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Isetan Mitsukoshi Holdings Report 2018

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Isetan Mitsukoshi Holdings Report 2018 Isetan Mitsukoshi Holdings Ltd. Isetan Mitsukoshi Holdings Report 2018 Integrated Report (Annual Report/CSR Report) Contact for Inquiries: Isetan Mitsukoshi Holdings Ltd. Public Relations/Share Division, General Administration Department https://www.imhds.co.jp/english/inquiry/ Our Philosophy Contents 02 Our Philosophy 03 About the Isetan Mitsukoshi Group 07 Top Message 13 Medium-Term Management Plan 23 Interview with Officer in Charge 27 Sustainability 31 Corporate Governance 39 Financial Data 43 Non-Financial Data 51 Long-Term History of Our Challenges 53 Company Profile/ Stock Information Editorial Policy Starting from the current fiscal year, the Isetan Mitsukoshi Group is issuing the Integrated Report, with the aim of having all of its stakeholders, including its shareholders and investors, understand the story of its value creation, in which the Group continues to grow sustainably by taking advantage of its universal values and strengths. This Report has been compiled by integrating the previous Annual Report and CSR Report and referring to “Our” refers to the Isetan Mitsukoshi Group itself and everyone working there. materials including the Guidance for Collaborative Value Creation that was announced by “Our Philosophy” means the reason to exist of the Isetan Mitsukoshi Group the Ministry of Economy, Trade and Industry. We will issue this Report every year, refining it to make it a constructive tool for dialogues with all stakeholders. and the Group’s vision for itself. It is also a guiding principle to which we should always return and shows how each and every individual should change. *The departments and positions mentioned in this report are correct as of March 31, 2019. 01 ISETAN MITSUKOSHI HOLDINGS INTEGRATED REPORT 2018 02 About the Isetan Mitsukoshi Group Numerical Facts about the Isetan Mitsukoshi Group The 4 brands Mitsukoshi Isetan The Isetan Mitsukoshi Group is a retail Group consisting of approximately 26,000 employees from 63 Group Brands companies*1. It boasts the highest sales among department stores in Japan. It engages in business activities Marui Imai Iwataya in four segments*2: the department store business, the sales of which account for around 80% of total sales, the credit & finance business/customer organization management business, the real estate business, and other businesses. The Group has the four brands of Mitsukoshi, Isetan, Iwataya, and Marui Imai, operating 24 department stores and around 100 small and midsize stores all over Japan and a total of 34 overseas stores, which are located a mainly in China and Southeast Asia. Stores in Japan MI Card Membership Number of shareholders Approximately Approximately 24 department 3.4 million members 210,000 stores in Japan Approximately Customers Shareholders 100 small and Connecting people midsize stores and bridging times The Isetan Mitsukoshi Overseas Group stores Business Employees partners 34 overseas stores Number of business partners of Number of Group employees Isetan Mitsukoshi stores department stores in Japan Local 19 Communities/ Approximately Approximately Society 26,000 15 Shinko Mitsukoshi stores 24,000 companies Department store business 83% FY2017 consolidated net sales Businesses of the Isetan Mitsukoshi Group Credit & finance business/ Breakdown customer organization 3% management business of FY2017 billion yen 1,268.8 consolidated Retail & specialty store 4% Ranked 5th among retailers in Japan net sales by business Ranked 1st among department stores in Japan segment Real estate business 3% Other businesses 7% 115 years after the Department Store Declaration in 1904, the Isetan Department store business Real estate business Finance business Mitsukoshi Group, which connects people and bridges times, will (online and offline) evolve further to become department stores in the new era that make Approximately 18% of all use of the power of IT, stores, and Human Resources. Annual customer traffic Owns excellent stores in Ginza, households in Japan with an annual Approximately 250 million Nihombashi, and Shinjuku income of 20 million yen or more *1: Including nine equity method affiliates are MI Card members. *2: The retail & specialty store business was excluded from the business segments in FY2018. 03 ISETAN MITSUKOSHI HOLDINGS INTEGRATED REPORT 2018 04 About the Isetan Mitsukoshi Group Since its foundation, the Isetan Mitsukoshi Group has continued evolving by innovating its business models Process of Value Creation according to the changes of the times and bridging customers with goods and events. While the environment surrounding the industry has been changing rapidly, the Isetan Mitsukoshi Group will continue trying to achieve greater innovative changes than ever by taking the environmental changes as by the Isetan Mitsukoshi Group opportunities. We will create department stores in the new era by connecting our brands, customers, human resources, real estate, and domestic and overseas stores, which are our strengths, with businesses by using the power of IT, stores, and people. In addition, by responding to changing social issues and requests, we will build relationships of trust with all our stakeholders, including our customers, shareholders, investors, business partners, employees, and local communities. Through these efforts, we will enhance our corporate value and continue to grow sustainably. Management capital Strengths Opportunities and risks Business structure Business strategies Values we provide Achievements to be made Goals Human capital Number of Group employees approximately Reduction in the absolute number of 26,000 customers Trust Acceleration of bipolarization of Fixed capital (brands) consumption Business Expansion of the affluent model 58 population in the world department Online innovation Rise of the Millennial Generation stores in Japan businesses and overseas Increase in demand from Operating income inbound tourists Providing a for FY2021 Overstore supreme customer Intellectual experience, both Connecting people capital Offline online and offline 50.0 Customers Connecting sustainable societies businesses billion yen Brands of Mitsukoshi, Bridging local Isetan, Marui Imai, and Iwataya communities and times Expertise in sales New online and store businesses development Social issues Providing a new Future department Our Philosophy Policy customer stores that make Behavioral standards experience by Human use of the power of Governance combining the resources IT, stores, and Connecting people Material issues Group’s strengths human resources and bridging times with digital P.27 technologies (platformer) Changes in customers Expansion of real estate business Real estate Financial capital Increasing business ROE for FY2021 Sustainable growth Investments to be made Real estate Environmental points of contact during 2019 to 2021 changes caused by IT with customers by of the making effective billion yen Limitations of retailing based on 5.0% Isetan Mitsukoshi 220 bricks-and-mortar stores use of company- owned real Rise of e-commerce or higher Group estate Diversification of purchase and Social capital payment methods Customer base Changes in logistics and supply Cost structure Stores in chains Finance reform Japan and Shift in needs from ownership to business overseas shared use Natural capital Expansion of the second market Diversification of customer needs (from goods to events and experience) ESG measures Governance/Communication 05 ISETAN MITSUKOSHI HOLDINGS INTEGRATED REPORT 2018 06 Top Message Upon the 10th anniversary of Business integration, we will embark on a new step toward the next growth phase. I am Toshihiko Sugie, President and CEO. In the current fiscal year, the Isetan Mitsukoshi Group, which was established in 2008, marked the major milestone of the 10th year since its formation. During this time, competition across industries has further escalated and the consumption of products has shifted to the consumption of services, indicating diversifying lifestyles. In this business environment, in fiscal year 2017 we began to rapidly implement restructuring measures with the aim of achieving sustained growth, including the Internal briefing on the start of our philosophy review of unprofitable businesses and cost structures in the Group, based on in-depth discussions with the officers popularization of private cars. At a time when women’s and employees sitting face to face. As a result, we are apparel came in small, medium and large sizes, we now positioned to take the first step forward with an eye offered six different sizes, from 5 to 15. The Isetan on the next growth phase. Mitsukoshi Group has built relationships of trust with customers through proposals and the transmission of “Connecting people and bridging times” ideas ahead of the other department stores. In addition, is our mission. turning the basements of department stores into food hall was a unique idea created by Japanese department In this regard, we established “our philosophy,” which is stores, and it had not been seen anywhere else in the the raison d’être of the Isetan Mitsukoshi Group and the world at the time. Group’s vision for itself, in the current fiscal year as a Unless we revive the innovative structure that we had in new corporate philosophy and will work to accelerate our the past and establish a corporate culture that can reform of “Connecting people and bridging times” for the generate innovation, there will be no future for us as next growth phase. department stores. In 1904, while modernization had been underway
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