Made by a bunch of foreign exchange students, the song is called "Konbini Ikou" ("Let's Go to the Convenience Store"). In Japan, the vid went viral, racking up well over 100,000 YouTube views. Check out the video and read an interview with one of its creators on website Japan Subculture.
Let's Convenience Store! The Musical: コンビニへ行こう！ [Japan Subculture]