[Senior Biz Insight] The Success Formula for Senior Business: Finding Your 'Nadawoom'

Differentiating Senior Business:
Helping Seniors Find and Maintain Their Authentic Selves

Professor Kim Jeong-geun of the Department of Silver Industry at Gangnam University is being interviewed by Asia Economy in his office. Photo by Jo Yong-jun jun21@

To succeed in business, it is essential to have a differentiated "unique strength" and "original menu" that set you apart from competitors. This is not a choice but a necessity. To develop differentiated products and services, the senior business sector, like other fields, must adopt the perspective of 'putting oneself in others' shoes.' Success is more likely if you can first envision and provide the services and products you would want when you become a senior.

However, as the song lyric goes, "Have you ever been old? I have been young," many senior business operators have experienced youth but have not yet experienced aging. Therefore, there are limits to guessing what seniors want. So, what do the elderly desire? According to Erikson's psychosocial development theory, old age is a time to reflect on one's life and seek the value and meaning of life.

Thus, senior businesses should differentiate themselves by helping seniors find and maintain their "authentic selves" amid aging. If one has to give up their "authentic self" due to aging, personal identity becomes blurred, leaving only despair in old age. Today, we introduce successful cases that have made "maintaining authenticity even as one ages" a differentiated strength in senior business.

The first case is the "Watakushi Hotel" located in Onomichi City, southeastern Hiroshima Prefecture, Japan. This hotel accommodates children traveling with parents who have mobility difficulties. Since a visiting nursing and short-term care facility next door jointly operates the hotel, nurses and caregivers are available 24/7 to provide assistance whenever needed. The hotel is designed to help seniors find their "authentic selves" at the center of life even when their bodies become uncomfortable due to aging. It features large windows, simple cooking facilities, comfortable sofas for reading and conversation, elderly-specific tableware, and light mountain vegetable dishes.

It is a place to reflect on life and enjoy precious moments with parents. It also offers a Slow Luxury concept that allows younger generations to recharge their life energy, providing a healing space to rediscover lost "authentic selves." Guests can write their worries in a handwritten letter and leave it in a drawer, and grandmothers from the care facility personally write replies and send them by mail, serving as a counseling service. Therefore, Watakushi Hotel is also called "The Grandmothers of Onomichi and Me, Hotel." Ultimately, Watakushi Hotel aims to become a "care hotel" where even terminal travelers can stay.

The second example is the Canadian travel agency "Butterfield & Robinson," established in 1966. The company operates with an approach called "Slow Travel." Travelers get off the vehicle and slowly walk or bike to experience new cultures and lifestyles, finding themselves in the world. There is no age limit for travelers, but mostly active seniors in their 50s and older participate.

For example, a one-week bicycle trip to discover the hidden charms of Vietnam includes riding bicycles with local guides, visiting major cultural streets and historic sites, visiting local homes and dining on local cuisine, and riding famous bicycle trekking courses. The trip is not merely about visiting wishlist locations and taking photos but expands into a process of experiencing new environments and cultures to understand the value of life and find one's authentic self.

The last case is "Kinmokusei Urayasu," a serviced senior housing facility located in Tokyo, Japan. This facility is for those who have received Japan's nursing care certification, similar to Korea's long-term care insurance, and many residents have dementia. However, residents are free to go out and can live with pets. Although risks exist, autonomy is given to residents, and regulations are minimized to prevent the loss of "authentic self" due to management and restrictions. Caregivers do not provide unconditional help but encourage residents to move and act independently. They wait for residents to wash their faces alone in the morning and only assist when needed. Residents are encouraged to get out of bed and eat in the dining room to meet others. Additionally, a small candy shop on the first floor allows local children to visit, and residents sell candy to them for money. This naturally leads to conversations with children, money handling, and communication with the local community. By performing social roles independently, residents find their "authentic selves" within the community. For this reason, many seniors experience improved health after living here.

Finding and maintaining one's "authentic self" is a life task that everyone must achieve regardless of age. Even with dementia or physical discomfort requiring bed rest, the desire to find one's "authentic self" exists in everyone. The success of senior business ultimately comes when senior consumers, regardless of age or health status, have their desire for authenticity fulfilled. Senior business operators in Korea also need to consider various ways to realize seniors' "authentic selves."

Junggeun Kim, Professor, Department of Silver Industry, Gangnam University

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