Chubu Miraiz And MC To Launch New Assisted-Living JV

Chubu Electric Power Miraiz Co., Inc. (Chubu Miraiz) and Mitsubishi Corporation (MC) are pleased to announce their decision today to establish a new joint-venture company that will specialize in providing assisted-living services across Japan. Named Chubu Electric Power Miraiz Connect Co., Inc., the new company will commence operations in April 2021, covering a wide range of services designed to improve citizens' quality of life, including monitoring of elderly relatives, assistance with child raising, and general food and healthy-lifestyle services.

Driven by a mission to develop lifelong customer connections, the new company will endeavor to provide solutions to the diversifying needs of daily life by effectively integrating the respective strengths of its parents with digital technologies. Built up through its energy-supply operations, Chubu Miraiz brings to the partnership an expansive customer network, while the benefits of MC's involvement come from its broad industry connections and business expertise.

Among the services offered by the new company will be home deliveries of side dishes and fresh foods from the membership warehouse club Costco, which will be coordinated via Chubu Miraiz's KatEne online customer-service platform for household electricity consumers. The partners are also discussing additional services designed to improve our peace of mind and quality of life. For example, one idea is to leverage ties with the Tokio Marine Nichido Group to facilitate an early-stage introduction of life-planning and insurance-sales services, while talks are underway with Lawson to develop convenience stores that are even more attentive and connected to our natural environment and local communities.

Looking to the future, the new company plans to work with both private enterprises and local governments to build more partnerships that are invested in assisted-living services.

The COVID-19 pandemic is impacting consumer needs and lifestyles, which had already been diversifying in Japan due in part to the country's aging society and declining birthrate. For example, although dual-income households are on the rise, so too are single, elderly-resident households.

This new joint venture will aim to meet those diversifying needs with services capable of building lifelong connections between Japan's society and citizens. By creating multi-generational family ties and linking how we live, form our communities, and engage in business, these services should have a meaningful impact on Japan's regional and societal development.

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