{ "spec_version": "4", "endpoint": "history", "stock_code": "7545", "company_name": "西松屋チェーン", "content_lang": "ja", "meta_lang": "en", "canonical_url": "https://the-shashi.com/tse/7545/decisions/", "api_url": "/api/7545/history.json", "updated": "2026-10-01", "license": "© 2026 Yutaka Sugiura. All rights reserved.", "attribution": "The社史 (the-shashi.com) — https://the-shashi.com/tse/7545/decisions/", "source": { "chapters": { "html_url": "https://the-shashi.com/tse/7545/", "primary": [ "社史", "有価証券報告書", "新聞・雑誌記事" ], "extraction": "一次資料を読み合わせて執筆" }, "long_term": { "primary": [ "有価証券報告書" ], "extraction": "EDINET の XBRL、kabupro 掲載の旧有価証券報告書、会社年鑑・社史等からの転記", "row_field": "reference", "caveat": "創業期から現在までを 1 本に繋いだ長期系列のため、年代により出所・単位・連結範囲が変わる。行ごとの reference / unit / consolidation を必ず参照すること" } }, "title": "西松屋チェーンの歴史概略", "eras": [ { "title": "茂理満氏・茂理佳弘氏の「赤ちゃんの西松屋」創業と子供服への拡大", "start_year": 1956, "end_year": 1978, "phase": "founding" }, { "title": "駐車場付郊外型店舗の出店とPOSシステムの導入", "start_year": 1979, "end_year": 1996, "phase": "growth" }, { "title": "関東進出と沖縄出店による47都道府県チェーン網の完成", "start_year": 1997, "end_year": 2015, "phase": "stable_growth" }, { "title": "1,000店舗到達と台湾への海外進出", "start_year": 2016, "end_year": 2026, "phase": "stable_growth" } ], "overview": [ { "label": "創業", "text": "1956年10月、茂理満氏と息子の茂理佳弘氏が兵庫県姫路市本町で赤ちゃんの西松屋株式会社を設立した。資本金は110万円で、最初の店舗として大手前通り店を出店し、宮詣りの衣装と出産準備品の2つに品目を絞って売り始めた。1959年3月には商号を西松屋ストアーへ改め、1979年8月に西松屋チエーンへ改めている。茂理佳弘氏はのちに社長を務め、会社は1999年11月に東証2部へ上場した。" }, { "label": "決断", "text": "出産の一度きりの需要から、成長のたびに生じる需要へ扱いを広げた会社である。1959年3月に社名から「赤ちゃんの」の語を外し、1965年10月には事業目的に子供服の販売を加えて姫路市紺屋町へ出店した。子供は成長が速く衣料を毎年買い替えるため、出産準備で得た家族を数年にわたり客にとどめられる。1971年11月には大阪市へ初めて県外の店を出し、1972年4月には姫路市二階町へ本部事務所を広げて移した。" }, { "label": "現況", "text": "現在の最大の収益源は、衣料ではなく育児・服飾雑貨である。2026年2月期の連結売上高は1,933億円で、育児・服飾雑貨が1,126億円と約6割を占め、子供衣料は628億円、ベビー衣料・マタニティ用品は178億円だった。創業時の出産準備品の流れを汲む雑貨に、1965年に加えた子供服が並ぶ構成である。一方で同期の営業利益は99億円にとどまり、2025年2月期に単体で上げた121億円を下回った。2025年6月に台湾へ子会社を設立し、この期から連結決算に移っている。" }, { "label": "競合", "text": "総合量販店が持て余した子供用品の売場を、専門店として引き受けてきた。茂理佳弘氏は1997年、量販店の子供用品売場は一時的に広がっても元の広さに戻ると述べ、サイズと色柄の多さに比べて単価が低く在庫管理が難しい点を理由に挙げた。その品目に絞った専門店として、姫路から大阪へ店を広げている。ただし利益率は低下しており、営業利益率は2021年2月期の7.6%から2026年2月期に5.1%まで下がり、衣料品専門店のしまむらの8.8%を下回る。" } ], "profile": [ { "key": "founding_business", "label": "祖業", "value": "宮詣り衣装と出産準備品の販売" }, { "key": "current_issue", "label": "現在の注力課題", "value": "台湾進出と営業利益率の回復", "tags": [ "海外展開", "収益改善" ] } ], "timelineLead": "1956年に茂理満氏と茂理佳弘氏が姫路市で設立した赤ちゃんの西松屋が起源。\n宮詣りの衣装と出産準備品から子供服へ品揃えを拡大し、2004年に47都道府県のチェーン店網を完成させた。店舗数が1,000店舗に達した子供用品の専門店チェーンで、育児・服飾雑貨が売上の約6割を占める。", "foundingStory": true, "summary": { "description": "西松屋チェーン（旧西松屋ストアー）の歴史。1956年、茂理満氏と茂理佳弘氏が姫路で「赤ちゃんの西松屋」を創業。駐車場付き郊外型店舗と郡部立地、47都道府県への出店完成、1,000店舗までの沿革と経緯を執筆。" }, "chapters": [ { "start_year": 1956, "end_year": 1978, "main_title": "茂理満氏・茂理佳弘氏の「赤ちゃんの西松屋」創業と子供服への拡大", "subsections": [ { "title": "宮詣り衣装と出産準備品の大手前通り店と、資本金110万円の赤ちゃんの西松屋", "text": "1956年10月3日、茂理満氏と息子の茂理佳弘氏は兵庫県姫路市本町に「赤ちゃんの西松屋株式会社」を設立した。資本金は1,100千円で、最初の店舗として大手前通り店を出店した。店で扱う品は、宮詣りの衣装と出産準備品の2つに絞った。茂理佳弘氏はのちに社長を務め、1999年11月の東証2部上場時の会社紹介でも、姫路市での創業者として紹介された。大手前通り店は1997年11月の廃止まで41年にわたって営業した。誕生の節目に家族が一度は必ず揃える支度品に絞れば、品数の少ない小さな店でも客を確実に得られるという計算があったとみられる。\n\n1959年3月、赤ちゃんの西松屋は商号を「株式会社西松屋ストアー」に改めた。設立から2年5か月で、社名から「赤ちゃんの」の語を外したことになる。この商号は1979年8月に「株式会社西松屋チエーン」へ改めるまで、20年あまり使われた。茂理佳弘氏は1999年の上場時、経営理念として『店はお客様の為にある』を掲げた。あわせて、ベビーと子供の普段の暮らしに要る品を安く便利に提供する方針を示した。出産の支度という一度きりの需要から、日々の暮らしで繰り返し生じる需要へ扱いを移す方向が、1959年の改称の時点で社名に表れたと推察される。", "references": [ { "title": "有価証券報告書 第70期（2026年2月期）【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "証券 52(1)(610) 2000年1月号", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "証券アナリストジャーナル 35(8) 1997年8月号 別冊付録（1997年7月23日・大阪）", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ], "start_year": 1956, "opinionPos": [ [ 263 ], [ 263 ] ] }, { "title": "子供服を加えた紺屋町店と、大阪市への初出店", "text": "1965年10月、西松屋ストアーは事業目的に子供服の販売を追加した。同じ時期に姫路市紺屋町へ出店し、本部事務所も紺屋町に移した。茂理佳弘氏は1997年、子供の成長が速く、今年の衣料を翌年には着られない点を子供用品の特徴に挙げた。例として、3歳児の秋物衣料は4歳の秋には着られないと説明した。同じ1997年、茂理佳弘氏は3年後の売上構成の見込みを子供衣料38.7%、ベビー・マタニティー衣料19%と示した。出産準備で得た家族を、成長のたびに買い替えが生じる子供服で数年にわたり客にとどめようと考えたのだろう。\n\n1971年11月、西松屋ストアーは大阪府大阪市に出店した。設立から15年間、沿革に載る店舗はすべて姫路市内にあり、大阪市の店は初めての県外店舗だった。大阪では1985年11月にも仕入活動を強化するため、大阪事業部の事務所を大阪市北区芝田に開設した。茂理佳弘氏は1997年、量販店の子供用品売場は一時的に広がっても時間がたつと元の広さに戻ると指摘した。理由には、サイズと色柄の多さに比べて単価が低く、在庫の管理が難しい点を挙げた。総合の量販店が力を入れにくい品目だったことが、姫路の専門店にとって人口の多い大阪で客を獲得する余地になったと思われる。\n\n1972年4月、西松屋ストアーは本部事務所の規模を拡大するため、姫路市二階町に出店して本部事務所を同時に移した。紺屋町への本部移転から6年半後で、大阪市への出店の5か月後にあたる。二階町の店は1994年10月に廃止された。茂理佳弘氏によれば、1994年ごろの本部は姫路に、商品部は新大阪に、配送センターは伊丹にあった。当時は各店が補充発注をしており、のちに商品部の一括発注と本部での単品管理に切り替えて利益が出るようになった。1972年の本部拡張は、店舗が増えるにつれて本部に仕事を寄せていく体制づくりの起点だったと考えられる。", "references": [ { "title": "有価証券報告書 第70期（2026年2月期）【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "証券 52(1)(610) 2000年1月号", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "証券アナリストジャーナル 35(8) 1997年8月号 別冊付録（1997年7月23日・大阪）", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ], "start_year": 1965, "opinionPos": [ [ 252 ], [ 272 ], [ 263 ] ] } ] } ], "long_term": [ { "year": 1950, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1951, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1952, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1953, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1954, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1955, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1956, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1957, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1958, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1959, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1960, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1961, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1962, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1963, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1964, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1965, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1966, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1967, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1968, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1969, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1970, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1971, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1972, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1973, "month": 2, "company_name": "西松屋チェーン", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, 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