Jung Yong-jin, Chairman of Shinsegae Group, New Year’s Address for 2025
“It’s Time for Another Change; The Answer Lies in Core Business Competitiveness”
Jung Yong-jin, Chairman of Shinsegae Group, delivered his New Year’s address for 2025, highlighting the importance of understanding the “top-tier customers” who constantly crave innovation. He stated, “Knowing these customers well is our core business, and their recognition of us is our competitive edge.”
The chairman acknowledged the current tough market conditions due to high inflation and recession, but emphasized that businesses must continue to challenge themselves and grow. He urged that now is the opportune moment for Shinsegae to undergo another transformation and find answers in its core business competitiveness to outpace rivals.
Chairman Jung outlined the direction for change, stating that in 2025, Shinsegae should proactively respond to the needs of its top-tier customers and rigorously execute its inherent DNA of innovation.
He defined “top-tier customers” as individuals who are always seeking new experiences and are greatly satisfied with changes that differ from past offerings. These customers are willing to pay for new values and innovations introduced by companies and evaluate these companies based on how much their lives improve through such experiences.
Jung highlighted the transformative impact that Shinsegae Group’s brands, like Shinsegae Department Store, E-Mart, Starfield, and Traders, have had on customers’ lives through their innovation DNA. He stressed the need to continue executing this DNA by responding first to the thirst of these top-tier customers and persistently implementing change.
Furthermore, he called for introspection, asking whether Shinsegae has become complacent by considering themselves the best rather than focusing on the essence of being exceptional for the top-tier customers. He advised against fearing change, as it might lead to prioritizing self-preservation over customer needs and challenges.
Finally, he declared, “We have no reason to hold back now,” urging the organization to keenly observe and act on where top-tier customers are heading. He encouraged his employees to make the Shinsegae brand a source of pride for their customers.