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									Message from President

Hand-in-hand with our customers, Isetan has been creating
new value to fashion that is integral to people’s lives for
almost 120 years. And although that will never change,
we are constantly on the lookout for fresh challenges.

                                Since our founding in 1886, the Isetan Group has continued to create
                                new fashion primarily through our department store business. Next
                                year, we will celebrate our 120th year in the fashion industry.
                                     We have consistently implemented the philosophy “The cus-
                                tomer always comes first” since the day of foundation, irrespective of
                                changing times. Besides those who shop at Isetan, we regard our
                                employees, shareholders, suppliers and local communities as cus-
                                tomers. Hence, we are keen to keep meeting the demands of these
                                customers through our business activities. We always pay careful
                                attention to the opinion of our customers and use this to uncover
                                potential desires. We can therefore provide high quality products and
                                services developed from a customer-centric perspective that exceed
                                the expectations of our customers. Our mission is to continue going
                                beyond mere satisfaction to inspire those that shop at our stores.
                                Herein lies the true value of Isetan.
                                     Despite being a reasonable distance from the train station, our
                                flagship store in Shinjuku welcomes around 30 million customers
                                through its doors every year. We are forever conscious of what we
                                need to do to entice people to the store - and not just once, but two
                                or three times. To this end, we seek to add a sense of excitement and
                                fulfillment to the shopping experience. It is with a sense of pride that
                                we strive to achieve this goal in all that we do.

Social contribution through   Isetan started off as a store offering fashionable kimonos and obi sashes. Now, we are intent on
fashion                       giving new meaning to fashion. We have always had the courage to try something different
                              and refreshing. Over the years, we have created new markets such as through the creation of
                              teenager shops and exclusive men’s buildings. We drove changes in the fashion industry in
                              terms of size. Besides establishing size 7 and 9 Ready-To-Wear fashion size standards, we
                              developed specialist shopping outlets such as Lady Clover (large sizes) Strawberry (petite sizes)
                              and Young Clover. We have also been pioneers at introducing the latest fashions from around
                              the world into Japan. Even in modern times where we are surrounded by an excess of material
                              goods, Isetan describes fashion as fresh new insight, which we can express in every facet of life.
                              Through our fashion ideas, we hope to bring richness and fulfillment to people’s lives.

Implementing The Isetan Way   The foundations of everything that we do here at Isetan can be traced back to our corporate
                              philosophy, or as we call it, The Isetan Way. Although it was formulated in 1994, the basic
                              tenets of this philosophy have remained unchanged since the day of our foundation. Soon, we
                              will cross the milestone of 120 years in business, so in essence, The Isetan Way has long been
                              ingrained into our very DNA. Our corporate vision forms an integral part of this philosophy,
                              in which we state that “only by sharing with others - our feelings, our ideas, and our joy - can
                              we create new and better lifestyles for tomorrow.” This is what we at the Isetan Group strive
                              towards in order to be an enterprise trusted by everyone.
                                   Isetan places top priority on fostering relationships of trust with customers. We believe
                              that feeling together and creating together affords us the opportunity to move forward
                              together in the same direction as our customers towards a better future. Isetan has a deep
                              respect for our employees who provide services to our customers. Our people are our greatest
                              asset. Each and every staff member works in harmony, while we also endeavor to create an
                              environment in which they can fulfill their individual potential. We aim to build long-term
                              relationships with our shareholders that are founded in trust by always conducting wholesome
                              and sound business activities. We are always fair with our suppliers and other business part-
                              ners, and as such, have maintained strong and long-lasting relationships with them. A key ele-
                              ment to this is the creation of win-win, or mutually beneficial, associations.
                                   The department store business cannot survive without the support of the local commu-
                              nity. We are aware of the need to fulfill our responsibility as a good corporate citizen and to
                              contribute to the development of the region. Further, to preserve finite resources and protect
                              the environment, we promote energy-saving activities, waste recycling, simplified packaging
                              and unique eco-friendly ideas for products.

A word on this report         This report analyzes our current business activities from the perspective of corporate value.
                              Besides our operational side, it also introduces Isetan’s various social and environmental activ-
                              ities. I hope that this publication will help you gain a better understanding of Isetan - who we
                              are and what we do. We at the Isetan Group are resolved to forming even deeper and closer
                              relationships with our customers. Going forward, we will aim to be recognized as a truly valu-
                              able member of society.
                                   As we approach the anniversary of our 120th year in business, let me express my warmest
                              gratitude and ask for your continued guidance and support.

                                                                                       Nobukazu Muto
                                                                                       President & CEO
                                                                                       Isetan Company Limited


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