Message from
the President and CEO

The effects of COVID-19, which has been spreading since 2020, have brought long-term and profound changes to our customers’ lives, establishing a new common sense as the “new normal.” The business model of conventional department stores had been having structural problems for some time and was starting to no longer work, and the COVID-19 pandemic made this problem even clearer. We feel a strong sense of crisis to finish reforming our business model as soon as possible, in order to continue meeting the needs of customers who are living with new values in a new era.

 

As the number of purchasing channel options such as e-commerce increases, and with customers themselves having a variety of information, there is a limit to the department store model of attracting an unspecified large number of customers to stores, and I think we need to fundamentally revise this model. We must clarify our target customers, and enhance our model so that we understand the needs of each individual and can make optimal proposals that meet those needs.

 

In response to these issues, instead of only waiting for customers in our stores, we must make full use of digital technology in addition to our human talent and the unique charm of our stores to create close connections with customers individually beyond location and time. I believe it is important to restructure the Group’s entire setup, refocusing from the masses to individuals, in order to have customers see us as the most reliable company and one that understands them well.

 

To that end, we will first of all refine our main stores in Shinjuku and Nihombashi so that they always attract the world’s attention, and then expand that brand power widely, to stores across Japan and related businesses, and to the digital world.

The Isetan Mitsukoshi Group aims to be a retail group that makes proposals that enrich the lives of customers living in a new era and continues to be a source of inspiration to the world and the pride of Japan.

 

I hope that the COVID-19 pandemic will subside as soon as possible, and by actively responding to ever-changing social issues and requests through our corporate activities, we will contribute to the future prosperity of our customers, shareholders and all other stakeholders, as well as the realization of a sustainable society.

June 2021

Toshiyuki Hosoya

Director, President and CEO