To Our Stakeholders
With becoming “a business group that prospers in urban markets” as a key element of the PARCO Group Long-term Vision, the PARCO Group aims to be both “designers of unique offerings for 24/7 urban life” and “creative drivers of urban evolution.” The focus of our prior Medium-term Business Plan (FY 2014-2016) was on execution of our growth strategy, and we therefore worked to innovate existing formats, acquire new sites through promoting development, and expand external businesses. This included promoting development of new commercial facilities combining the comprehensive strengths of the PARCO Group and the operational assets of the J. Front Retailing Group, as well as actively developing the ZERO GATE business with an emphasis on efficient operations based on the business scale. In addition, we implemented unique ICT strategies linking online resources to physical stores and this resulted in significant progress in customer promotions as well as the work efficiency of shop staff.
The consumption environment in Japan is being shaped by continuing urban maturation in the form of rapidly evolving technologies, diversifying lifestyles, ongoing aging and population declines, city population growth from urban revivals, changes in inbound demand, and other developments.
To accommodate these changes taking place in Japan and overseas and leverage them to create business opportunities, we formulated our new Medium-term Business Plan (FY 2017-2021) with a focus on increasing the unique value we provide to urban areas. Under the plan, we will promote business selection and concentration and accelerate the pace of business portfolio reform. We intend to integrate the inspirational essence of the New Shibuya PARCO opening in 2019 into the Urban Complexes Group as a whole, and after it opens to extend the essence generated by the New Shibuya PARCO to PARCO complexes and Group businesses throughout the country in order to create next-generation commercial space and further promote the evolution of the PARCO store brand. Through our three main social roles of “Incubation,” “Urban Revitalization,” and “Trends Communication,” which constitute PARCO’s point of origin, we will meet the diversifying needs of consumers desiring fulfilling urban lifestyles and business proprietors active in urban areas by providing value that is unique to PARCO, which includes personal fulfilment, new inspiration, and contentment.
From the time I was appointed president, I have emphasized the importance of thinking closely about where we started and evolving from there and have promoted our business using the phrase “Evolving From Our Point of Origin.” Moving forward, we intend to constantly evolve by steadily executing our new Medium-term Business Plan and realize our Long-term Vision of becoming a “business group that prospers in urban markets” and our Corporate Mission of “Creating welcoming, forward-thinking, innovative spaces that provide an enjoyable experience for customers and help our tenants prosper.”
We ask for the continued understanding and support of our many stakeholders as we move forward.
PARCO CO., LTD.
President and Representative Executive Officer