Company Information


Integrated Report


The Value Creation Story

2023 Integrated Report

This is the story of our value creation as we aim to be a corporate group that continues to create value. It explains our Group strengths and individuality as we work to solve social issues through our business activities, focusing on concepts found in our long-term vision and themes to work on for value creation (materialities).

2023 Integrated Report for the year ended March 31, 2023

President & CEO, Tokyu Fudosan Holdings Corporation Hironori Nishikawa

Letter to our stakeholders

Taking the transformation of the Group to the next stagefor a future where everyone can be themselves, and shine vigorously

Hironori Nishikawa

President & CEO,Tokyu Fudosan Holdings Corporation

Toward a Vibrant Future for All 2023 Integrated Report

2023 Integrated Report for the year ended March 31, 2023

2023 Integrated Report PDF

A PDF of the entire report (102 pages)
Download to view.

Our Ideal Vision
We established our ideal vision that we are working towards
in the establishment of our long-term GROUP VISION 2030.

Create value for the future

We resolve social issues through our business activities and aim for sustainable society and growth together with our stakeholders.
We realize a future where everyone can be themselves and shine vigorously through the creation of a variety of appealing lifestyles.

The value creation we aim to achieve

In it, we defined the value creation we are aiming for by identifying the aspects of the individual, society, and the environment that we want to achieve through backcasting after looking ahead to social changes in the 2030's.

Individuals:Physically and psychologically healthy individuals can be themselves and realize their aspirations. Society:Innovative ideas emerge in a society full of possibilities where people feel connected. Environment:Development is sustainable, enabling human society and the global environment to co-exist and harmonize with each other.

Process for Value Creation

We create unique and original business models
by confronting social issues and aim to realize a sustainable society alongside
sustainable growth for the Group by providing diverse value to stakeholders.

Themes of our efforts to create value (Materialities)

To realize its ideal vision, the Group is engaged in efforts focused around six themes (materialities) through its business activities.
By implementing strategies in line with each theme, we will contribute to the creation of a sustainable society.

  • Lifestyle

    Create a variety
    of lifestyles

    We will help people to enjoy lives that are both physically and mentally vibrant by promoting the Lifestyle Creation 3.0, a combination of home, work and play styles.

    SDG Contributions

  • Liveable City

    Create communities and lifestyles
    that encourage well-being

    We will realize a society where everyone can feel happy by building secure, safe and comfortable life infrastructure and creating communities where people help each other.

    SDG Contributions

  • Environment

    Create a sustainable

    As an environmentally advanced company, we will create a carbon-free and recycle-based society by addressing global issues such as climate change.

    SDG Contributions

  • DX

    Create value
    in the digital era

    We will transform our business models by utilizing digital technologies to create new experience value for customers.

    SDG Contributions

  • Human Capital

    Create an organizational climate under
    which diverse human capital is enlivened.

    We will continue to create innovation through an organizational climate that respects human rights and under which diverse human capital can exercise their abilities.

    SDG Contributions

  • Governance

    Create governance
    to accelerate growth

    As a group trusted by all stakeholders, we will aim to enhance our corporate value sustainably by increasing management transparency and fairness.

    SDG Contributions


Opportunities, Risks and Target Indicators of Materiality

The Group has organized business opportunities and risks and established KPIs for each materiality toward the achievement of its ideal vision for 2030.
In this way, we aim to increase outputs and impacts on society and contribute to achieving the SDG goals.

You can scroll this table sideways


Main opportunities and risks


  • Diversification of work styles, home styles and play styles
  • Fusion of all manner of lifestyle scenes


  • Mismatch to consumer needs
  • Declining efficiency accompanying response to segmentalized needs

Non-financial KPI (Excerpt)

  • Customer satisfaction level *1 90% or more
  • Products and services that contribute to Lifestyles Creation 3.0 100 cases or more

Liveable City

Main opportunities and risks


  • Increasing importance of community creation
  • Growing need for disaster preparedness and disaster damage reduction
  • Increasing awareness regarding mental and physical health issues


  • Declining attractiveness of some cities due to intensifying competition between cities
  • Declining attractiveness of cities due to community decline
  • Decreasing asset values due to insufficient maintenance and management

Non-financial KPI (Excerpt)

  • Measures to revitalize communities 100 cases or more
  • Strengthening building safety and security *2 100%


Main opportunities and risks


  • Growing need to respond to a decarbonized and recycling-based society
  • Increasing funding from ESG investors


  • Escalation of climate change and natural disasters
  • Increasing costs due to environmental restrictions, etc.

Non-financial KPI (Excerpt)

  • RE100*3*4 To be achieved by 2025
  • Percentage of renewable energy power usage 60% or more
  • CO2 emissions (compared with FY2019) (SBT certification*5) (46.2)%
  • Water usage Less than the previous fiscal year
  • Waste volume (compared with FY2019) (11)%
  • Environmental certification acquisition*6(e.g. CASBEE, DBJ) 100%
  • Sustainable procurement (wood materials for molds) 100%
  • Midori wo Tsunagu Project (area of forest protected) 3,000ha
  • Environmental efforts through business 100 cases or more


Main opportunities and risks


  • Increasing importance of utilizing customer contact points
  • Improving scalability of services provided


  • Declining position of real experiences due to enhancement of virtual experiences
  • Appearance of disruptors to existing businesses

Non-financial KPI (Excerpt)

  • Number of initiatives utilizing digital technology 100 or more
  • DX investment amount (compared with FY2021)*7 2times
  • Acquisition of IT passports*4 100%

Human Capital

Main opportunities and risks


  • Increasing opportunities to secure diverse human capital
  • Emergence of innovation due to diversification


  • Intensifying competition and increasing costs in the human capital market
  • Declining reputation due to the occurrence of human rights issues

Non-financial KPI (Excerpt)

  • Ratio of employees who undergo physical examinations 100%
  • Ratio of women among new graduate hires 50%
  • Ratio of female managers (ensuring the diversity of core human capital) 20% or more
  • Ratio of childcare leave taken by male employees 100%
  • Deepening understanding of DE&I (percentage of employees who took an e-learning course) 100%
  • Respect for human rights in the supply chain (implementation of due diligence related to forced labor and child labor) 100%


Main opportunities and risks


  • Strengthening relationships with stakeholders by improving transparency
  • Increasing funding from ESG investors


  • Increasing cost of fund procurement
  • Decline in confidence due to legal violations

Non-financial KPI (Excerpt)

  • Engagement with shareholders and investors 300 cases or more
  • Improvement of effectiveness of the Board of Directors (third party evaluation) 100%
  • Adherence to the compliance code of conduct 100%

Financial KPI〈Reference indicators〉

  • ROE 10% or more
  • ROA 5% or more
  • D/E ratio 2.0 times or less
  • Operating profit ¥150 billion or more
  • Net profit *8 ¥75 billion or more
  • *1Tokyu Cosmos Members Club questionnaire survey
  • *2Support for people who have difficulty returning home in the event of a disaster in a large, non-residential building, etc.
  • *3An international collaborative initiative with the goal of companies procuring 100% of the electric power consumed by their business activities from renewable energy sources.
  • *4Tokyu Land Corporation
  • *5 An abbreviation of Science Based Targets. These are medium- to long-term targets for the reduction of greenhouse gases that have been formulated based on scientific research
  • *6Covers large-scale non-residential owned properties (total floor area of at least 10,000 m2). Excludes some properties, such as joint ventures.
  • *7Infrastructure-related costs incurred since fiscal 2021, including the new development and introduction of apps and zero trust measures
  • *8Profit attributable to owners of parent

Outside Director Discussion

Expecting improved earning power in the medium and long term through the Group's own unique style of environmental management and DX

Five outside directors with diverse professional backgrounds and areas of expertise candidly exchanged their views on the Group's medium-term management plan and growth strategies, discussing plan and strategy progress, their future expectations in these areas, and relevant issues which need to be addressed.

Outside Director Satoshi Miura Outside Director Tsuguhiko Hoshino Outside Director Saeko Arai Outside Director Yumiko Jozuka Outside Director Makoto Kaiami