Jung Yong-jin: "Focus Fanatically on Customers" Orders 'Customer-Centric' for 3 Consecutive Years

Emphasizing a Return to Basics in Times of Crisis
"The Core of Basics is Customers and Products"

Jung Yong-jin, Vice Chairman of Shinsegae Group (Photo by Shinsegae Group).

[Asia Economy Reporter Yuri Kim] Chung Yong-jin, Vice Chairman of Shinsegae Group, emphasized in his 2023 New Year's address announced on the 2nd that "the ability to face risks head-on and overcome crises with prepared capabilities will become Shinsegae's competitive edge."

Vice Chairman Chung highlighted the importance of crisis awareness, stating, "A sense of crisis acts like a valuable radar that prevents impending disasters, and when the radar functions properly, there will be no gaps in detecting and responding to crises." He continued, "Even when thoroughly armed with crisis awareness, crises are bound to come," and urged a change in perspective on crisis response by saying, "Depending on how we handle crises, they can even become opportunities."

He particularly noted that in the era of the three highs?high inflation, high exchange rates, and high interest rates?the retail business, which has significant contact points with customers, will face even greater crises, and urged a return to the 'basics' especially in such times. He said, "Through decades of experience, we know well that the core of the basics is the customer and the product," emphasizing, "When we obsessively focus on customers and products, we can overcome the current crisis once again and seize the opportunity for a greater leap forward."

In 2023, he said the focus will be on strengthening the brand competitiveness of all affiliates, actively advancing new projects, and solidifying a business structure that guarantees profitability.

He urged to 'focus obsessively on the customer.' This is a phrase Vice Chairman Chung first used in his 2020 New Year's address and has emphasized for the third time now, following 2021. Shinsegae Group's large-scale investments in 'digital transformation' over the past few years have also been to focus on customers?to meticulously understand what they need more, what they prefer, and what they respond to more. Vice Chairman Chung stressed, "By obsessively focusing on customers, we can strengthen the experience and value of existing businesses, find clues for future new businesses, and expand the Shinsegae Universe more widely and rapidly with customer support."

He also emphasized 'communicating with customers through products and services.' Vice Chairman Chung said, "Department stores should offer brands with high standards and value, Emart should provide customers with a rich daily life through good quality and low-priced products, Chosun Hotel should offer dignified services, and Starfield should continuously present enjoyable experiences." He urged, "Create products and services unique to the Shinsegae Universe that customers can be enthusiastic about, and develop competitiveness that makes customers eagerly await new products and new services."

He also called for a change in the perspective on crisis response. He emphasized, "We must sincerely reflect on the crises that have occurred and improve our response methods to prevent recurrence." He proposed changing the perspective on crisis response by saying that the word 'sense of crisis,' which can sound negative, actually acts like a valuable radar that prevents impending disasters, and that crises can become opportunities depending on how they are handled. Vice Chairman Chung stressed, "When faithful to the basics and essence, risks and crises will become assets for a leap forward."

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