Vice Chairman Chung, vice chairman of Shinsegae Group, said, “The more crisis, the more basic it is.”
In Shinsegae Group’s 2023 New Year’s address, Vice Chairman Chung said, “The ability to respond to crises that can face risks and break through head-on with prepared capabilities will soon be Shinsegae’s competitiveness.”
Vice Chairman Chung emphasized the importance of “crisis consciousness,” saying, “The sense of crisis will act like a grateful radar to prevent the upcoming disaster, and there will be no gaps in detecting and responding to the crisis when the radar operates normally.”
“Even if you are thoroughly armed with a sense of crisis, the crisis will come,” he said. “The crisis can be an opportunity depending on how you deal with it,” calling for a change in perspective on crisis response.
In particular, in the era of high prices, high exchange rates, and high interest rates, Vice Chairman Chung said, “Retail businesses with large contacts with customers will face a bigger crisis,” and ordered to return to the “basic” at times like this.
“Through decades of experience, I know that the core of ‘basic’ is ‘customers’ and ‘products,’ he said, stressing that Shinsegae Group’s ability to respond to the crisis stems from customers and products.” He emphasized, “When you focus enthusiastically on customers and products, you can once again overcome the current crisis and take a bigger leap forward.”
Last year, Shinsegae Group took another step forward despite difficult conditions, and Shinsegae Universe expanded further, adding, “In 2023, we will focus on strengthening brand competitiveness of all affiliated companies and creating a profitable business structure.”
First, “Focus enthusiastically on your customers.” “Crazy focus on customers” is the third expression that Vice Chairman Chung emphasized in his New Year’s address this year since he first used it in his New Year’s address in 2020. Shinsegae Group has been investing heavily in digital transformation over the past few years to focus on customers to find out what they need more, what they like more, and what they respond to more.
Vice Chairman Chung emphasized, “Only by focusing enthusiastically on customers, we can strengthen the experience and value of existing businesses, find clues to future new businesses, and expand Shinsegae Universe wider and faster with support from customers.”
The second is to talk with customers with products and services. Vice Chairman Chung said the most basic and essential material when talking to customers is “goods and services.” He said, “Please create Shinsegae Universe’s own products and services that customers can be enthusiastic about, and have competitiveness in making customers wait to talk to new products and new services.”
Finally, he called for changing the view of crisis response. Vice Chairman Chung said, “The priority is to turn off the fire first rather than talk about who is responsible for the fire.” He then said, “We need to sincerely look back on the crisis that occurred and improve our response methods so that it will not be repeated again.”
He also suggested changing the view of crisis response, saying, “The sense of crisis,” which can sound negative, rather acts as a grateful radar to prevent the upcoming disaster, and depending on how you deal with the crisis, it becomes an opportunity.”
Finally, Vice Chairman Chung wrapped up his New Year’s address by leaving a message emphasizing the “basic” again, saying, “Risk and crisis will be assets for a leap forward when faithful to the basics and essence.”