Shinsegae Ranks 9th Among 'Asian Retail Companies', Lotte 11th ... Coupang and Naver Also in Top 20

Euromonitor Announces 'Top 100 Asian Retailers of 2021'

[Asia Economy Reporter Jo In-kyung] Shinsegae and Lotte, the two major domestic distribution companies, were ranked among the top in the overall Asian retail company rankings.

According to the report 'Top 100 Retailers in Asia 2021' released on the 27th by market research firm Euromonitor International, Shinsegae and Lotte from Korea ranked 9th and 11th respectively.

This report, which introduces the retail status and key factors driving market changes in the Asia-Pacific region, ranked companies based on sales figures measuring the size of the online and offline retail markets in Asia for 2019 and 2020. Sales from service industries such as hotels, dining, and duty-free shops were excluded.

Shinsegae recorded sales of $24.751 billion (approximately 27.66 trillion KRW) last year, while Lotte recorded $21.057 billion (approximately 23.53 trillion KRW).

Coupang, which was listed on the New York Stock Exchange this year with $20.095 billion in sales, rose seven places from the previous year to 12th place. Naver, ranked 20th with $14.278 billion in sales, also entered the top 20 for the first time.

China's Alibaba and JD.com maintained their existing rankings at 1st and 2nd place respectively. Due to COVID-19, there was a sudden increase in consumers purchasing various items at once, benefiting offline store-based retail companies such as Aeon Group (3rd place), but companies like Seven & I Holdings (4th place) were hit as consumer mobility decreased. On the other hand, e-commerce companies experienced growth; Pinduoduo, a leading Chinese e-commerce company, rose from 7th to 5th place last year.

According to Euromonitor, the Asia-Pacific e-commerce market recorded a double-digit growth rate of 20.7% last year compared to the previous year. It is analyzed that world-class mobile connectivity enabled digital transformation in industries such as retail, and market growth was achieved based on a tech-savvy consumer base. The Asia-Pacific e-commerce market size is expected to approach $2 trillion by 2025.

The Asia-Pacific region is considered the continent with the most diverse economic and cultural differences. Euromonitor cited India's high domestic market growth, China's rapidly growing middle class, and the advanced technological capabilities of Korea and Japan as key reasons, evaluating these four countries as among the top 10 nations with the highest potential in the global e-commerce industry.

Deepika Chandra, Senior Researcher of Service & Retail at Euromonitor, emphasized, "In an era where consumers are more connected online than ever, more brands are expected to use social media to communicate with customers and build trust," adding, "Building personalized retail experiences targeting diverse customer groups in locally optimized shopping environments is a challenge that future retail companies must consider."