Jang Jaeyoung, Shinsegae CEO: "Unprecedented Threat... We Will Continuously Challenge Through Change and Innovation"

Jang Jaeyoung, CEO of Shinsegae Department Store

[Asia Economy Reporter Seungjin Lee] Jang Jaeyoung, CEO of Shinsegae, stated, "We will continue to take on relentless challenges for a new leap forward based on the DNA of change and innovation."

At the Shinsegae shareholders' meeting held at 9 a.m. on the 25th at Post Tower in Jung-gu, Seoul, CEO Jang said, "The retail industry is facing many difficulties amid consumption stagnation and low growth," adding, "We are experiencing unprecedented market threats due to the growth of e-commerce, consumption stagnation, price wars, delivery battles, and the entry of global companies."

He emphasized strengthening core business competitiveness. He explained, "We will systematically manage all customer feedback and product data to not only drastically improve existing services but also focus on providing future-oriented customized services."

He continued, "We will lead the transformation from conventional uniform sales facilities to spaces that always offer something new to customers, spaces where they can enjoy freely at any time, thereby solidifying Shinsegae’s brand image as a leader in retail."

He announced that Shinsegae will continue to strengthen its 'No.1 Store in Commercial District Strategy.'

CEO Jang said, "Through the successful completion of the '6 Major Projects,' including the expansion of the Gangnam branch and the opening of the Daegu branch, we have actively expanded our footprint and become the overwhelming No.1 store in every commercial district we enter," adding, "The 'Daejeon Cyrus Complex,' scheduled for completion in 2021, will be a future-oriented department store model never seen before and will become the representative department store of the central commercial district."

CEO Jang also expressed his willingness to challenge new businesses beyond retail.

He said, "We plan to leverage Shinsegae’s existing customer assets, product power, branding, and store network to venture into new business areas," adding, "We will focus our capabilities on discovering a second core business for future growth, including the convergence of online and offline, the integration of digital technologies such as artificial intelligence (AI) and big data, and building new platforms that connect customers and customer businesses."

Meanwhile, at the shareholders' meeting, Shinsegae newly appointed CEO Cha Jeongho as an inside director. CEO Cha was appointed as the new CEO in the personnel reshuffle at the end of November last year. Strategy Officer Kwon Hyukgu and Support Headquarters Chief Kim Jeongsik were reappointed.

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