Chief Executive Officer Park Ju-hyung of Shinsegae said on the 24th that the company will step up efforts to target global customers and push to expand new businesses. The plan is also to establish a mid- to long-term growth foundation through large-scale development projects.
At the 69th annual general meeting of shareholders held at the Post Tower in Jung-gu, Seoul, on the 24th, Park said, "This year will be a year of challenge," adding, "Along with external growth, how clearly we define the essence of the business and connect it to execution will determine the success or failure of corporations."
Park said, "While maintaining competitiveness centered on luxury, we will raise the completeness of merchandise planning (MD) across fashion, lifestyle, and food and beverage (F&B) to clarify the value unique to Shinsegae that customers can feel."
He went on to say to foreign customers that he would build the perception that "the 'K' department store is Shinsegae," and establish the company as a lifestyle platform representing Korea by foregrounding space competitiveness that combines retail, culture, and tourism.
The company also plans to pursue new businesses in parallel. It will diversify its business portfolio around VIP-tailored services, e-commerce, travel, and retail media, and gradually apply IT technologies such as artificial intelligence (AI) to customer analysis and overall operations.
Over the mid to long term, the company plans to secure a growth base by promoting large-scale development projects. In major hubs such as Gwangju, Songdo, and Suseo, it will create mixed-use spaces that combine leisure, residential, office, and culture beyond retail, with the aim of generating new revenue sources.
All agenda items were approved as originally proposed at the shareholders meeting that day. They included: ▲ approval of the financial statements for the 69th fiscal year, ▲ approval of partial amendments to the articles of incorporation, including the deletion of the clause excluding cumulative voting, ▲ appointment of inside director Woo Jeong-seop, ▲ appointment of outside director Choi Nan Seol-heon as a member of the Audit Committee, and ▲ decision on the limit of directors' remuneration.