Japan’s Isetan Shinjuku believes it can still improve from being the highest-selling single retail store in the country.
After posting sales of around USD1.8bn in FY2022, Isetan is now hoping for USD2.2bn), possibly even in FY2022 ending March. This would be USD746M above second-ranked Hankyu Umeda and USD1.1bn more than third-ranked Seibu Ikebukuro – sales densities are around double its peers.
The figure is ambitious but possible. The base of its efforts is the MI Card – or a virtual membership for those too wealthy to mess with bits of plastic. Isetan has created a new CRM system to first get people to sign up for a card and then maximise information on each customer in order to develop highly personalised marketing at both store and concession level.
Store card marketing is nothing new, but what is new is how the entire business is now organised around member acquisition and then upselling based on data gathered on each customer. All staff, even top management, are incentivised to sign new cardholders, and store promotions feature card incentives heavily to make shoppers aware of the benefits.
