On February 1st, as part of the 5th Bunka Fashion Graduate University Fashion Week (BFGUFW), a panel discussion was held featuring Taiyo Onishi, President and CEO of Isetan Mitsukoshi Holdings, Osamu Shigematsu, Chairman of the Board of Directors of United Arrows (UA), and Yusaku Maezawa, CEO of Start Today. The theme was "Let's Recreate a 100-Year-Old Japanese Brand and a 100-Year-Old Shop!" Professor Isao Hasegawa of the graduate school moderated the discussion, which discussed the future of the fashion industry. The first part of the discussion was livestreamed on Ustream. While acknowledging that department stores remain in a difficult financial situation, Isetan Mitsukoshi President Onishi highlighted the underlying factors behind this, including "declining sales of women's clothing and the booming sales of women's accessories." He stated, "By combining customer sensitivity classifications with social attributes to develop products, we are able to provide products tailored to individual needs." Regarding the Isetan Shinjuku store, which is gradually opening each floor in preparation for its grand opening on March 6th, the company explained, "The number of new customers on the second, third, and fourth floors increased by 2%, 4%, and 6% respectively. Repeat purchases of women's clothing and accessories increased by 2% to 4%." The company stated that it will continue to strive to "realize the ideal department store (revitalizing the department store and improving its value)." UA Chairman Shigematsu cited "changing the store opening cycle to seven or eight years" and "freezing new business ventures, expanding existing businesses, and focusing on efficient operations" as factors behind the strong financial results. The company aims to establish itself as the number one popular fashion specialty store group by the fiscal year ending March 2014. He explained that the company's strategies are: 1. thoroughly strengthening existing businesses; 2. expanding into new channels (opening stores in airports, highways, etc.); and 3. expanding into new domains (licensing, etc.).

Start Today CEO Maezawa mentioned the recent announcement that Zozotown would reduce its point reward rate from 10% to 1%, explaining, "Our rapid trial-and-error cycle is both our strength and our weakness." He also mentioned changes in customer behavior, saying, "We're seeing a trend toward O2O (online-to-offline), and currently, Zozotown customers operated by Start Today shop about half online and half in stores."

UA Chairman Shigematsu and Isetan Mitsukoshi President Onishi both spoke about changes in consumption due to external factors such as the Great East Japan Earthquake and the Lehman Shock, expressing the same view: "At one time, there was a strong trend toward low prices, such as fast fashion, but now it's important to provide value that matches the price."

UA Creative Director Hirofumi Kurino, who joined in the second part of the event, explained this point using designer brands as an example. He cited kolor and sacai as currently attractive brands, and commented on changes such as, "Today's designer brands are moving towards real clothing, and while these clothes may appear simple at first glance, the brand's quality is reflected in details such as the beautiful silhouette. They are now being worn by both opinion leaders and the general public."

President Onishi also commented on this point, saying, "Fashion values and perspectives have changed since the earthquake. People are now preferring stylish yet practical items made from sturdy materials."

In response to the question, "From the perspective of Isetan, which places great importance on hospitality, how does it view e-commerce?" President Onishi stated that with customer needs diversifying, "Online hospitality is certainly a viable way to provide hospitality," to which Maezawa replied, "We are currently experimenting with incorporating elements of hospitality online, including virtual concierge services." UA's Chairman Shigematsu also commented, "In promoting Japan globally, perhaps delicate hospitality rooted in Japan's unique culture will be more important than the products themselves." Meanwhile, commentators from the apparel industry expressed the view that "Japan's current fashion industry is retail-driven, with the manufacturing side not taking the lead," along with harsh criticism such as, "The topic of value and price came up, but isn't value being defined solely by retailers?" Finally, in response to a question from a student majoring in fashion patterning, "What do you most desire from clothing makers?" Chairman Shigematsu replied, "I believe that clothing is not about design, but ultimately about form and comfort. I want you to pursue that." The highly anticipated event came to a close.