Lotte, Shinsegae among top 10 retailers in Asia

South Korean retail conglomerates Lotte Group and Shinsegae Group ranked among the top 10 retailers in Asia, a list dominated by e-commerce companies, market data showed Thursday. 

According to market researcher Euromonitor International, which compiled a list of the top 100 retailers in Asia based on sales last year, Lotte ranked eighth and Shinsegae came in at No. 10, having respectively recorded $27.4 billion and $25.3 billion in sales. 

Chinese online marketplace Alibaba topped the list for the fifth consecutive year, having accrued $243.5 billion in sales. 

Next on the list was another Chinese e-commerce firm, Jingdong.com. Japan’s Seven & I Holdings and Ion Group placed third and fourth, and Amazon took fifth. 

Among the top five retailers, three were online marketplaces, illustrating the changing retail landscape in the Asia-Pacific region, the report said. The major market chains must adapt quickly to change if they are to remain relevant, it added.

Also in the top 100 were Hyundai Department Store at No. 23 with $11 billion in sales and GS Holdings at No. 24 with $10.9 billion. Coupang, a rapidly growing Korean e-commerce company, ranked 57th. 

According to Euromonitor, the Asia-Pacific region accounted for 41 percent of the global e-commerce market as of last year. 

By Kim Da-sol (ddd@heraldcorp.com)