`xmgc BI t`c`ms`h gxs mjjpmc t`vltx mx xb` `jh le Kmjpmtw 4667 mjh t`u`mc`h xbmx gxsKmvmj`s` spdsghgmtw imjmn`h xl tma` gj jl c`ss xbmj 4*= dgccglj "=5*2 igccglj @PT'gj kpsx x~l iljxbs* Xb` smc`s gjocph` xb` lv`jgjns le xb` egtsx x~l sxlt`s dpx ljcwpjxgc xb` `jh le xb` olivmjws egjmjogmc w`mt ~bgob gs Jlu`id`t ?6* _gjo` xb` egtsx

    x~l sxlt`s ljcw lv`j`h =? _`vx`id`t mjh 2 Jlu`id`t# xbgs i`mjs =5 igccglj @PT gjsmc`s etli x~l sxlt`s lu`t =64 xtmhgjn hmws gj xlxmc* BI smgh gj xb` t`vltx xbmx Xb`t`o`vxglj le xb` x~l j`~ B%I sxlt`s gj Xlawl ~ms emjxmsxgo mjh smc s sptvmss`h xb`olivmjwsbgnb `rv`oxmxgljs*

    ocgoa xl nl dmoa xl i`jp

    T`xmgc `jxtg`s gj t`o`jx w`mts;Vpim "466?'# Imtolcgj "466>'# [mtm#_~mxob# Ob`cs`m# Olmob# Otlns# C*C* D`mj#Tpolcgj`# lxb`t

    Klob`j [`gx{# O@L mjh Obmgtimj# Vpim MNTphlce Hmssc`t _vltx; $_gjo` Kmvmj# Xlawlgj vmtxgopcmt# gs xb` `vgo`jxt` le xt`jhs Gjxb` Msgm,Vmogego t`nglj# lpt elops gs ljeptxb`t sxt`jnxb`jgjn lpt vlsgxglj gj xbgsa`w imta`x*

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*

    @rxt`i` elops lj }pmcgxw mjh lj opsxli`t s`tugo`

    J``h xl sbl~ cljn x`ti oliigxx`i`jx xl Kmvmj

    @ro`cc`jx hgsxtgdpxglj mjh s`tugo` j`x~lta m ipsx

    _li` mhmvxglj xl xb` Kmvmj`s` imta`x lex`j t`}pgt`h

    @rxt`i` j``h mjh t`}p`sx elt x`objgomc gjeltimxglj mjhhlopi`jxmxglj

    Ocls` mjh et`}p`jx oliipjgomxglj xl vmtxj`t mjh opsxli`tsj`o`ssmtw xl imgjxmgj ~`cc)~ltagjn cljn)x`ti t`cmxgljs

    Elops bmth lj bgtgjn xlv v`lvc` "m vllc le u`tw xmc`jx`hKmvmj`s` mt` mumgcmdc` ge wlp sot``j omt`epccw'* Ps` t`otpgxgjnmn`jog`s mjh b`mhbpjx`ts tmxb`t xbmj vtgjx`h lt gjx`tj`x mhs

    LA xl xma` m vt`igpi vtgo` sxgcc# mcxblpnb xb` imta`x gsd`oligjn ilt` oliv`xgxgu`

    =5 ocgoa xl nl dmoa xl i`jp

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*=>

    =' V`lvc`V`lvc` mt` egtsx* Ms mjw~b`t` `cs` v`lvc` mt` a`w xl wlpt spoo`ss* Opsxli`ts mt`v`lvc`# `ivclw `s mt v`lvc # wlpt dpsgj ss vmtxj ts# wlpt spvvcg ts# Nlu`tji`jx

    t`npcmxlts# wlpt oliv`xgxlts mt` v`lvc`* Wlp j``h xl moo`vx xbmx Kmvmj`s` v`lvc` imw

    xbgja hgee t jxcw xbmj wlp hl* Gj dpsgj`ss gj Kmvmj xbgs omj d` otpogmc*

    4' Xb`t` gs jl `msw# }pgoa# ob`mv ~mw xl spoo``h gj KmvmjXb`t` mt u`tw e`~ `rmivc s le olivmjg`s ~bgob spoo``h lu`tjgnbx gj Kmvmj* Gx ignbx

    d` hgeegopcx xl nl)xl)imta`x ~gxblpx speegog jx imta x t`s`mtob mjh vcmjjgjn* Kpsx d gjn

    oljugjo`h xbmx wlpt vtlhpoxs s cc xb`is cu`s ignbx d` jlx `jlpnb gj Kmvmj*

    ?' Ima` spt` wlp pjh`tsxmjh xb` imta`xOlivmjg s spoo``hgjn gj Kmvmj nl xbtlpnb xl pjh`tsxmjh xb` cmjhsomv` xb`w mt`

    mdlpx xl `jx t* Ge j`~oli`ts hl jlx ajl~ ~bmx wlpcc bmu` `rv`ox xb`wt` cga cw xl emgc*

    Wlp j``h xl pjh`tsxmjh ~bmx Kmvmj`s` oljspi`ts t`mccw cga`# mjh c`mtj etli xb`

    igsxma s mjh spoo`ss`s wlpt oliv`xgxlts bmu` nmgj`h gj Kmvmj d elt *

    8' Wlpt vtlhpoxs ipsx d` oliv`xgxgu`Ge wlp ~mjx xl s cc wlpt vtlhpoxs gj Kmvmj# xb w ipsx vtlugh` m t`mc umcp` xl smxgsew t`mc

    j``hs le Kmvmj s` opsxli`ts mx xb` tgnbx vtgo`* M tmjn` le $ncldmc vtlhpoxs$ ~bgob gs m

    bpn` spoo`ss mtlpjh xb` ~ltch imw jlx b`cv wlp gj Kmvmj* Wlp imw j``h xl mhmvx

    sli` le wlpt vtlhpoxs xl Kmvmj`s` imta x j``hs# sxgcc a``vgjn wlpt dtmjh gimn` pv*

    ocgoa xl nl dmoa xl i`jp

  • 8/14/2019 Retail & Consumer Goods Japan 2009

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    N_ Gjx`tjmxgljmc Kmvmj 4667* Mcc tgnbxs t`s`tu`h*

    KmvmjImta`xgjn_lcpxgljs

    N_ Kmvmj mt` vtlughgjn imta`x `jxtw mjh imta`xgjn, smc`s elt @ptlv`mjolivmjg`s gj Kmvmj* Xb` egti s`tu`s olivmjg`s `sv`ogmccw gj t`xmgc mjh

    oljspi`ts nllhs xbmx vcmj xl sxmtx lt `rvmjhdpsgj`ss lv`tmxgljs gj Kmvmj*

    Vtle`ssgljmc Kmvmj Dpsgj`ss H`u`clvi`jx;

    imta`x t`s`mtob imta`xgjn gjx`ccgn`jo`

    smc`s vmtxj`t slptogjn vmtxj`t j`nlxgmxglj

    imta`xgjn hgt`ox smc`s clngsxgos givltx s`tugo`s

    `)olii`to` ~`d h`u`clvi`jx

    sxmtx)pv ollthgjmxglj xptj)mtlpjh imjmn`i`jx

    BT t`otpgxgjn gjx`tgi imjmn`i`jx

    egti t`vt`s`jxmxglj VT imjmn`i`jx

    N%_Vc`ms` oljxmox ps elt ilt` h`xmgcs lj xb` Kmvmj`s` t`xmgc oljspi`t nllhs imta`x-=2 ocgoa xl nl dmoa xl i`jp