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Outline of the Medium-term Business Plan (Publicized on November 5, 2015)

 With “Creation and Challenge” and “Appreciation and Trust” as our management philosophy, we have constantly conducted innovation for the growth and development of the company. We consider the time when we commenced business as the first start-up period, and the time when we changed ourselves from a community-based general shop to a mass merchandiser as the second start-up period. We are now in the third start-up period. With such awareness, we have achieved growth continuously through promoting proactive business management while envisaging future development and strengthening managerial resources and financial structure by implementing a steady capital policy.

 In the rapidly changing distribution market, the Yamada Denki Group is the only home appliance mass merchandiser that has stores in all prefectures. We will make the most of our strengths of having a high-density store network close to customers’ living areas, and cultivate new businesses (cultivation of new markets), with various solution businesses positioned as another principal pillar, seeking to broaden and expand our business range, in addition to existing businesses centered on the sale of home appliances. We will develop services responding to social changes represented by the declining birth rate and the aging of society, population decrease and the development of the Internet society, and will continuously endeavor to enhance corporate value in the medium term and long-term perspectives through innovative business expansion from the customers’ viewpoint and based on a downstream perspective.

 In consideration of the abovementioned diverse changes in social needs, the Yamada Denki Group has been promoting the following concrete themes for the reform of the business structure for the past few years and the effects are already emerging. We will make further efforts to advance this reform and achieve further outcomes.

 We have established the Medium-term Business Plan up to fiscal 2019 based on the abovementioned economic conditions and the environment surrounding the home appliance distribution market, and in consideration of the progress of the structural reform and various other measures concerning existing businesses and new businesses. This plan, which was publicized on November 5, 2015, is not a conventional one and places the emphasis on feasibility and profitability, rather than only aiming to increase the total sales. This plan prioritizes capital efficiency, such as the improvement of ROE, instead of merely seeking the expansion of the corporate size. We will implement this plan steadily to achieve sustainable growth.

●Major Consolidated Numerical Targets in the Medium-term Business Plan

※ Values for FY2014 and FY2015 represent actual performance and those for FY2016 onward are planned targets.