Message from
the President and CEO

We will gather the combined strength of the Group for a significant step forward

 

The path forward for society remains unclear, with the persistent impact of COVID-19 compounded by tensions in international affairs. The environment surrounding the Isetan Mitsukoshi Group, which is centered on department stores, does not warrant excessive optimism, and we maintain a strong sense of urgency.

 

In this context, we made a new start from November last year, when we announced a new medium-term management plan beginning from fiscal 2022. Under this plan, we defined our vision for the future as "a ‘special’ department store-centered retail group that enriches the lives of its customers." The word "special" embodies our aspiration to be the number-one, only-one department store group, providing individual customers with inspiring solutions to their problems, responding to customer demands with innovative proposals, and constantly conveying its vision to the world. Specifically, we will revitalize our department stores with initiatives such as our "high sensitivity, fine quality" strategy, develop connections with Isetan Mitsukoshi Group customers, and strive to expand revenue to Group companies, primarily card and systems companies, through our stronger intra-Group coordination strategy. Beyond that, we aim to take a big step toward bringing about urban development in the Shinjuku and Nihombashi areas as symbols of admiration and empathy.

 

In fiscal 2022, we will enter the medium-term management plan implementation phase.

Firstly, we will use the next three years to gather the combined strength of the Isetan Mitsukoshi Group and revitalize the department store business, aiming to achieve an operating profit of ¥35 billion in fiscal 2024, the highest since the management merger of Mitsukoshi and Isetan. To accomplish this, we will approach the department store business scientifically, thoroughly pursue the shift to "personal" marketing that addresses the demands of individual customers, use all available means—including digital communication—to connect to customers, and progressively grow the number of fans of the Isetan Mitsukoshi Group.

 

At the same time, we will pursue sustainability initiatives aimed at addressing environmental and social issues through our business activities. This fiscal year, we hope to go beyond individual initiatives to identify and communicate how we will undertake these initiatives as management and what will rather provide to society.

 

I hope that the COVID-19 pandemic will subside as soon as possible, and that the world returns to peace and normality. We will continue to contribute to the future prosperity of our customers, shareholders, and all other stakeholders, as well as the realization of a sustainable society.

Please look forward to the endeavors of the Isetan Mitsukoshi Group.

April 2022

Toshiyuki Hosoya

Director, President and CEO