This year marks the 10th anniversary of the establishment of J. Front Retailing and the 300th anniversary of the foundation of Daimaru, a department store chain. It is thanks to support of our stakeholders and we would like to express our sincere appreciation.
We have considered what kinds of roles we will be able to play and how we will be able to contribute to society in anticipation of changes in the environment surrounding us over the next 10 and 20 years. And in hopes of providing new forms of value with respect to “lifestyles” as well as “means of seeking enjoyment,” we newly developed the Group Vision phrased as “Create and Bring to Life “New Happiness.”
To achieve this vision, with the Medium-term Business Plan starting in this fiscal year as a starting point, we will drastically steer management to “discontinuous growth,” which is not extension of the past, and promote new initiatives.
The term for the new Medium-term Business Plan is the five years up until fiscal year 2021 when returns from large redevelopment projects we are currently working on will be generated. During the period, we aim at realization of dramatic growth. And by positioning the period as a “phase of the Group’s structural transformation” for discontinuous growth, we will expand business domain.
That is to say, during the five-year period, we will take one step away from our approach as a multi retailer focusing on retail business to act as a “multi service retailer” expanding into new business fields and realize bold review of business portfolio.
We have decided application of the International Financial Reporting Standards (IFRS) from the current fiscal year 2017. The purposes are effective management based on appropriate asset evaluation and business management emphasizing profit for current period as well as enhancement of accountability to domestic and overseas investors by improving international comparability of financial information. At the same time, in order to further strengthen governance, we have decided transition from a “company with board of auditors” to a “company with three committees” by resolution of ordinary shareholders meeting in May this year.
We think fiscal year 2017 will be a “turning point” to greatly change the Group’s course of business. With the aim of realizing the new Group Vision, we will commit ourselves to achieving sustainable growth and medium-term enhancement of corporate value by steadily carrying out the Medium-term Business Plan so that it will produce visible results.
President and Representative Director
J. Front Retailing Co., Ltd.