Top 50 restaurant firms hold about ¥300 billion in lease deposits; new lease accounting will swell balance sheets
Nissho-ho, which provides services to free up lease deposits, examined the 50 largest listed restaurant companies. The 47 that disclose figures hold about ¥303.5 billion in deposits in total, around ¥6.5 billion each on average. Under the new lease accounting standard, which applies from fiscal years starting on or after April 1, 2027, leased stores will appear on the balance sheet, increasing assets and liabilities.
Key points
- 47 disclosing firms hold about ¥303.5bn in deposits (average about ¥6.5bn); largest are McDonald’s Holdings Japan (about ¥43.1bn) and Zensho Holdings (about ¥41.2bn)
- Eight firms hold deposits worth more than 10% of market capitalisation (about ¥71.3bn in total, roughly 12% of their combined market cap)
- The new standard applies from fiscal years starting on or after April 1, 2027, to listed companies and their subsidiaries, large companies under the Companies Act and similar entities
Background
Under the new standard, leased stores are recorded as “right-of-use assets” and “lease liabilities”. Companies with many stores see liabilities rise sharply, and asset-efficiency measures such as ROA tend to fall. Non-refundable portions of deposits, key money and renewal fees are included in the right-of-use asset and amortised over the lease term.
The survey was run by Nissho-ho, which sells a service that replaces deposits with guarantees, so it also serves to promote that service. It is based on each company’s latest securities report, as of November 5, 2026.
What it means for shops
The standard mainly applies to listed and large companies, so sole-proprietor shops and small firms are not directly covered. Still, chain headquarters, franchisors and large business partners may revisit store-opening and lease terms. Anyone running a leased shop should know how much cash is tied up in deposits.
What shops should do
- Check the deposit amount and refund terms (including any non-refundable portion) in your lease
🔒 3 more action items for subscribers
Summaries are written by Seiichi Studio based on the original releases. Always check the source for the exact details.