Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Hyundai Department Store chief pledges agility to meet evolving customer needs
A computer-generated image of the Hyundai Seoul, a department store operated by Hyundai Department Store Group, in Yeouido, Seoul. Courtesy of Hyundai Department Store Group
By Baek Byung-yeul
Chung Ji-sun, chairman of Hyundai Department Store Group, emphasized the need to swiftly establish a growth mechanism that can agilely meet customers' evolving needs and expectations in his New Year’s message, according to the group Sunday.
Chung Ji-sun, chairman of Hyundai Department Store Group
"The expectations of customers and partner companies are increasing, making the conditions for collaboration to create new value more demanding," the chairman said in his New Year's message to employees. "To address this, we need to find solutions that can create new value using not only collaboration among affiliates but also various external networks."
The chief of the retail giant explained that the group's growth mechanism is "a system where innovation focused on customer value continues through the creation of new growth opportunities.”
To establish such a sustainable growth system, Chairman Chung emphasized that "we need to envision the future from various perspectives to find new growth opportunities and execute them more actively."
In 2021, the Hyundai Department Store Group celebrated its 50th anniversary and announced Vision 2030, to achieve sales of 40 trillion won ($30.9 billion) by 2030 by pursuing the sustainable growth of each business portfolio in the areas of retail, fashion and lifestyle products.
"Vision 2030 is not a fixed plan, but a process of continuously modifying and supplementing the plan to achieve the goal, so if we redesign the plan considering various possibilities, we will be able to encounter a Eureka for new growth opportunities," the chairman said.
He also stressed that employees in leadership positions must play leadership roles that motivate others.
"Innovation comes from subtle differences in thought, so leaders should create an environment where members can freely come up with new and diverse ideas and participate in the process," Chung said. "Leaders should explain to members not only why they are working and what their goals are, but also what achievements the organization and individuals will get, so members can fully empathize with the meaning of the work."
The Hyundai Department Store Group will start the New Year with an online ceremony on Tuesday, the first business day of the New Year, for around 15,000 employees of the group's affiliates.