FEDS is Recognized as the Most Innovative Department Store in the World

In a prestigious accolade ceremony, the Intercontinental Group of Department Stores (IGDS), the world's largest retail alliance, bestowed its 2023 award for the "World's Most Innovative Department Store." Far Eastern Department Store (FEDS) proudly emerged as one of the top three finalists, marking a momentous achievement. This recognition celebrates FEDS's dedication to digital operations, customer experience, and efficient management in recent years, aligning with its commitment to providing consumers with innovative services. It serves as a testament to FEDS's deep-rooted presence in Taiwan for nearly six decades, bringing joy not only to the company but also to the nation's retail landscape.

Chairman Douglas Hsu (front right), and President Nancy Hsu (front left) (Photo Credit: FEDS)

Established in Switzerland in June 1946, the Intercontinental Group of Department Stores (IGDS) is marking its 77th year as the world's largest department store alliance. The 14th World Department Store Summit took place in Dubai in 2023, attracting over 330 senior executives from 46 countries across five continents. IGDS is renowned for hosting numerous exchange events for the global department store industry annually, and this year's summit set a new record for participating executives. On October 11, Chairman Douglas Hsu traveled to Dubai to accept the prestigious award, distinguishing FEDS among a multitude of countries and companies.

Under the leadership of President Nancy Hsu, the management team at FEDS persists in its dedication to innovation and transformation. This commitment has resulted in the prestigious accolade of "The Most Innovative Department Store in the World," achieved amidst stiff competition. The pivotal factor contributing to this success is the enhancement of the consumer service experience through innovation. FEDS employs a combination of Customer Relationship Management (CRM) systems and AI technology to analyze members' purchasing preferences, enabling personalized marketing. The optimization of the mobile application, the introduction of mobile payment, electronic receipts, and other services further enhance the digital shopping experience. With 112 digital signages for real-time multimedia messages and 97 digital management systems to bolster operational efficiency, FEDS has fostered an innovative environment across management, operations, and consumer interactions.

Nancy Hsu actively fosters a caring and inclusive work environment at FEDS. The company stands out in the industry by offering an average employee salary 1.35 times higher than the retail industry norm. Over the past four years, FEDS has championed the "Employee Health UP" program, providing employees with diverse experiences and fostering an innovative vision. This commitment to internal innovation extends to the community through a significant increase in charity activities, with 783 events in 2022, marking a 35% growth from the previous year. FEDS has also engaged in 47 respected associations, demonstrating its commitment to broader societal impact. In alignment with the "1.5°C Climate Action Declaration," FEDS actively promotes the "Green Power Plan" to enhance the utilization of green energy. At its core, FEDS believes in the mutual benefit as the foundation of its sustainable development.