Integrated Report 2021 C O N T E N T S

Values and Vision

Sustainability

02

Corporate Credo / Basic Mission Statement

52

Sustainability

04

Group Vision “Create and Bring to Life ʻNew Happiness.ʼ”

54

TCFD

06

Top Message

56

Realization of Decarbonized Society

08

Sustainability Management and Review of Materiality Issues

57

Promotion of Circular Economy

58

Management of the Entire Supply Chain

60

Promotion of Diversity & Inclusion

61

Realization of Work-Life Integration

62

Realization of Customersʼ Healthy/Safe/Secure Life

63

Coexistence with Local Communities

Business Model
10History

14

J. Front Retailing Value Creation Process

16

Top Interview22Risk ManagementGovernance

24

Special Report Awareness from COVID-1964

Corporate Governance

26

Special Report Business Model Transformation

74

Interview with Outside Director

76Management

Waiting will not recover anything. We will never miss this opportunity to change.

There is no crisis that we cannot overcome.
Management Strategy

Data Section

28

Medium-term Business Plan

78

Business Overview At a Glance

30

Special Report Interview 01

80

Financial/Non-financial Highlights Graphs

32

Special Report Interview 02

10-year Data (Financial/Non-financial)

34

Real Digital Strategy – Connect Real and Digital with “Human Warmth”

82
84

Financial Information

36

Real Digital Strategy – Content Resonant with Customers

38

Real Digital Strategy – “Heat” of Entertainment

40

Real Digital Strategy – Entered Subscription Business

42

Prime Life Strategy – Quality Experience

J. Front Retailing Group44

Developer Strategy – Develop as “Developer Business”

90

Group Companies

46

IT Strategy – “Offensive” and “Defensive” DX

92

Stores (Map)48

Human Resources Strategy – Drive Innovation with “Human Resource Capabilities”

94

Stores (Photos)

Finance Strategy – Accelerate Portfolio Transformation by Introducing ROIC by Business96

Share Information50

Editorial policy：

J. Front Retailing Group (the “Group”) issued this integrated report in order to provide adeeper understanding of what actions it takes to change its business portfolio for sustainablegrowth of corporate value. The report explains at the beginning the values, vision, value
creation process and business model of J. Front Retailing (the “Company”) and it contains
non-financial information including the Groupʼs involvement in society and the environment
through business activities and governance system that helps enhance corporate value inaddition to financial information based on specific management strategy. We have referredto the “International Integrated Reporting Framework” established by the International
Integrated Reporting Council (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 2020 (March 1, 2020 through February 28, 2021)
but it also contains the latest information available at the time 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 our assumptions based on
information currently available to us andinherently involve potential risks, uncertainties
and other factors. Therefore, actual results
may differ materially from the results
anticipated herein due to changes in variousfactors.

Guidance forCollaborative
Value Creation

Integrated Report 202101