Jeong Ji-sun, Chairman of Hyundai Department Store Group, "2020 is the starting point of a new decade and a turning point for growth"

[Asia Economy Reporter Seungjin Lee] Chung Ji-sun, Chairman of Hyundai Department Store Group, emphasized innovation at the group’s joint New Year ceremony held on the 2nd, stating, "We must cultivate a desperate resolve that if we do not change, we will inevitably sink."

In his New Year's address, Chairman Chung said, "Let us make 2020 the starting point of a new decade for the group and a turning point to practice substantial changes for growth, creating a vision that instills confidence in our growth."

He continued, "We must cultivate a desperate resolve that if we do not ride the wave of change, we will inevitably sink," emphasizing, "When we boldly face failures through numerous challenges, visions become reality, and our group can write a new history."

Chairman Chung also presented three major management policies: ▲pursuing growth strategies based on innovative thinking and execution ▲transforming business models focused on customer value ▲building an organizational culture of empathy and cooperation.

He stated, "In a situation where emergencies have become the norm, it is important to establish growth strategies through ‘innovative thinking’ that understands the flow of change and finds alternatives," adding, "We must quickly read the flow of change, supplement the shortcomings of existing strategies, and execute them."

He emphasized, "It is impossible to perfectly predict market and customer changes, establish flawless plans, and execute them at the optimal timing," and added, "A method of quickly executing through agile judgment and supplementing plans is necessary."

Regarding business model transformation, Chairman Chung said, "We must redesign existing business methods to align with changing customer values," and added, "We should not just stay at doing better but act differently to find ways to provide new value to customers." He also stressed the promotion of digital transformation strategies tailored to the business characteristics of each company.

He also emphasized building an organizational culture of empathy and cooperation. Chairman Chung said, "The upcoming rapid changes can only be responded to by consolidating organizational capabilities based on a smooth cooperation system," and urged, "Let us make a culture of cooperation, where people with different perspectives and experiences raise issues and find solutions together, a core culture of our group, while pursuing smooth cooperation based on shared goals."

This content was produced with the assistance of AI translation services.