The purpose pf this article is to show how supermarkets developed their business operations during the period of high economic growth. Particular attention will be paid to the vertical inter-firm relationships between supermarkets and wholesalers in order to create a picture of Japan's 'ditribution revolution'. The conclusions can be summarized as follows: During the period of high economic growth, there was considerable change in the environmental factors. Supermarkets expanded their operations aggressively in order to take advantage of the business opportunities. In the process, however, they followed a pattern of business behavior which contradicted the predictions of theorists of distribution revolution. The vertical fund supplementation mechanism between the supermarkets and the wholesalers evolved around the axis of the wholosalers' function of financing. Supermarkets at this time were under pressure because they needed to maximize the benefits of chain operations, but they did not have sufficient funds. Of great significance in overcoming this shortage were the 'turnover variance funds' resulting from the differences between the accounts payable turnover and the merchandise turnover. The source of these funds was none other than the wholesalers.

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