"How the Japanese Society Shaped the Retail" with Davide Sesia, Sogo & Seibu Co.Ltd.

The process of polarization of the Japanese middle class has roots in the post-Covid changes in the economy.

The Japanese economy began recording inflation in 2022 (+2.5%), mainly due to the increase in import prices aggravated by the heavy devaluation of the yen. As of September 2025, +2.85%, October 2025, +3.0%. Nominal wages fail to absorb the increase in prices, generating a negative effect on consumption. Japanese department stores saw sales declines for six consecutive months through July 2025.
The solid middle class, a cornerstone of department store development since the oil crisis of the 1970s, is now at risk of Westernization.
Rather than a change in consumer behaviour, it is clear that consumption is taking different paths than those followed until now, with potentially negative effects on the distribution of valuable goods and services. In essence, the changing Japanese social structure can have effects on distribution.

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