Aoyama Trading Co. is starting its womens formal wear rental service. It’s good news, however the company's settlement results from September were surprising; it’s gotten worse. Even though sales were at 105,192 million yen (-3.0%), the operating profit only amounted to 1,061 million yen (-70.0%) which made me think there must be some sort of error. Aoyama Trading Co., is foremost a company of a Japanese SPA company. As a suburban type men's clothing specialty store, its business system is a company modeled by fast retailing. Until recently, the operating profit margin should have been close to 10%, but in the current interim period it’s almost 1%. Naturally the full-year account settlement has also been revised downward (sales are 252.7 billion yen, operating income is 15 billion yen, but perhaps this number will be difficult). They have already declined (170 yen → 100 yen), and the stock price has plummeted. This is similar not only for Aoyama Trading Co. but also for Aoki Holdings who’s also in the same industry in a deficit in the current financial interim results. It seems that the influence of the declining population and changes in the demographics effectively will have a major impact on the apparel industry; for now is the turning point.