Jung Ji-sun, Chairman of Hyundai Department Store Group, "We Must Find Our Own Path to Growth"

2023 Online Opening Ceremony Held
Presentation of Three Core Values for Practice

Jung Ji-sun, Chairman of Hyundai Department Store Group. (Photo by Hyundai Department Store Group)

[Asia Economy Reporter Lim Chun-han] Chung Ji-sun, Chairman of Hyundai Department Store Group, stated on the 2nd, “We are facing a turbulent era where uncertainties in the domestic and international business environment are intensifying due to the global economic recession, inflation, and demand slowdown, and the cycle of changes in the business paradigm is accelerating. Based on the resilience to overcome crises, we must further solidify customer trust and find our own path to growth rather than following the paths others take.”

At an online opening ceremony held for about 15,000 employees across all affiliates on the same day, Chairman Chung said, “There will be trial and error in the process of promoting Vision 2030, but let us not be discouraged and instead complement the plans and proceed with speed. Let us take Winston Churchill’s words, ‘Success is the ability to go from failure to failure without losing enthusiasm,’ as a New Year’s resolution and make 2023, which is newly beginning, a successful year preparing for a greater leap after the crisis.”

Chairman Chung presented three core values for practice: being faithful to the most fundamental values and purposes, discovering optimal value through reframing, and pursuing growth based on the bold challenges of members and internal and external partnerships.

Chairman Chung emphasized, “In carrying out each person’s work and business strategy, it is more important than anything to abandon formalities and be faithful to the most fundamental values and purposes. We should not take lightly the various opinions expressed by customers and client companies but read the desires hidden behind the demands to find solutions, actively try those solutions, and create practical utility value.”

He added, “Rather than focusing on immediate profits, survival is possible only by fundamentally considering why customers use our products and services and changing the content and methods of business to suit the changed management environment. Through reframing, which views changes in customers, markets, and competitors from various perspectives, we must carefully examine what we are missing and accurately identify the points of change.”

Chairman Chung urged, “Based on the boldness of our group members, we must cultivate various internal and external partnerships to create a virtuous cycle where individuals, companies, and partners grow together. Let us attempt diverse collaborations in terms of growing existing businesses and entering new businesses, create new business opportunities, and implement the Vision 2030 growth strategy.”

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