Our Creation
INTEGRATED REPORT 2023

03

Management
Strategy

C O N T E N T S

32Risk Management34

Review of the Previous Medium-term Business
Plan and the Current Medium-term Business Plan

01

Values andVision
04

Our Values

06

HistoryーTradition(Foundation ⇒ Birth of Department Store)08

HistoryーInnovation

02

06
Data

04

Sustainability
60

Sustainability

62

Aiming for Net Zero in 2050

63

Information Disclosure in Line
with TCFD Recommendations

05

92

10-Year Data (Financial/Non-financial)

94

10-Year Data (Sustainability)

96

Financial Position and Operating Results

98

Consolidated Financial Statements

108 Share Information / Corporate Information

Management Interview_01

42Management Interview_02

44Department Store Business_01 Real × Digital Strategy

68

Corporate Governance46

Department Store Business_02 Real × Digital Strategy

78

Dialogue among Outside Directors

48

Department Store Business_03 Prime Life Strategy

83

Message from Newly Appointed

50

SC Business_01 Evolution of Parco’s Real World52

SC Business_02 Entertainment

54

Developer Business

56

Payment and Finance Business

58

Human Resources Strategy

Stakeholder Engagement

Financial/Non-financial Highlights

106 Stores (Photos)

40

66

90

104 Stores (Map)

Finance Strategy

Human Rights

At a Glance

102 Group Companies

386588GovernanceOutside Director
84Management

Value Creation(Reorganization ⇒ Portfolio Transformation)
10

Sustainability Management

12

Top Message

18

Value Creation Process

20

The Group’s Strengths

22

A Major Turning Point in theDepartment Store Business Model

24

Editorial policy

Special Report: J. Front in Motion
1. Bring Diverse “Knowledge” to Innovation
2. Connect People and Co-create Communities
3. Tackle the Circular Economy

Guidance forCollaborative
Value Creation

2

J. Front Retailing Group (the “Group”) issued thisintegrated report in order to provide a deeper
understanding of what actions it takes to change
its business portfolio for sustainable growth ofcorporate value. The report explains at the beginning
the values, vision, value creation process, andbusiness model of J. Front Retailing (the “Company”)
and it contains non-financial information including
the Group’s involvement in society and theenvironment through business activities andgovernance system that helps enhance corporate
value in addition to financial information based on
specific management strategy. We have referred to
the “International Integrated Reporting Framework”
established by the International Integrated ReportingCouncil (IIRC) and the “Guidance for Collaborative

Value Creation” established by the Ministry of Economy, Trade and Industry
to create this report.

Timeframe
This report mainly reviews the fiscal year 2022 (March 1, 2022 throughFebruary 28, 2023) but it also contains the latest information available at thetime of issue to the extent possible.

Scope
J. Front Retailing Co., Ltd. and its consolidated subsidiaries

Cautionary statement regarding forward-looking statements
Forward-looking statements in this integrated report represent ourassumptions based on information currently available to us and inherently
involve potential risks, uncertainties, and other factors. Therefore, actual
results may differ materially from the results anticipated herein due tochanges in various factors.

3