Numbers

84

40

years

Co-Creation Business
MARUI GROUP’s co-creation business merges retailing and credit card
operations to provide joy to customers seeking more-fulfilling lifestyles.

years

Time passed since theYears since

Loss of the Founder in 1975MARUI got its start in selling furniture on
monthly installment plans in the Nakano area of Tokyo.
It only had two employees at launch.

In 2015, 70 years after the end of World War II and
40 years since the passing of founder Chuji Aoi,
a novel was release chronicling his legend.
Yuzuru Demachi, Keiki wo Shikaketa Otoko(The Man Who Built the Economy), GENTOSHA INC., 2015MARUI’s Founding in 1931

100.0

¥

million299.3¥

billionIn the fiscal year ended March 31, 2015, record-breaking

Daily Sales Figure

Credit Card Receivables

In December 1962, daily sales reached ¥100.0 million
for the first time since MARUI opened its doors in 1931.
Full-year sales in 1962 totaled about ¥7.2 billion.

*1 Revolving repayment and payment by installments + cash advancetransactions (excluding lump-sum payments)

achieved during the year-end sales rush in 1962

7

years

Time required to recoverMarket Capitalization to¥500.0 billion
Market capitalization recovered to ¥500.0 billion in June 2015,
signaling the end of our seven year struggle to overcome
the crisis of the introduction of the Money Lending Business
Act revision.

*1

EPOS CARD interest-bearing receivables reached a record high due
to growth in card shopping transactions and ceased decline in cash
advance transactions.

Close-Out Sales

5.0¥

million

Close-Out Sales Amountprior to temporary closure during World War II

Five stores were closed temporarily due to the war-timecommercial activity restrictions instated in 1941.
Close-out sales were conducted in June and July 1941.

* The image in the center of the collage above is an artist’s rendition of the completed KITTE HAKATA,
where Hakata Marui will be located, provided by Japan Post Co., Ltd.

30

31

History of Innovationand Evolution

Prevalent Needs of the Era
Prevalent Needs of the Era

Since MARUI founder Chuji Aoi opened his first store in 1931, the Group has continued

Durable Goods

Lifestyles

Prevalent Needs of the Era

Fashionto pursue innovation to respond to changing customer needs, and it is still growing

4897

GOOD
THRU
有効期限

MONTH / YEAR

through its Retailing and Store Operation business as well as its Credit Card Services and2006

Retailing-Related Services businesses. The founder’s pioneer spirit of creating opportuni-

Began on-the-spot, in-store issuance of multipurpose EPOS cards
equipped with IC chips, world firstties has been the driving force behind the management stance that constantly propels us
toward innovation. Still alive in all MARUI GROUP companies today, this spirit continues todrive us to new stages of growth.

1983

1969

Aired TV commercial portraying
community-rooted nature of
Marui stores nearby train stations

Issued Japan’s first magnetic card
compliant with international standards

Total Operating Revenues
Billions of yen

800

Prevalent Needs of the Era

Furniture & Clothing

700

1987

2013

Aired TV commercial advertising
MARUI’s trendiness

Began issuing credit cards using
tablets at all stores

1985
1972

1960

Issued first credit card in Japan

Created Marui Credit Members
system; Began issuing new
credit cards

600

Opened Ueno Store (currently
Ueno Marui), first store withfood sales floor

500

1947

Rebuilt flagship Nakano Marui
where former store stood
before World War II

400

300

1931

Chuji Aoi opened first independent store in Nakano area of Tokyo,
after separating from
Maruni Shokai Co., Ltd.

Posted flyers advertising
resumption of monthly
installment plan sales
1940

1950

200

Opened New Shinjuku Marui(currently Shinjuku Marui Main
Building); Commenced full-fledged
development of large-scale storesin Tokyo metropolitan area

Opened Shinjuku Marui(currently Shinjuku
Marui East Exit Building),
industry’s thenlargest store

1950

1931

1974

1962

1960

1970

1980

1990

2007

2013

Opened Yurakucho Marui;Started developing stores basedon customer perspectives

Aired TV commercial promoting
Rakuchin series’ appeal to maturecustomer groups

100

2000

2010

0

Accumulation of physical goods
Modernization of installment payment system

Pursuit of more-fulfilling lifestyles
Establishment of business models

Founder: Chuji Aoi
Period as president: 1931–1972

2nd leader: Tadao Aoi
Period as president: 1972–2005

Evolution from monthly
installments to credit

Introduction ofand­development of large-scale stores

Rapid growth by equating
MARUI with youth

Development of business models
and enhancement of network

Founder Chuji Aoi established his first independent
store in front of Nakano Station in Tokyo at age 26.
During World War II, he was forced to close five ofthe then numerous stores he operated, but after the
war was over he reopened a temporary store in
Nakano in 1946. Chuji Aoi pushed forward with themodernization of the installment payment system,changing the name of the monthly installment
system to “credit” in 1960 and then introducing
the industry’s first computer in 1966.

Tadao Aoi became president in 1972 and quickly
launched a new corporate branding campaign using
in 1973. He then proceeded to open largescale stores in the Tokyo metropolitan area, such as
New Shinjuku Marui in 1974. All stores developed at
this time were opened, subsequently contributing
to the rapid expansion of the Company in 1977.

We began offering cash advances, a type of smallamount consumer loan, in 1981, giving rise to ourbusiness model of providing both products andservices. In the mid-1980s, while establishing newlarge-scale stores and expanding existing stores,
we also achieved rapid growth by utilizing our highly
refined fashion items to lead to Marui stores being
equated with youth.

A 30-year streak of increased sales and income wasachieved in 1990, and we soon began developing
new business models, such as seen in the in The
Room interior accessory store and the FIELD sports
store. Then, in 1998, we enhanced our network
further by changing the names of our five main
fashion-oriented stores in the Tokyo metropolitan
area to Marui City.

32

2015

Business model transformation
3rd leader: Hiroshi Aoi
Period as president: from 2005

New era for MARUI GROUP

Provision of fulfilling lifestyles

In 2000, we launched the new Akai Card, which was
equipped with revolving payment system functionality for cashing services. It was also at this time that
we implemented a new growth strategy of developing family-oriented stores, such as Marui Family Shiki
as well as Marui Family Ebina, which was our first
store located in a suburban shopping center.

Hiroshi Aoi became president in 2005. Previously
focused on youth fashion, Marui stores were refined
to offering lifestyle support in order to appeal tocustomers of all ages. New stores, including Namba
Marui, Yurakucho Marui, and Kyoto Marui, wereopened, and the Akai Card was replaced by the
EPOS CARD, which supported all areas of customer
lifestyles.

33

Transformation into a
Lifestyle Co-Creation Company

MARUI GROUP’s Vision for Co-Creation Management     
The following principles are central to MARUI GROUP’s quest to become a lifestyle co-creation company.
1 Customer happiness aided by merging retailing and credit cards

Going forward, MARUI GROUP will need to pursue further innovation and evolution driven by its unique corporate DNA,
which was forged through the merger of retailing and credit cards continually since its founding. In this manner, we will
strive to provide joy to customers seeking more-fulfilling lifestyles through our unique stores and services.

2 Co-creation of this happiness through our links with customers and other partners
3 Introduction of joy into customers’ fulfilling lifestyles through the union of retailing and credit cards

MARUI GROUP’s vision for co-creation management lies at the intersection of these points.

Corporate DNA Merging Retailing and Credit Cards     
MARUI GROUP is not purely a retailer nor a credit cardcompany. Its distinctively unique business model is built
by merging retailing and credit cards, realizing intrinsic

EPOS cards suited tocustomer lifestyles

Vision for Co-Creation Management Merging
Retailing and Credit Cards
Retailing × Credit Cards 3.0
Business model transformation
Shift to shopping center style storesand ­evolution of EPOS cards

links between these two areas of operation. That has
been a characteristic of our business since our earlydays of selling furniture mainly through installment payments, and this unique corporate DNA continues to live
Offering installment payment plans was an area that
required mutual trust. MARUI needed to trust its customers as it paid money in advance on their behalf, andits customers had to trust the quality of MARUI’s products to purchase them. This trust is also imprinted in our
corporate DNA, which has inspired us to pursue innova-

Shareholders

Customer Happinesson in the Company today.

Retailing × Credit Cards 2.0
Establishment of business models
Merging of retailing and credit cards

Transformation

Marui stores that
respond tolifestyle needs

Retailing ×
Credit Cards 1.0
Modernization of installment payment system

Collaboration cards
that support businessat partner facilities

Customers

tion and evolution in response to the changing times

the core of co-creation

development, aiding in creating the happiness of cusSustainable Growth for MARUI GROUP

Business
partners

Shift to Lifestyle Co-Creation Company     
Consumption in Japan is undergoing a paradigm shift
from the accumulation of physical goods to the pursuit of

Past

Futuremore-fulfilling lifestyles, and customers are increasingly
looking to spend their money on making their everyday
lives more enjoyable and comfortable. This trend has
given rise to lifestyle-oriented consumption aimed
at making one’s life more satisfying and augmenting­personal happiness. Prior to this shift, MARUI GROUP

Young
×Fashion×
Akai Card(In-house credit card)

All generations
×Lifestyle×
EPOS CARD(Multipurpose card)

Stores using consignment
buying system

Stores with tenants on
fixed-term rental contracts

goal of better responding to the lifestyle needs of customers of all ages. This transformation is spreading to allareas of operation, including product creation and lineups, store development, customer reception, service
offerings, and the credit cards that support each of these.

34

Modi storesdeveloped basedon regional
characteristics

Bringing joy to customers and aidingin their realization of true happinesshas always been central to our uniquebusiness model, which merges
retailing and credit cards, forming
intrinsic links between them.

2 Co-creation of happinesswith partners

Not only customers but also business
partners, collaboration partners, andemployees are seen as importantpartners in the process of co-creating
customer happiness. This is MARUIGROUP’s vision for co-creation
management.

Collaboration
partners
Rakuchin Kirei
Pumps footwear
items that seek torealize unrivaled
comfort3 Introduction of joy

focused its business on youth and fashion. Now, however,
we are undergoing a significant transformation with the

Employees

1 Customer happiness at

throughout MARUI’s history. Over the course of our
tomers has always been central to our business.

Customer Happiness
Aided by Merging
Retailing and Credit Cards

into customers’ lifestyles

We aim to realize a business in which
we co-create fulfilling lifestyles. For
this reason, all Group management
resources are being utilized to shift
our orientation toward lifestylesupport in product creation, store
development, credit cards, and allother areas of operation.

35

Transformation

New Credit Card Business

EPOS CARD Network for Co-Creating Lifestyles     
Characteristics of EPOS cards include the fact that each customer is only allowed to carry one card and that this one

The first wave of transformation for MARUI GROUP in its pursuit of co-creation managementcard grants access to the benefits of all collaboration card partners. Another characteristic is our network, which facili-

took the form of innovation in the Credit Card Services business. Aiming to further expand thetates smooth mutual referral of customers between collaboration card partners. In the future, we aim to expand therange of areas in which we can contribute to customer happiness, we undertook a drastic over-range of collaboration partners to enhance and reinforce our network.

haul of our credit cards, moving away from cards that were mainly limited to use in Marui stores.
This overhaul led to the creation of EPOS cards, multipurpose cards that could be used both
inside and outside Marui stores and even outside the Company’s operations, a change that­substantially increased customer convenience.

Credit Cards That Offer Greater Joy to Customers     
In March 2006, we introduced the EPOS CARD toreplace our previous Akai Card with the aim of better

Transformation of MARUI’s Credit Cards

responding to customer lifestyle needs.

FashionMultipurpose
EPOS CARD

The main difference between these two cards wasthat, while the Akai Card was primarily a tool for sup-of Marui stores. This move transformed our credit cards
to enable them to provide the type of support MARUI
envisioned—support for all lifestyle areas, including
fashion, food, living, entertainment, learning, health, andbeauty. These cards continue to evolve today.

Customer Happinesspurpose card whose functionality exceeded the scope

Customers

Beautyporting Marui stores, the new EPOS CARD was a multi-

Transformation

On-the-spot, in-store
issuance of Visa cards
Collaboration cards
More benefit providers

Benefits

Food
Benefits

Credit card that responds tocustomer lifestyle needs andassists businesses ofcollaboration partners

MARUI-only
Akai Card

Strengths of EPOS Cards

Health     
In the fiscal year ended March 31, 2015, nine years after

LivingSustainable Growth for MARUI GROUP

the launch of EPOS cards, total cardholder numbers hadrisen to nearly 6 million and total card transactions
exceeded ¥1 trillion. This impressive growth can be
attributed to a number of strengths. One such strengthis our human resources, who are able to call upon theirretailing experience and expertise to approach customers
from a unique perspective. Another is MARUI GROUP’s
organizational capacities, particularly the Group’s structures for quick development of information systems.

EPOS CARD Transactions and Cardholders
Billions of yen

Thousands of people

1,200

6,000

900

4,500

600

3,000

300

1,500

The Company’s highly original credit card framework isalso a strength contributing to the development of EPOS
cards. We are able to provide on-the-spot, in-store
issuance of the world’s first IC-chip-equipped Visa
cards, and standard cards can be upgraded to Goldcards at stores as well. Another part of this framework is
our collaboration cards, which provide cardholders withaccess to the benefits of all collaboration partners.

36

0 2007

2008

2009

2010

2011

2012

2013

Cash advance transactions
Marui stores
Total transactions outside Marui stores
Cardholders

2014

2015

0

Learning

Entertainment

EPOS Model for Improving Commercial Facility Profitability
EPOS cards

Tenants

Developers
EPOS cards
More cardholders

Card application center
opened as tenant
Increased sales byleveraging cards
Explanations of card
convenience provided byretail professionals

Higher overallprofitability forwhole facility

Tenants
Increased sales andrepeat customers
Developers
Higher profits

Win-win for all parties37

Transformation

New Store Brand

Two Store Brands Supporting Future Growth Strategies     The second transformation MARUI GROUP is undergoing on its quest to become a lifestyleco-creation company is the transition toward a business model centered on shopping centerstyle stores that provide responses to lifestyle needs. This new model represents a departurefrom its previous business model involving stores that employ the consignment buying system.

MARUI GROUP has two store brands: Marui, whose stores display the highly recognized

and are primarily locatedin highly populated areas, and Modi, whose stores are operated by Group company AIM CREATE CO., LTD., in a flexible
manner based on their location and building features. By leveraging these two store brands, we are accelerating thecontinued nationwide development of our operations.

Calling upon the expertise gained through the operation of three Modi shopping centers, weplan to convert all Marui stores to shopping center style stores by 2018.

Marui(excluding some stores for which owner approval could not be acquired)

Modi

Store Development Methods That
Contribute to Customer Joy     
MARUI GROUP is transforming its business model tomove away from a store format focused on youth andTransformation of Store Development Methods

fashion in which it previously specialized in to adopt a

Future store model

Marui stores located inhighly populated areas

new shopping center style store format that offers lifestyle support for all age groups.

buying system to fixed-term rental contracts, the systemcommonly used by shopping centers. In addition, we arerevising previously apparel-heavy product mixes toincrease the amount of sales floor devoted to restaurants and sundry items, both of which are in high demand

Customer HappinessThis transformation entails changing the method ofcontracting tenant sales floors from the consignment

Transformation

Fashion, food, living,and other lifestyle items
Customers of all ages

Previous store model

among customers. Through this type of transformation,
we will work to increase visitor numbers and purchasenumbers and thereby improve earnings.

Fashion items
Young customers

Sustainable Growth for MARUI GROUP

Format Transformation at All Stores
Previous model (consignment buying system)

Current model (fixed-term rental contracts)

Fashion oriented

Lifestyle oriented

Marui store

Contracted tenants

解像度不足

Marui store

Marui specialty stores*1

Commercial facilities / developers

Rental space

Rent revenues

Tenant sales floor
Contracted tenants

38

Modi stores operated flexibly basedon their location andbuilding features

Marui specialty stores*1 Artist’s rendition of completed KITTE HAKATA, where Hakata Marui will be located, provided by Japan Post Co., Ltd.
Highlypopulated areas

Sparsely
populated areas

39

Transformation

Creation of New Private Brands
The third transformation for MARUI GROUP to become a lifestyle co-creation company pertains
to the creation of private brands. In order to respond to the lifestyle needs of customers, wehave been soliciting customer feedback in planning, manufacturing, sales, and all other productcreation-to-sales stages. This feedback is utilized to advance a concerted Group effort to cocreate products and sales floors.

Development of Shoes That Bring Joy to Customers

Coordination as a United MARUI GROUP to Co-Create Value     The core concept of MARUI GROUP’s product creation

Coordination among Group companies

to place Rakuchin Kirei Pumps into the hands of customers

activities entails maintaining an understanding of customers, society, and the lifestyle market and of contem-

Customer-First Mentality / Product Creation

Sales Floor Development /Distribution

Sales Promotion / Operation

Convenient Shopping

porary social values. Based on this understanding, we
uncover latent needs that customers are unconsciously
foregoing and then develop new value by responding toCustomer input
Product creation based on input from 2,000 customers

Sales floor designand construction

Sales promotions

EPOS cards

AIM CREATE CO., LTD.

Savings from shoppingwith credit cards

AIM CREATE CO., LTD.

these needs. Particular progress has been made throughthis approach with regard to the women’s footwear
product Rakuchin Kirei Pumps. In addition to ensuring

4897

that these items are comfortable, fashionable, and reasonably priced, we have also expanded the range ofsizes available to include 20.5 cm, 26.0 cm, and other

Planning meetingwith customers

Shoes LABO Plus
community website

Foot data collection

uncommon sizes for which shoes are often difficult to

Stock planning
MOVING CO., LTD.

Store facility supply,
security, andjanitorial services

GOOD
THRU
有効期限

MONTH / YEAR

Internet sales

MARUI FACILITIES Co., Ltd.

find. These measures are lending speed to the sustainable growth of the Company. Rakuchin Kirei Pumps are

More than 2 million pairsof Rakuchin Kirei Pumps
sold to datean example of how we are realigning our product creation mindset from a retail focus to a lifestyle support
focus to work together with customers in order to co-

Original shoe tree

create shoes that bring joy to all wearers.

Foot measurement events

Product development

Initiatives
outside MARUITransportation to
Marui stores

Sales outside
Marui stores

MOVING CO., LTD.

Transformation of Private Brands

Customer Happiness

Future private
brand products

Customer round-tablediscussion

Customers of all ages

Transformation
Previous private brandproducts

Reuse & Reduce

Comfortable
Fashionable with broad
size range
Reasonably priced

Focused on young
customers
Fashionable
Limited size range

Birth of Rakuchin Kirei Pumps
Launched in 2010

Additionaldelivery systems

Customer test group

Delivery toindividual shops
Environmental andsocial contribution
activities

MOVING CO., LTD.
M & C SYSTEMS CO., LTD.

MARUI buys back shoes that
customers can no longer wear,
determines the issue, and utilizes
this knowledge when developing
future products.

MOVING CO., LTD.

CO2emissions

Carbon footprint

System support

M & C SYSTEMS CO., LTD.

Sustainable Growth for MARUI GROUP

40

41

Feature

Transactions Exceed ¥1 Trillion:
EPOS Cards     

FeatureNationwide Expansion:
Two-Pronged Strategy
Utilizing Marui and Modi     

CO-CREATIONOF VALUE
FeatureFirst Kyushu Location:
Hakata Marui     FeatureQuest for Unrivaled Comfort:
Rakuchin Kirei Pumps     * The image for Feature 03 is an artist’s rendition of the completed KITTE HAKATA,
where Hakata Marui will be located, provided by Japan Post Co., Ltd.

42

43

Feature

Transactions Exceed ¥1 Trillion:
EPOS Cards
The operations of Epos Card Co., Ltd., are growing rapidly, supported by the uniqueservices and value provided based on the Group’s retail experience. The EPOS CARD has
now entered into the next growth stage: nationwide development.

In the fiscal year ended March 31, 2015, total card

Looking ahead, we aim to achieve total cardtransactions for EPOS cards exceeded ¥1 trillion.

transactions of ¥2 trillion coupled with a total numberThis feat was accomplished a mere nine years sinceof cardholders of 8 million in 2019. To accomplish

the 2006 launch of EPOS cards, over which thethese objectives, we are pushing forward with a strat-

number of cardholders has risen to nearly 6 million.

egy of expanding cardholder acquisition efforts

Transaction growth has been particularly impressive

outside the Tokyo metropolitan area and Kansai

over the past four years, increasing by more thanregion to encompass all of Japan. Going forward,¥100.0 billion each year, demonstrating the acceler-we will continue driving the evolution of EPOS cards

ated growth of the EPOS CARD.

to offer increased convenience to cardholders.

Toshikazu Takimoto

Kazuhiko Okamoto

Managing Executive Officer
President and Representative Director, Epos Card Co., Ltd.

Chairman and Director
Visa Worldwide Japan Co., Ltd.

Multifaceted Evolution to
Become Customers’ Main Card

Brand Value Improvement and Business Growth
Driven by Committed Customer Engagement

The EPOS CARD was founded on the knowledge

Epos Card is at the global forefront of credit card

MARUI GROUP had accumulated with regard to on-

innovation, offering on-the-spot, in-store issuance ofthe-spot, in-store card issuance and credit systems.

IC-chip-equipped Visa cards. Moreover, these cards

The next step in the evolution of our previous cards,

are one of the fastest growing cards among all of ourwhich were limited to use primarily in Marui stores,

affiliates. As a testament to that, Epos Card is collabo-

EPOS cards are multipurpose credit cards usable

rating with various commercial facilities, the rate at

outside MARUI. EPOS cards have undergone a multi-

which its cards are used outside Marui stores is rising,

faceted evolution over the years, an evolution madeand the number of cardholders in regions where there

possible by the fact that Group company M & C

are no Marui stores is increasing. Visa-affiliated EPOSSYSTEMS is responsible for developing all of our IT

cards have won the hearts of customers through ansystems. The capabilities refined by M & C SYSTEMS

appeal that is not found in other cards, an appeal nocreating more than 100 systems each year havedoubt arising from MARUI’s retailing expertise. MARUI

enabled us to implement numerous measures, includ-

GROUP has been developing its unique Credit Carding developing systems for converting standard cards

Services business since 1960, when it launched its

to Gold cards in stores, offering collaboration cards,

own proprietary card. The corporate DNA formed

processing card applications with tablets, providing

through this business has subsequently been inherited

rent payment guarantees, and developing smartphoneby the employees of today, who are committed toapplications. I believe it is these measures that havecustomer engagement, a major factor increasing theenabled us to realize such impressive growth in card-

value of EPOS cards. I feel that this engagement is theholder numbers. In the future, we will work to expand

primary reason behind the EPOS CARD’s impressive

our network of collaboration partners while enhancing

growth in cardholder numbers, usage rates, and card

the benefits provided therein as we strive to evolve

transactions.

EPOS cards and inspire customers to use them as
their main card.

Credit application using tablets

44

EPOS CARD application center, MALera GIFU

45

Feature

Nationwide Expansion:
Two-Pronged Strategy Utilizing
Marui and Modi
As it transitions to a business model focused on shopping center style stores withthe aim of becoming a lifestyle co-creation company, MARUI GROUP will develop its
Retailing and Store Operation business through a two-pronged strategy utilizing its
two store brands: Marui and Modi.

Masahiro Aono

Kaoru Oyamada

Executive Officer
Managing Director and General Manager,
Store Business Promotion Department, MARUI CO., LTD.

Managing Director and General Manager, Commercial Facility
and Advertisement Planning Department, AIM CREATE CO., LTD.

Evolution by Addressing Issues Uncovered
during Shift to Shopping Center Style Stores

Strength in Flexible and Unique Store
Development Based on Regional Characteristics

In spring 2014, Machida Marui became the first Marui

Modi stores differ from Marui stores, which are pri-store to undergo conversion to a shopping center

marily deployed in large-scale cities, in that they arestyle store, during which the amount of floor spacedeveloped flexibly based on regional characteristics,

devoted to lifestyle items was upped from 40% tosometimes being established in relatively small pre-70%. As a result, purchase numbers rose 2.6 times,

fectural cities. Utilizing this approach, we converted

new cardholders increased, and the store’s customer

the Marui stores in Machida, Totsuka, and Kawagoe,base grew. Unfortunately, it also became apparent

all stores that had been persistently recording losses,

that, as this was our first shopping center style store,

into Modi stores, successfully enabling them to achieve

we lacked some of the necessary know-how. For thisprofitability. Each of these three Modi stores is now

reason, the store’s earnings were less than expected.

being developed based on the characteristics of its

When converting other stores, such as Marui City

specific location, with Machida Modi focusing on life-

Yokohama and Kichijoji Marui, we took steps tostyle support; Totsuka Modi serving as a community-

address the issues that this experience uncovered,rooted, daily-usage store; and Kawagoe Modi

resulting in improved performance at almost all store

functioning as a collection of specialty stores. In thesegments that are now operating under the shopping

future, Modi stores will be opened in a wide range ofcenter style model. Going forward, we will continue toareas that encompasses prefectural and outlying cities

work together as a United MARUI GROUP in advancing

to create opportunities for furthering MARUI GROUP’s

the development of both Marui stores and Modi

nationwide expansion. Our most recent endeavor isstores, which will be operated by AIM CREATE in a

Shibuya Modi, which is scheduled to open in fall 2015.

flexible manner based on location and scale.

We aim to make this store into a true symbol of the newlifestyles and culture being born in Tokyo.

MARUI GROUP’s Retailing and Store Operation busi-

Unfettered by preconceptions, Modi stores will

ness is blazing a new path, boldly striking forward

freely depart from the traditional concept of Maruiwith two store brands: Marui and Modi. Under thestores as necessitated by location, business area

Marui brand, stores will be converted into new shop-

characteristics, store size, or other factors.

ping center style stores to better respond to cus-

Through a flexible two-pronged strategy, we will

tomer needs. Meanwhile, stores operated under thepromote the nationwide expansion of the Retailing andModi brand will be developed in a unique manner.

Store Operation business as a United MARUI GROUP.
Machida Marui, reborn as first shopping center style
Marui store in May 201446

Shibuya Marui, after April 2015
reopening

Shibuya Modi, scheduled toopen in fall 201547

Planning meeting with customers

Jun Nishino
General Manager, Hakata Store Development Office, MARUI CO., LTD.

Unique Store Development Venture Transmitting
Appeal of Kyushu and Hakata
Hakata Marui will be a core tenant in the commercial
facility being constructed in front of JR Hakata Station
by Japan Post Co., Ltd. This building is positioned in
an area with more than 4 million potential customers
residing within a one-hour radius, and it is also anticipated to play a role in welcoming the more than
2 million overseas travelers that visit Kyushu each year.
We want the residents of Fukuoka City to view
* Artist’s rendition of completed KITTE HAKATA, where Hakata Marui will be located, provided by Japan Post Co., Ltd.

Hakata Marui as truly belonging to their city. For thisreason, we have been incorporating customer input

Hakata Marui community website (Japanese only)
hakata-fan.0101.co.jp/

into the store development process for some time.

FeatureFirst Kyushu Location:
Hakata Marui

We have held over 200 meetings, with the cumulative
total participation number reaching nearly 1,600.
At these meetings, we discuss store development
concepts, floor designs, tenants, store atmosphere,
and other aspects of Hakata Marui. Furthermore, we

Spring 2016 will mark the long-awaited opening of Hakata Marui, our first store in Kyushu.

opened a community website as a venue for custom-This store is anticipated to serve as a model to be used in creating future shopping

ers that are unable to attend meetings to submit theircenter style Marui stores.

suggestions. By building upon this customer input,
we will endeavor to develop Hakata Marui into a store

Hakata Marui will be located in Fukuoka City, Kyushu’s

accordingly. Moreover, we aim to grow this store

largest city with a population of 1.5 million, and will

together with the local community, incorporating

stand in front of JR Hakata Station, a prime location

the opinions of numerous local customers during thisin the center of the city. Not only will this be our firstprocess. Hakata Marui will be the first new Marui store

store in Kyushu, but Hakata Marui is also anticipated toopened in five years, and we are committed to making

serve as a model to be used in creating future shop-

this store a symbol of the Group’s stance toward

ping center style stores, and the Group is mustering

ambitiously tackling new challenges going forward.

unique to its region, one that transmits the appeal of
Kyushu and Hakata.

Jiro Ishioka
Customer Needs Manager,
Hakata Store Development Office,
MARUI CO., LTD.

Customer Planning Meetings—
Forums for Frank Exchanges of Opinion
A wide variety of customers, ranging from those in their
20s to those in their 60s, have been participating in Hakata
Marui planning meetings. In these meetings, we discussvarious aspects of store development with customers,
including floor concepts and interior design. These forums
tend to have a serious air about them as customers
exchange their frank opinions with regard to their ideal
store. Furthermore, as the lifestyles of customers differ by
age and gender, it is sometimes difficult to reach a con-its collective strength in developing this store

sensus. After compiling the diverse opinions of customers,
they are then sent to the relevant departments, and theCompany’s decision is announced at the next meeting.
KITTE HAKATA of Japan Post Co., Ltd., future home to Hakata
Marui, under construction (May 2015)
The building to the left is the JR HAKATA CITY shopping mall.

48

Seeing customers rejoice at these announcements reallyhits home the fact that we are developing this store
together, empowering me in my work.

49

Rakuchin Kirei Pumps is a central product in MARUIfrom customers with the aim of creating their ideal

GROUP’s private brand strategies. These women’sshoe, and this commitment was integral to the suc-shoes were developed through an extensive produc-cess of Rakuchin Kirei Pumps. As the consumer

tion creation campaign that entailed collecting infor-

market grows more mature, buyers are less willing

mation on customer desires and complaints. The end

to accept products and services that companies

result was an overwhelming hit, selling more than 2

attempt to impose on them without concern for theirmillion pairs to date. It is fundamentally important forneeds. It is only when customers resonate with our

women’s shoes to be comfortable, fashionable, andstance toward and the process of thinking and creat-reasonably priced and to feature a wide range of sizes,

ing together that our private brand products will

and this is particularly true for pumps. Even with regard

come to have true value. This is the goal of our private

to these fundamental qualities, we incorporated input

brand strategies.

FeatureQuest for Unrivaled Comfort:
Rakuchin Kirei Pumps
Rakuchin Kirei Pumps are the embodiment of our desire to co-create private brandproducts that have true value together with customers.

Hajime Sasaki

Mayuki Igayama

Senior Executive Officer
In charge of Retailing and Store Operation Business
Senior Managing Director and General Manager,
Shoes Business Department, MARUI CO., LTD.

Executive Officer
Director and General Manager,
Direct Marketing Department, MARUI CO., LTD.

Production Creation Aimed atBringing Customers Joy

Establishment of MARUI Fans across Japan throughInternet Sales Site Co-Created with Customers

The development of pumps for the Rakuchin series

Customers are increasingly turning to the Internet for

can be traced back seven years ago. It was then that

their shopping needs, and shoes have been sellinga customer opinion survey returned with around 90%

well on our Internet sales site. Aiming to offer custom-of women stating that they had felt discomfort withers an even-more enjoyable online shoe shopping

pumps in the past. We later asked customers what

experience, we have continually gathered information

they wanted from private brand products developedon customer needs through discussion forums andin the future, and the response showed that customers

surveys. Based on this feedback, we renewed ourdesired products that were comfortable, fashionable,

Internet sales site and introduced various services,and reasonably priced. Realizing that the product oursuch as free shipping and returns. Moreover, wecustomers sought did not actually exist, we set about

launched promotional campaigns to solicit our flag-

creating this product. This decision was the genesis ofship product—Rakuchin Kirei Pumps—and communi-

the product creation meetings conducted together

cate its product creation approach to customers inwith customers that had felt dissatisfaction with

regions without Marui stores. We also established theregard to the comfort of pumps that were on the

Shoes LABO Plus community website to allow any

market at that time. The process that followed

customer in Japan with an interest in shoes to easily

entailed quantifying customer needs, repeatedly

take part in the product creation process via thecreating samples through collaboration with the cus-

Internet. Our attempts to enhance product lineups

tomers that shared our vision, and then reworking

will continue into the future. At the same time, we willthese samples after examining them together. It was

create systems to make our Internet sites more con-through this steadfast and ongoing effort that we werevenient to use in order to ensure smooth shopping. In

able to create the hit Rakuchin Kirei Pumps and realize

this manner, we will pursue co-creation at all contact

sales of more than 2 million pairs. With this productpoints with customers to establish fans of MARUI and

creation approach, the Rakuchin series is truly a prod-of Rakuchin Kirei Pumps across Japan.

uct line aimed at creating joy with customers.

Customer test group50

Samples made using original shoe trees

Shoes LABO Plus community website

51

CO-CREATION OF VALUEMARUI GROUP has continued to treasure its connections with customers, always sharing
their viewpoint and working to co-create the unique happiness they sought in each era.
The Group’s DNA of innovation was forged over a history of co-creating value andcustomer happiness together with stakeholders.

KITTE HAKATA of Japan Post Co., Ltd., future home to Hakata Marui,
under construction (May 2015)

52

53

MARUI GROUP’s Three Business Segments

A United MARUI GROUP
with Three Business Segments

Operating Revenues by Segment

MARUI GROUP’s operations comprise three business

12.9%

Retailing and Store Operation

Retailing-Related Services

segments: Retailing and Store Operation, Credit Card
Services, and Retailing-Related Services. The Group offers

Credit Card Services

one-of-a-kind value that is distinctly different from that of

16.3%

Fiscal year ended
March 31, 2015

Retailing and StoreOperation

70.8%

competitors through its services born out of a seamless
union between these intrinsically linked businesses.
The performance of each segment is fueled by intangible intersegment synergies, meaning that no one segment
can realize its full potential alone. This cohesion has givenrise to the concept of a United MARUI GROUP, a principle

Operatingcompanies

MARUI CO., LTD.
AIM CREATE CO., LTD.

Retailing-Related Services

Transactions

Credit Card Services

63.8%

providing value to customers.

Procurement and sales of clothing andaccessories; rental, operation, and management of commercial facilities

Number of stores
27 in Japan
Total sales floor area 444,040 m2¥322.9 billion(total of product sales and revenue fromtenants on fixed-term rental contracts)

Retailing and StoreOperation

may change. Guided by this framework, we will seek out
the ideal path for continuing to develop our business andBusiness activities

Operating Income by Segment

10.6%

that we will continue to cherish regardless of how times

This segment is developing MARUI GROUP’s
unique retail services that integrate stores, cards,
and the Internet.

M & C SYSTEMS CO., LTD.

MARUI CO., LTD.

Epos Card Co., Ltd.

AIM CREATE CO., LTD.

MRI Co., Ltd.

Corporateclients

Epos Small Amount and ShortTerm Insurance Co., Ltd.
Acquisition of new insight
through transactions withexternal corporate clients

MOVING CO., LTD.

Business activities

Credit card services, consumer loans,and rent payment guarantees

Operatingcompanies

Epos Card Co., Ltd.
MRI Co., Ltd.
Epos Small Amount and Short Term
Insurance Co., Ltd.

Total number ofcardholders
Provision of services utilizing
retailing expertise and specialties

Credit Card
Services

Transactions

300

15

200

10

100

5

0

2011

Operating revenues

2012

2013

2014

2015

0

Operating income

5,910,000(including 1,030,000 with Platinum cards or Gold cards)¥1,234.3 billion

Operating Revenues / Operating Income
Billions of yenBillions of yen

80

40

60

30

40

20

20

10

0

2011

Operating revenues

2012

2013

2014

2015

0

Operating income

Retailing-Related Services
This segment is creating new businesses together
with Retailing and Store Operation and Credit Card
Services to support these segments.
Business activities

Major operatingcompanies

MARUI KIT CENTER CO., LTD.
Transactions

54

20(total of card shopping transactions,cash advance transactions, etc.)

MARUI FACILITIES Co., Ltd.
MARUI HOME SERVICE Co., Ltd.

Billions of yen

400

Credit Card Services

Retailing-Related Services

Retailing andStore Operation

Billions of yen

25.6%

Fiscal year ended
March 31, 2015

This segment is driving the overall performance of
MARUI GROUP by providing credit card services basedon a retail perspective.

AIM CREATE CO., LTD.

Operating Revenues / Operating Income

Store design, advertisement planning,apparel distribution subcontracting,
IT system services, maintenance andmanagement of buildings and otherfacilities, and real estate rental
AIM CREATE CO., LTD.
MOVING CO., LTD.
M & C SYSTEMS CO., LTD.
MARUI FACILITIES Co., Ltd.
MARUI HOME SERVICE Co., Ltd.

Operating Revenues / Operating Income
Billions of yenBillions of yen

60

6

40

4

20

2

0

2011

Operating revenues

2012

2013

2014

2015

0

Operating income¥33.8 billion

55

MARUI GROUP’s Three Business Segments

Retailing and Store Operation     Performance in the Year under Review

Business Strategies

In the fiscal year ended March 31, 2015, performance

The domestic operating environment is changing due

We are transforming our business model to better meet the diverse
lifestyle needs of a wide range of customers across all age groups.

in the Retailing and Store Operation segment wasto the aging of the population and the declining birth-

The Retailing and Store Operation business is realizing improved profit-

impacted by the consumption tax rate increase and therate as well as the shift in consumer needs from theability through transformations in terms of store development methods,

change in earnings source from product sales to rent

accumulation of physical goods to the pursuit ofsales floors, and products. Of particular importance is the transformation

revenues accompanying the transition to shopping

more-fulfilling lifestyles. Accordingly, the Group isof store development methods, which is being advanced based on thecenter style stores. These factors resulted in a decline

revising its previous product lineups, which focusedcore theme of transitioning our business model from department storesin operating revenues. In addition, operating incomeon youth and fashion, and transforming its businessto shopping center style stores.

was down, despite efforts to reduce fixed costs.

model to better respond to the lifestyle needs of     

Financial resultsin the fiscal year ended March 31, 2015
Operating revenues¥302.7 billion (down 6.1%)

Product sales¥296.6 billion (down 6.5%)

Rent revenues and others
Operating income

Results in year
under review

Future initiatives■

forward with transformation in the three areas
described below with the aim of increasing customer
By undergoing these transformations, we will¥8.1 billion (down 23.6%)

endeavor to return the Retailing and Store Operation

For more details, please refer to page 38.

The transition from department store to shopping center style store (shift from consignment buying sales
to fixed-term rental contract revenues) will be advanced.
Profitability will be improved by contracting tenants at market-price rental rates.

 erformance improved substantially at the first shopping center style store, Machida Marui, with visitor numP
bers increasing 1.3 times from the last full-year it was open and purchase numbers rising 2.6 times after opening due to the expanded customer base stemming from the strengthened sundry item and restaurant lineups.
■ Approximately 10% of the transition to fixed-term rental contracts was completed.
■■

Masao Nakamura
Director and Managing Executive Officer
Responsible for Retailing and Store Operation BusinessPresident and Representative Director, MARUI CO., LTD.

numbers and thereby improving profitability.

¥6.1 billion (up 22.4%)

Transformation of Store Development Methods
Core theme

customers of all ages. Specifically, we are pushing ontinuing from the large-scale overhauls of Machida Marui, Kichijoji Marui, and Shibuya Marui, 70% ofCexisting stores are planned to be converted to a fixed-term rental contract system over the next three years
and 100% over the next five years. (excluding some stores for which owner approval could not be acquired)business to the growth track. Furthermore, future

Projections

growth strategies will be centered on our two store

As the shift in business model stimulates improve-brands—Marui and Modi—as we develop operations

ments in profitability, income is growing in this busi-

flexibly based on store location and size.

ness. However, this shift entails the source of earnings

The Marui brand of stores operated by MARUI

changing from product sales to rent revenues, causing

will be reinvented as a line of shopping center styleoperating revenues to decline and resulting in incon-

stores. This transition is being advanced through thesistency between trends in revenue and income.

conversion of existing stores and the opening of newstores. For example, Jam Shibuya was reopened as thethe previous “operating revenues” line item with the

shopping center style Shibuya Marui in April 2015. In

new “revenue” line item, which will more accurately

addition, Hakata Marui is scheduled to open in spring

display performance under the new business model2016 and is anticipated to serve as a model in develop-(for more details, please refer to page 19).

ing future shopping center style Marui stores. In thisForecasts for the financial results from RetailingTransformation of Sales Floors

manner, preparations for the new business model are

and Store Operation in the fiscal year ending March

Core theme

progressing steadily.

31, 2016, are detailed below. We expect income to

Results in year
under review
Future initiatives■■

The competitiveness of directly managed sales floors will be strengthened through conversion to specialty stores.
Increased sales opportunities and improved productivity were realized on shoes sales floors at the forefront ofprivate brand development through a Groupwide project.

 anagement resources will be primarily allocated toward converting directly managed sales floors
M
into specialty stores through extensive selection and concentration measures aimed at strengthening­competitiveness and improving profitability.
■ Directly managed sales floors in Company-operated stores will target return rates of 3% or more, higher
than market-rate rental rates.
■ Preparations will be advanced for fall 2015 store opening in LaLaport TACHIKAWA-TACHIHI.
■

Transformation of Products
Core theme
Results in year
under review
Future initiatives

56

Accordingly, effective April 1, 2015, we replaced

■

■

■

Modi, meanwhile, is a brand of shopping centers
operated by subsidiary AIM CREATE based on an
approach that differs from that of Marui stores. In fall2015, Marui City Shibuya will reopen as Shibuya Modi,a revolutionary new shopping center that utilizes theexpertise of various Group companies.

For more details, please refer to page 50.

the new business model.

Financial results forecasts
for the fiscal year ending March 31, 2016
Transactions*1¥325.0 billion (up 0.7%)

Revenue*2¥141.0 billion (down 4.5%)

Product sales¥93.5 billion (down 8.5%)

Consignment sales¥39.0 billion (down 1.7%)

Rent revenues and others¥8.5 billion (up 47.0%)

Operating income

 he lineup of new private brand products will be bolstered and variety will be increased with the aim ofT
introducing them into external stores.

¥8.5 billion (up 5.3%)*1 Total of product sales and revenue from tenants on fixed-term rental contracts*2 After change from total value display to net value display for consignment sales

 akuchin Kirei Pumps, women’s shoes developed based on a thorough understanding of customer needs,R
became the industry’s best seller with more than 2 million pairs sold to date.
 ales capabilities will be strengthened for Rakuchin Kirei Pumps targeting introduction into external stores, and newSprivate brand product development will be accelerated.

steadily improve in this business as we transition to

Machida Marui

Women’s shoes sales floor

57

MARUI GROUP’s Three Business Segments

Credit Card Services     

Performance in the Year under Review

Business Strategies

In the fiscal year ended March 31, 2015, the Credit

The Credit Card Services business continues to prog-

Card Services business recorded increased revenues

ress toward a new growth stage, achieving feats includ-and income for the third consecutive year following a

ing the posting of total card transactions of more thanrise in cardholder numbers, higher usage amounts for¥1 trillion. Nonetheless, there are still issues for thiscard shopping transactions, and firm amounts of cash

business to address. For example, EPOS cardholders

advance transactions.

are concentrated in the Tokyo metropolitan area and

Financial resultsin the fiscal year ended March 31, 2015
¥1,234.3 billion (up 17.0%)

Transactions

there are several regions of Japan with no penetration.
Furthermore, it is essential that we create systems for

Cash advance¥137.3 billion (up 7.5%)

For these reasons, we plan to accelerate the

Others¥120.4 billion (up 43.3%)

growth of the Credit Card Services business through¥68.4 billion (up 15.2%)

Financial charges earned
on installment salesa strategy of pursuing nationwide development while¥25.8 billion (up 24.7%)

advancing the measures targeting the expansion ofInterest income on
consumer loans¥21.7 billion (up 3.0%)

Affiliated merchants¥14.9 billion (up 17.2%)

Others

¥6.0 billion (up 22.1%)¥20.1 billion (up 28.7%)

Visa-affiliated, IC-chip-equipped EPOS CARD

cardholder numbers and the bolstering of usage rates

we will pursue the goal of consistently realizing

Projections

and amounts described in the table below.

increases in card transactions of between ¥150.0

In the fiscal year ending March 31, 2016, the Credit

By steadily advancing the aforementioned mea-

billion and ¥200.0 billion each year and thereby work

Card Services business is expected to achieve itssures, the Credit Card Services business will continue

to achieve total card transactions of ¥2 trillion in the

fourth consecutive year of higher revenues andto function as a main proponent driving the overall

fiscal year ending March 31, 2020. At the same time,

income. We will work to expand card shopping trans-

performance of MARUI GROUP. Through these efforts,

we aim to increase operating income by ¥3.0 billion

actions by leveraging the retailing professionals thatto ¥4.0 billion each year.

will be cultivated during the process of transitioning toFurthermore, the upcoming holding of the 2020

shopping center style stores to increase the number

Expansion of Cardholder NumbersOlympic and Paralympic Games in Tokyo is creatingof collaboration card partners. At the same time, weCore measure 1:
Uncover new
collaboration card
partners andsupport partners’
businesses

substantial business opportunities for the Credit Card

will steadily grow cash advance transactions by devel-

Services business. In preparation for the anticipatedoping systems to make borrowing and returning

spike in overseas travelers visiting Japan, the installa-

money more convenient. Forecasts for the financial

tion of a credit card payment infrastructure is being

results from Credit Card Services in the fiscal year

advanced on a nationwide scale. We expect thisending March 31, 2016, are detailed below.

Core measure 2:
Increase applications received via
websitesCore measure 3:
Strengthen coordination with stores

 o establish card application locations throughout Japan, efforts will be stepped up to uncoverT
new companies, facilities, fan clubs, and other potential collaboration card partners.
■ Kyushu will be positioned as a strategic region in consideration of its first store opening,
and the target of achieving cardholder numbers of 130,000 by March 31, 2016, will be pursued(80,000 as of March 31, 2015).
■

 TV commercials will be broadcast nationwide to raise recognition and promote credit card
application via the Company’s websites.
■ Applications will be promoted within the business areas of Marui stores through smartphone
applications and at stores.
■ oordination will be strengthened with Marui stores, which are the sites of 75% of new cardCissuances and conversion to Gold cards.
■ Card promotion officers will be appointed in conjunction with the shift to shopping center style
Marui stores to strengthen support systems for facilities and tenants.
■

development to stimulate a rise in credit card use for
shopping purchases. MARUI GROUP is committed totaking full advantage of this favorable operating environment to realize further growth in this business.

Five Collaboration Cards Available in Kyushu

Bolstering of Usage Rates and Amounts
Core measure 1:
Enhance usage
benefits andimprove
recognition
Core measure 2:
Utilize benefitsof on-the-spot,
in-store issuance

58

MONTH / YEAR

upon the still low credit card usage rates in Japan.

¥976.5 billion (up 15.9%)

Operating income

GOOD
THRU
有効期限

enhancing the convenience of credit cards to improve

Card shopping

Operating revenues

4897

 ARUI’s know-how will be utilized to enhance discounts and point systems provided to holders ofM­collaboration cards.
■ Card use will be promoted through special, limited-period cardholder benefit campaigns.
■

HUIS TEN BOSCHEPOS CARD

Sasebo 5bangai
EPOS CARDKYUDENKOEPOS CARD

Financial results forecasts
for the fiscal year ending March 31, 2016
Transactions¥1,156.0 billion (up 18.4%)

Cash advance¥160.0 billion (up 16.5%)

Others¥150.0 billion (up 24.5%)

Revenue¥75.0 billion (up 9.6%)

Financial charges earned
on installment sales¥28.0 billion (up 8.4%)

Interest income on
consumer loans¥23.0 billion (up 5.9%)

Affiliated merchants¥18.0 billion (up 20.6%)

Others■■Operating income

 he advantage of being able to receive a card and begin use immediately when needed will be solicited.
TSpeedy application screening will be realized using tablets.
Club Hawks
EPOS CARD¥1,466.0 billion (up 18.8%)

Card shopping¥6.0 billion (up 0.4%)¥22.0 billion (up 9.3%)

JQ CARDEPOS CARD

59

MARUI GROUP’s Three Business Segments

Retailing-Related Services     

Performance in the Year under Review

to strengthen the competitiveness of existing busi-

In the fiscal year ended March 31, 2015, both rev-

nesses while simultaneously creating new businessenues and income decreased in the Retailing-Related

opportunities. When developing stores, for example,

Services business due to the absence of the large-

AIM CREATE will take charge of space production,

scale internal construction order recorded in theinternal construction, and advertising and promotions,previous fiscal year.

while MOVING will take over for handling in-store

Financial resultsin the fiscal year ended March 31, 2015
Operating revenues¥33.8 billion (down 2.5%)

Operating income¥3.3 billion (down 26.3%)

Business Strategies
The operating companies associated with the RetailingRelated Services business are advancing a basic ­strategy
with two functions. The first is to utilize their uniqueexpertise and specialized insight to form a powerfulsupport network for MARUI GROUP’s mainstay Retailingand Store Operation and Credit Card Services businesses. The second is to expand operations by providing services to corporate clients outside the Group(for more details, please refer to pages 122–125 foran overview of MARUI GROUP companies).
MARUI GROUP promotes the concept of a United

60

distribution and deliveries. MARUI FACILITIES, meanwhile, provides facility security, janitorial, and disasterprevention services.
We are aggressively expanding transactions withexternal corporate clients and other customers forthese high-value-added services, which are built on
top of MARUI GROUP’s retailing expertise.

Projections
The Retailing-Related Services business is expectedto achieve higher revenues and income in the fiscal
year ending March 31, 2016. Heightened performance
will be pursued in the future by enhancing services
provided to MARUI GROUP companies while
expanding transactions with external customers.

Financial results forecasts
for the fiscal year ending March 31, 2016MARUI GROUP by forming intrinsic links between the

Revenue¥35.0 billion (up 3.5%)

businesses of all Group companies, thereby seeking

Operating income¥3.5 billion (up 5.0%)61