伯恩斯坦：2026年日本零售业：漫长寒冬后，国内零售迎来拐点（英文版）

For years, investors looked at Japan’s domestic retail sector like an overpicked orchard—assuming every tree had already been harvested and nothing meaningful would grow again. But a long winter had been quietly thinning the forest: weaker trees withered, survivors hardened, and space gradually opened beneath the canopy. Now, as the frost lifts, sunlight is finally reaching the ground.Japan’s domestic retail sector is approaching an inflection point toward accelerated consolidation. Japan’s d