South Korean conglomerates Lotte Group and Shinsegae are ranked within the top 10 in a list of the 100 leading retailers in Asia Pacific, a Euromonitor International study reveals.

Data contained in the ‘Top 100 Retailers in Asia 2019’ report puts Lotte and Shinsegae, which both operate successful travel retail divisions, in eight and 10^th place, respectively.

Lotte amassed revenue of $27.4bn, with Shinsegae at $25.4bn in 2018.

ALIBABA IN FIRST PLACE

Topping the list is Alibaba Group with sales of $243.5bn, followed by JD.com in second at $201bn. Amazon.com ranked fifth with sales of $40.6bn.

The results cover a five-year period to 2018 and was conducted by analysts in 100 countries.

Fifteen economies were studied: Hong Kong, Indonesia, Malaysia, Philippines, South Korea, Japan, Singapore, Taiwan, Vietnam, Laos, Thailand, China, India, Cambodia and Myanmar.

In acknowledging dramatic changes to the Asia Pacific retailing landscape last year, the report says companies have had to adapt to shifts in consumers’ expectations and behaviours, impacted by urbanisation, more single households, an ageing population and rising incomes.

Revealingly, India and China accounted for a combined 93% of absolute growth in retail sales in the region over the given period.

The explosion in the digital commerce landscape is largely down to the rise in the marketplace model, perhaps espoused best by Alibaba, JD.com and Rakuten, which have built consumer confidence through payment security and delivery reliability, says the research.

“In 2018, 47% of all digital commerce sales were made through the marketplace model, up from 27% in 2009,” it adds. “Digital marketplace players have also become some of the undisputed leaders in a highly contested industry.”

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