Vice Chairman Jeong Yong-jin: "Our goal is to be the 'First Shinsegae,' not the second Walmart or Amazon"

Declared the First Year of 'Digital Pivoting' as an Offline Festival
"Have Passion and Challenge the Uncharted Path" Urged

[Asia Economy Reporter Jo In-kyung] "The ultimate goal we must reach is not to become the 'second Walmart' or the 'second Amazon,' but the 'number one Shinsegae.'"

Jung Yong-jin, Vice Chairman of Shinsegae Group, called for 'digital pivoting'?leveraging offline capabilities and assets as one axis while preparing and creating future businesses based on digital foundations as another axis?to become a winner in the era of digital transformation.

In his 2022 New Year's address released on the 3rd through the 'Shinsegae Group Newsroom,' Vice Chairman Jung said, "All preparations and plans for the first year of digital have been completed. Now, only the execution remains to become an 'online company that excels even offline.'"

We Must Rush to the Digital Space-Time Where Customers Are

First, Vice Chairman Jung emphasized the importance of occupying 'customers' time and space.' He explained that all businesses undertaken by Shinsegae Group, such as establishing landmark department stores and launching Starfield, were aimed at becoming a company that shares customers' time and space.

He stated, "As things that were only possible offline are transitioning to digital, we must now rush to the digital space-time where customers are. Regardless of online or offline, the sole proposition of Shinsegae Group is to have customers spend more time in our spaces, which is the true purpose of digital pivoting."

To occupy customers' time and space, he ordered the construction of the 'Shinsegae Universe,' where all customers' online and offline daily lives can be resolved within Shinsegae. He emphasized that paradoxically, offline will play the most important role in the Shinsegae Universe.

Vice Chairman Jung said, "If Shinsegae Group's greatest strength?its offline infrastructure?unites with digital capabilities to create synergy, we can build a unique, complete online-offline universe that competitors can only dream of. It is important to connect all Shinsegae Group's content and assets to provide greater value to customers."

Data-Centered Decision Making

He also stressed the need to develop 'data-driven decision-making' capabilities suitable for the new era. Vice Chairman Jung said, "We need to be more humble about the know-how and capabilities we have accumulated. The era of doing business based solely on intuition and feelings is over." He ordered that customer data and experiences be gathered as the basis for decision-making and that an execution system be established that any employee can clearly understand.

Furthermore, to develop such capabilities, he explained, "We must nurture excellent internal talents and actively embrace external talents and their cultures that possess strengths we do not have, thereby accepting diversity."

He also encouraged challenges on 'uncharted paths,' rather than simply following success formulas created by others. Vice Chairman Jung said, "Think with your heart, not your head," and added, "Do not try to understand customers with your head, and let us challenge with passion so that past successes do not become burdens for the future."

Finally, quoting ice hockey player Wayne Gretzky's saying, "You miss 100% of the shots you don't take," he emphasized the importance of action. Vice Chairman Jung urged, "No matter how good the plan is, it is useless without a single attempt. Even if you fail, keep practicing consistently."

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