Jeong Yong-jin Emphasizes 'Crisis,' Takes Direct Action to Discover Future Food Sources

Vice Chairman Jeong Yong-jin Seeks 'Opportunities' at CES
Part of Crisis Response Ability Emphasized in New Year's Address
Strengthening New Businesses to Expand Shinsegae Universe

[Image source=Yonhap News]

Jung Yong-jin, Vice Chairman of Shinsegae Group, who emphasized "having a sense of crisis in 2023 and turning it into an opportunity," sought "opportunities" at CES 2023, the world's largest electronics and IT exhibition held in Las Vegas, USA.

On the 5th (local time), Vice Chairman Jung toured major booths such as Samsung Electronics and LG Electronics set up in the Central Hall of the Convention Center at CES. At the LG Electronics booth, after greeting Cho Joo-wan, President of LG Electronics, he sequentially examined products applying new technologies, including the 'OLED Horizon,' which connects 260 OLED flexible signage panels, the wireless OLED TV 'Signature OLED M,' and transparent OLED TVs.

At this booth, Vice Chairman Jung showed particular interest in the Styler showcase exhibition space designed in collaboration with world-renowned street fashion designer Jeff Staple. He was fascinated by the Artcool, which can be hung on the wall like a picture frame to enjoy art and also functions as an air conditioner, saying, "It's an air conditioner." Then, visiting the Samsung Electronics booth, Vice Chairman Jung explored spaces introducing family care, pet care, and remote medical services based on SmartThings. He also showed interest in the Luminno mode for the visually impaired and the 'Ready Care' solution co-developed by Samsung and Harman.

Shinsegae Group did not participate in this CES. Initially, Shinsegae Food planned to set up a booth highlighting food tech technologies such as the alternative meat brand 'Better Meat,' but ultimately decided not to participate after alternative meat companies like Beyond Meat and Impossible Foods in the U.S. canceled their attendance. Nevertheless, Vice Chairman Jung's visit to CES is analyzed as an extension of the sense of crisis emphasized in his New Year's address.

[Image source=Yonhap News]

In the New Year's address announced on the 2nd, Vice Chairman Jung said, "The ability to face risks head-on and overcome them with prepared capabilities will become Shinsegae's competitiveness." Facing the era of triple highs?high inflation, high exchange rates, and high interest rates?he emphasized the basics of prioritizing customers and products amid the greater anticipated crisis in the retail business, which has significant customer contact. He also stressed the need to fully launch new projects to further expand the 'Shinsegae Universe.' It is analyzed that he engaged in a dense visit to concretize the group's future growth engines and gain insights. For this reason, not only Vice Chairman Jung but also heads of each affiliate, including Kang Hee-seok, CEO of E-Mart, Song Hyun-seok, CEO of Shinsegae Food, Lim Young-rok, CEO of Shinsegae Property, and Hyeong Tae-jun, CEO of Shinsegae I&C, visited the CES site.

Shinsegae Group has made large-scale investments in 'digital transformation,' including the introduction of advanced technologies such as artificial intelligence (AI) over the past few years. Vice Chairman Jung believes that this year should be a year to take a step forward based on these efforts. Department stores should offer brands with high standards and value, E-Mart should provide customers with a rich daily life through good quality and low-priced products, Chosun Hotel should deliver dignified services, and Starfield should continuously present enjoyable experiences.

The goal is to create products and services within the 'Shinsegae Universe' that equip the group with competitiveness that makes customers look forward to interacting with new products and new services. Based on this, Shinsegae Group plans to build an international theme park as a smart city in Hwaseong, Gyeonggi Province. The theme park, consisting of a theme park, hotels, specialty shopping malls, and golf courses, is planned to open its first phase in 2029. Vice Chairman Jung said, "In 2023, we will focus on strengthening the brand competitiveness of all affiliates, actively advancing new projects, and solidifying our foundation by creating a business structure with guaranteed profitability."

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