At Fashion World Tokyo 2014 Spring, Japan's largest fashion trade fair, which began on April 2, keynote speeches were delivered by Taiyo Onishi, president and CEO of Isetan Mitsukoshi Holdings, and Toshio Kawasaki, president and CEO of Laforet Harajuku. President Onishi spoke about "Future Value Creation in Fashion." He noted that in a generally declining market, only the e-commerce industry has seen growth, and that while the Bank of Japan's monetary policy has led to increased sales of high-value precious metals, apparel remains in a difficult position. He also cited overseas luxury brands as an example, stating that the abnormal situation is that all brands are seeing a higher share of purchases for accessories than clothing, and stressed the need to pursue customer value in the apparel industry. He then proposed the "Structure of Japanese Luxury," stressing the importance of creating "first-class Japanese" that embodies technology, tradition, culture, and craftsmanship. He strongly asserts that Japan boasts the world's best youth sensibilities, and that if it effectively cultivates these and focuses on "made in Japan" manufacturing, it will rival other countries.
He also asserts that Mitsukoshi Isetan's benchmark is not the department store, but the customer. He continues, "We will spare no effort for consumers, proactively collaborate with business partners, and always listen to their needs." They offer products at prices above their best-selling "Price Line" price range, and by adding value to these products, they sell products that are worth the price. While this may increase the average customer spending, products in a lower price range than the "Price Line" tend to sell poorly, while products with added value and higher prices tend to sell better. He says this demonstrates the definition of "value > price." They plan to continue remodeling the Shinjuku store as they identify their customer demographic. President Kawasaki spoke about "Harajuku, the Fashion Town: Future Prospects and Laforet's Strategy," recalling the path leading up to the creation of Laforet and the growth of the entire "town of Harajuku" as a hub for culture and fashion. "Harajuku has always been a stage, a place where creative and fashionable people gather. Everyone is a designer, a model, a stylist. It's a town overflowing with energy, constantly creating and sharing new things," he said. Following the signing of the Sister Street Agreement with Melrose Street in Los Angeles last fall, which made Harajuku the world's first sister street, Kawasaki stated, "Our goal is to export Japan's proud 'Harajuku Town' to Asian cities and create 'Little HARAJUKU' in each region. This will surely attract even more people to the original Harajuku." Applications for this keynote speech were so overwhelming that the venue was filled to capacity and there were standing room only. It got to the point where they had to quickly broadcast the program via satellite in a separate room.
