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We got off to a good start in the first year of the Medium-term Business Plan (fiscal 2024), with record-high profits and the profit target for the final year of the medium-term plan (fiscal 2026) achieved ahead of schedule. On the other hand, this Medium-term Business Plan is positioned as a “period of transformation” toward realizing the Group’s future vision for 2030 of becoming a “Value Co-creation Retailer,” and what is required of us is to drive that transformation. In light of the fact that our strong performance in fiscal 2024 was supported by a strong tailwind from the growth of the inbound tourism market positively affected by foreign exchange, we will continue to make steady efforts toward future growth without getting too excited or upset about current performance.
To “deepen the retail business,” which is one of the pillars of our growth strategy, we will steadily work to improve the appeal of our core department stores and PARCO stores while also working to gain further support from “premium and aspirational consumer group (all consumers who prefer high-quality, uplifting consumption and experiences that satisfy their personal preferences and values). To “evolve the Group synergies,” we will bring together the Group’s strengths along the three axes of areas, customers, and content to provide customers with greater added value. Specifically, we issued new PARCO Card and GINZA SIX Card, which are operated by JFR Card, established a business succession fund, Pride Fund, and newly entered the reuse business.
Going forward, we will continue to aim for dramatic growth by “deepening the retail business” and “evolving the Group synergies” mainly in seven key cities, leveraging our strengths of having a well-balanced network of stores in major cities throughout Japan, diverse customer contact points, and networks with suppliers and creators.
In this fiscal year, which marks the second year of the Medium-term Business Plan, we will speed up the pace of transformation with an eye to the future to achieve growth that outpaces changes in the business environment. Based on the idea that intrinsic value is created by people, all employees of the Group will work as one team to become a Value Co-creation Retailer that continues to provide Three Values of Co-creation (Co-creation of Excitement, Co-prosperity with Communities, and Co-existence with the Environment).
April 2025
President and Representative Executive Officer
J. Front Retailing Co., Ltd.
