Top 100 Retailers

in Asia 2022
Not to be distributed without permission.

The data included in this report is accurate according to

Euromonitor International at time of publication:
May 2022

2022 is the most recent version of Euromonitor

International’s annual Top 100 Retailers in Asia. You can
access our 2021 and 2020 reports to compare rankings.

This report provides strategic business guidance

and information, but the data may not be used to make
competitive claims in marketing or promotional materials
unless authorised by Euromonitor International.
Contact us for more details.

Euromonitor International’s retailing research took place

before the invasion of Ukraine. As such, the impact of the
war in Ukraine and sanctions on Russia are not factored
into our forecast data and analysis.
Top 100 Retailers in Asia
2022

Hianyang Chan, Senior Consultant

Emil Fazira, Senior Consultant
Han Hu, Senior Analyst
Jarred Neubronner, Consultant

CONNECT WITH US

© 2022 Euromonitor International

Contents

1 Asia: The Retail Trendsetter

3 Top 100 Retailers in Asia

7 Channel Spotlights
E-Commerce
Grocery
Health and Beauty Retailers
Department Stores

16 Regional Spotlights
Southeast Asia
East Asia

23 An Interview with Alibaba Group

26 The Road Ahead for Retail

27 Authors

30 Appendix

© Euromonitor International
Asia: The Retail Trendsetter

Euromonitor International ranks the top 100 retailers in Asia based on annual
sales. This report also spotlights top trends, channels and territories.

It’s no secret: Asia dominates the global retail space.

Innovation tends to originate here. And this region pioneers digital developments that retailers adopt and
emulate around the world. Plus, the geographic landscape, combining some of the most developed and
fastest-emerging markets, makes this region a unique retail powerhouse.

Digital drives sales and competition

Retail sales in Asia are expected to register a 7% compound annual growth rate (cagr) through 2026.
Strong digitalisation, disposable income, connectivity and consumer confidence are drivers that will
propel the industry forward.

E-commerce continues to be the standout performer. Online sales grew more than 24% in 2021, adding
USD290 billion to the Asian retail market. Asian consumers are avid tech users, which supercharges social
commerce, livestreaming, hyperlocal delivery and direct-to-consumer (d2c) models. And new competitors
threaten the long-standing predominance of store-based retailers.

© Euromonitor International
2 Asia: The Retail Trendsetter

Is the era of traditional brick-and-mortar stores coming to an end?

While certain legacy retailers have struggled as of late, those that evolved with these changing times have
seen different results. Store-based retailers face a choice: embrace and use retail tech or ignore digital and
risk business decline.

In Asia’s culturally nuanced and economically diverse region, you need to build partnerships with digital
commerce platforms and rethink long-term strategies. The first wave of disruption was about how
brick-and-mortar retailers could compete with e-commerce. This next wave will be about integrating
and uncovering synergies.

The competition is fierce. Players are fighting to stay relevant. Tailoring the shopping journey to local
markets and personalising the customer experience will be crucial to thrive in Asia.

The Asian Retail Landscape in Numbers

37% 12% 42%

Share of global retail sales Retail sales growth in 2021 Consumers shop in store to
in 2021 see or try before buying

50%
Consumers use their mobile
phone to make an in-store
payment at least weekly
55% 7%
Professionals said their Expected retail sales cagr
company plans to invest in from 2021 to 2026
e-commerce and omnichannel
distribution as part of a
revamped business model

Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January and February 2022; Voice of the Industry:
COVID-19 Survey, fielded April 2021; Passport: Retailing
Note: Sales figures represent Asia as defined in the Appendix. Surveys include respondents in Australia and New Zealand to
encompass the broader Asia Pacific region.

© Euromonitor International
Top 100 Retailers in Asia

 Improvement  No Change  Worsened

2021 Sales
Retailer 2021 Rank
(USD Billion)
Alibaba Group Holding Ltd 1  478.90
JD.com Inc 2  368.48
Pinduoduo Inc 3  111.81
AEON Group 4  82.85
Seven & I Holdings Co Ltd 5  77.32
Amazon.com Inc 6  55.95
Shinsegae Co Ltd 7  48.91
Suning.com Co Ltd 8  39.71
Rakuten Group Inc 9  33.60
Walmart Inc 10  31.76
Coupang LLC 11  31.13
Lotte Group 12  24.93
Vipshop Holdings Ltd 13  23.80
FamilyMart Co Ltd 14  22.79
Naver Corp 15  22.05
Softbank Corp 16  18.82
Sea Ltd 17  18.76
Japan Consumers Cooperative Union 18  18.17
China Resources Enterprise Ltd 19  17.49
Yamada Holdings Co Ltd 20  16.61
Fast Retailing Co Ltd 21  16.09
Pan Pacific International Holdings Corp 22  15.55
Auchan Group SA 23  15.40
Lawson Inc 24  15.39
Costco Wholesale Corp 25  13.15
Tokopedia PT* 26  12.88
Apple Inc 27  12.81
Hyundai Department Store Co Ltd 28  12.03
GS Holdings Corp 29  11.98
GOME Electrical Appliances Holding Ltd 30  11.60

Source: Euromonitor International

*As of May 2021, Tokopedia and Gojek merged to form GoTo Group.

© Euromonitor International
4 Top 100 Retailers in Asia

 Improvement  No Change  Worsened

2021 Sales
Retailer 2021 Rank
(USD Billion)
Yonghui Superstores Group 31  11.12
Sinopec Corp 32  10.01
AS Watson Group 33  9.95
SK Telecom Co Ltd 34  9.49
Isetan Mitsukoshi Holdings Ltd 35  8.33
MatsukiyoCocokara & Co 36  8.27
BGF Retail Co Ltd 37  8.10
Bic Camera Co Ltd 38  8.02
Edion Corp 39  7.69
Bailian Group Co Ltd 40  7.54
K's Holdings Corp 41  7.25
Nitori Holdings Co Ltd 42  7.17
Amway Corp 43  7.10
LIFE Corp 44  7.09
Carrefour SA 45  6.96
Cosmos Pharmaceutical Corp 46  6.90
Sumber Alfaria Trijaya Tbk PT 47  6.68
Alphabet Inc 48  6.60
Wemakeprice Inc 49  6.56
Beijing Xiao Mi Co Ltd 50  6.49
Wumart Stores Inc 51  6.45
LVMH Moët Hennessy Louis Vuitton SA 52  6.37
Reliance Group 53  6.34
Yodobashi Camera Co Ltd 54  6.29
Salim Group 55  6.24
Homeplus Co Ltd 56  6.20
Sugi Holdings Co Ltd 57  5.99
Takashimaya Co Ltd 58  5.85
Sundrug Co Ltd 59  5.82
DFI Retail Group 60  5.58
Beijing Hualian Group Investment Holding Co Ltd 61  5.50
Hankyu Hanshin Toho Group 62  5.46
Daiso Sangyo Co Ltd 63  5.41
Chow Tai Fook Jewellery Group Ltd 64  5.37
Anta (China) Co Ltd 65  5.33
Charoen Pokphand Group 66  5.28
Chyuan Lien Enterprise Co Ltd 67  5.18

Source: Euromonitor International

© Euromonitor International
 Top 100 Retailers in Asia 5

 Improvement  No Change  Worsened

2021 Sales
Retailer 2021 Rank
(USD Billion)
Shimamura Co Ltd 68  5.10
Central Retail Corp 69  5.06
Seiyu GK 70  5.05
SM Retail Inc 71  5.00
CJ Corp 72  4.91
Mobile World JSC 73  4.80
Dongguan Sugar & Wine (Group) Co Ltd 74  4.69
J Front Retailing Co Ltd 75  4.67
Nike Inc 76  4.56
adidas Group 77  3.94
Suntory Holdings Ltd 78  3.89
Chongqing General Trading Group 79  3.69
Mercury Drug Corp 80  3.68
Valor Co Ltd 81  3.64
Fuji Yakuhin Co Ltd 82  3.60
The Coca-Cola Co 83  3.56
Beijing Wangfujing Department Store Co Ltd 84  3.48
Avenue Supermarts Ltd 85  3.45
Cainz Co Ltd 86  3.37
Tokyu Corp 87  3.36
Tata Group 88  3.24
Yamazaki Baking Co Ltd 89  3.20
Arcs Group Co Ltd 90  3.16
Fubon Group 91  3.142
Golden Eagle Retail Group Ltd 92  3.137
Heiwado Co Ltd 93  3.11
DCM Holdings Co Ltd 94  3.05
Puregold Price Club Inc 95  2.99
TMON Corp 96  2.98
Izumi Co Ltd 97  2.97
NTUC FairPrice Co-operative Pte Ltd 98  2.88
Ryohin Keikaku Co Ltd 99  2.86
Bukalapak.com PT 100  2.77

Source: Euromonitor International

Note: Ranking is based on 2021 company sales for the global brand owner (gbo) in current prices using year-on-year exchange rates.
See Appendix for methodology.

© Euromonitor International
6 Top 100 Retailers in Asia

The competitive landscape

Regional retailers proved resilient last year despite the risk of subsequent covid-19 variants, increased
inflation and supply chain challenges.

Asia posted double-digit retail sales growth in 2021, and sales exceeded pre-covid-19 levels. This rebound
can be attributed to advanced retail tech integrations, improved supply and warehouse hubs and strategic
partnerships. Plus, an expanding upper-middle class and urban populations also brought notable increases
in discretionary spending and consumption.

Chinese retailers led the regional ranking with Alibaba, JD.com and Pinduoduo in the top three positions.
Extensive domestic consumer bases paired with strong commerce ecosystems enable their brick-and-mortar
outlets and e-commerce platforms to flourish.

E-commerce players continue to outpace store-based retailers. Eight of the top 10 retailers have a strong
foothold within the e-commerce sector in Asia. These online retailers typically have capital to experiment
with innovative digital strategies like gamification, live selling and social commerce to better capture
consumer attention.

© Euromonitor International
Channel Spotlights

© Euromonitor International
8 Channel Spotlights

E-Commerce

24%
Sales growth
14%
Retail sales cagr
in 2021 from 2021 to 2026
Source: Euromonitor International

No signs of stopping
E-commerce has been one of the fastest-growing retail channels in Asia for the past decade. A digitally
savvy population, growing appreciation for convenience and the pandemic have only accelerated this
channel’s trajectory.

Disruptions from the pandemic forced companies to rethink their business models. And the growth
potential of e-commerce caused many to pivot towards online platforms to complement existing physical
stores. In Euromonitor International’s Voice of the Industry: covid-19 Survey 2021, 63% of professionals
in Asia Pacific said their company planned to reshape digital strategies, while 55% planned to invest in
e-commerce and omnichannel distribution as a part of a revamped business model.

Mergers and acquisitions strengthen omnichannel

Retailers have been turning to mergers and acquisitions as a quickfire way to increase their omnichannel
capabilities and customer base.

South Korean retail giant Shinsegae outbid rivals to acquire a majority stake in eBay Korea in 2021. This
acquisition increased Shinsegae’s online consumer base exponentially overnight, paving the way for
greater synergies with its current online presence and physical E-mart stores.

Similarly, Gojek and Tokopedia, two of the largest tech startups in Indonesia, combined forces in 2021 to
create GoTo Group. This merger married the ride-hailing and food delivery expertise of Gojek with the
e-commerce capabilities of Tokopedia. The new company combines Tokopedia’s e-commerce services and
Gojek’s last mile delivery capabilities to strengthen market position.

© Euromonitor International
 Channel Spotlights 9

Laser focused on the last mile

E-commerce players have a heightened focus on improving the efficiency of last mile deliveries using tech
and innovation.

In Japan, the use of shared lockers like pudo Station is one method that continues to grow. The lockers are
contactless and near train stations, providing hygienic options that are conveniently located so consumers
can pick up packages at a time that suits their schedules.

Last mile delivery is also part of a broader d2c model. Poor shipping logistics can quickly override even
the best products and social media campaigns. Robust delivery capabilities can help increase sales and
build loyal customers.

CASE STUDY

JD.com: Strategic partnership supercharges logistics

capabilities
JD.com partnered with Dada Group, China’s
leading local delivery platform, in 2021 to
introduce delivery for JD’s consumers through
Shop Now.

Consumers use the JD app to place a Shop

Now order. A JDDJ partner store within three
to five kilometres handles fulfilment, then Dada
Now delivers the order within one hour. This
partnership facilitates nationwide on-demand
retail capabilities to improve user experiences
and better connect with JD.com’s active
customer base.

E-commerce behemoths continue to compete on

the timeliness of their last mile deliveries. Speed
of delivery must be a priority for retailers.

© Euromonitor International
10 Channel Spotlights

Grocery

6%
Sales growth
4%
Retail sales cagr
in 2021 from 2021 to 2026
Source: Euromonitor International
Note: Store-based sales only.

Delivery race heats up

Food and beverage e-commerce sales in Asia have consistently posted double-digit growth. Quick
commerce players and dark stores are putting immense pressure on grocery chains.

HappyFresh, one of Southeast Asia’s largest online grocery platforms, plans to open 100 stores in 2022.
Uber Eats Market also entered Japan with two dark stores in March 2022.

Consumers expect faster delivery. According to Euromonitor International’s Voice of the Consumer:
Lifestyles Survey, the ease and availability of delivery has been a declining motivation for online shopping
in Asia Pacific over the last few years. This means delivery capabilities are losing novelty.

Partnerships are a necessity in this race.

Businesses are implementing creative strategies
to compete in an aggressive landscape. Lotte
Super, the supermarket division of Lotte Group,
partnered with bakery giant SPC Group to launch
Happy Butler, a service that delivers groceries and
everyday necessities within an hour.

These partnerships will help grocery retailers gain

access to a larger consumer base, shorten delivery
times and maintain a competitive advantage.

Impulse purchases and contactless commerce

Grocers are focusing on impulse and in-store purchases to recover footfall. The challenge: shoppers tend
to visit physical outlets for pre-planned purchases.

© Euromonitor International
 Channel Spotlights 11

Only 38% of consumers in Asia Pacific buy products in store for immediate consumption, according to
Euromonitor International’s Voice of the Consumer: Lifestyles Survey 2022. And less than one-third enjoy
browsing in stores. That’s why the in-store shopping experience is essential because browsing can prompt
impulse buys.

Contactless commerce can also help motivate consumers to make impulse purchases due to speed and
convenience.

Checkout zones equipped with contactless capabilities are already present across several Asian
markets. New advanced features make the checkout experience even more seamless. For example, many
convenience stores in China are now equipped with self-checkout machines that accept digital payments
like qr codes and facial recognition.

Grocers need to optimise physical spaces and integrate the latest payment tech to better entice the Asian
consumer and guide their shopping journeys in store.

CASE STUDY

7-Eleven: Holographic contactless self-checkout stations

In 2022, 7-Eleven launched holographic

self-checkout displays at six stores in Tokyo.
The machines project a virtual display that
mimics a traditional touchscreen without
needing to physically press buttons. Sensors
detect motion and register customer selections
for a contactless experience.

Self-checkouts are a significant tech

investment but can help retailers reduce labour
costs and improve the customer experience.
Retailers in other markets could look to Japan
and learn from 7-Eleven’s innovation to predict
the stages of digital adoption and create future
strategies.

© Euromonitor International
12 Channel Spotlights

Health and Beauty Retailers

5%
Sales growth
5%
Retail sales cagr
in 2021 from 2021 to 2026
Source: Euromonitor International
Note: Store-based sales only.

A resilient brick-and-mortar channel

The pursuit of health and beauty is particularly strong in Asia. The average household spent USD345 at
these specialist retailers last year. And these retailers have been more resilient during economic shocks
than other store-based channels.

Health and beauty retail was the only non-grocery channel that exhibited positive store-based sales
growth in 2020. And this performance was sustained in 2021.

Last year, the health and beauty space in Asia started to fundamentally change. The pressure from
e-commerce and d2c brands was increasing. Now, these players are bolstering digital capabilities and
prioritising shoppable social media platforms to attract customers.

Creativity is key to compete

Regional beauty retailers are getting creative to stay competitive.

L’Occitane continues expanding its spa business with now five establishments in Japan. Etude House
opened a flagship experiential store in South Korea. The store features a customisation service that uses
new tech to find the most suitable foundation and eyeshadow colours for individual skin tones.

Perfect Diary, a top colour cosmetics brand in China, partnered with JD Daojia, an on-demand retail
platform, to offer one-hour delivery. This partnership improves order fulfilment, inventory management
and digital marketing to supercharge Perfect Diary’s omnichannel retail solution. In 2021, there were more
than 150 Perfect Diary stores on the platform.

Pharmacies and chemists are also in the midst of disruption. AS Watson partnered with Amazon Singapore
and Grab to give customers access to its health and beauty products in more than six markets across Asia.
The retailer also collaborated with Procter & Gamble to create the Japanese skin care brand Aio.

© Euromonitor International
 Channel Spotlights 13

Personalisation and innovation

Longer term, health and beauty retailers should achieve a 5% cagr through 2026.

E-commerce continues to be a threat. But health and beauty consumers across Asia prefer individualised,
one-on-one consultations and want to shop in store to try products before making a purchase.

Retailers in this space need to use tech to enhance the in-store experience. Beauty consumers have
extremely high expectations. Successful retailers will employ the latest innovations to personalise in-store
shopping, offer a range of products that resonate and keep up with local beauty standards.

CASE STUDY

Verdix: Combining personalisation with traditional

practices

Vedix is a personalised Ayurvedic skin

care, hair care and wellness brand in India.
Vedix uses an online questionnaire to
provide consumers with tailored product
recommendations. The questionnaire assesses
an individual’s mind-body type, also known as
a dosha profile, and offers ingredient solutions
that can address specific health and beauty
concerns.

Brands in the health and beauty space must

recognise that personalisation extends beyond
ingredients and needs to encompass broader
lifestyles to be successful.

© Euromonitor International
14 Channel Spotlights

Department Stores

23%
Sales growth
2%
Retail sales cagr
in 2021 from 2021 to 2026
Source: Euromonitor International
Note: Store-based sales only.

A remarkable rebound
Department stores faced several headwinds in recent years. The pandemic further exacerbated
performance struggles with in-store sales across Asia declining more than 14% in 2020.

But department stores are doubling down on efforts to reposition and thrive in the competitive retail
environment. In 2021, sales rebounded 23% to generate more than USD280 billion.

Today, major players in top Asian markets are taking steps to personalise touchpoints. Retailers want their
stores to be more than a place for exploration or discovery. The goal: to create a unique experience from
the moment a consumer walks through the door.

© Euromonitor International
 Channel Spotlights 15

But challenges remain

Adapting to this next normal is the first step.

Lotte Group is the leading department store operator in Asia. In 2021, the retailer opened its “Connected
Flagship Store”. This new concept is geared towards younger customers with features like a bookstore, art
display and vinyl listening section.

In Japan, Takashimaya, Isetan, Daimaru and Sogo are shifting away from clothing towards personal goods,
beauty products and foodservice to differentiate themselves from fashion specialists and e-commerce
players. Japanese players also place greater emphasis on establishing an online presence and using retail
tech to better appeal to younger generations.

Department stores are also embracing new retail models like leasing spaces to d2c brands for showrooming.
But limited international tourism and an evolving local retail landscape present strong challenges moving
forward. Travel and economic recovery in Asia could pave the way for a more prosperous future.

CASE STUDY

Beijing Wangfujing Department Store: A (shopping) trip

down memory lane

Beijing Wangfujing Department Store recreated

part of Beijing’s old town on one of its
underground floors.

Shoppers can experience a slice of traditional

Beijing life. The new engagement hall is
designed with narrow corridors, shops and
artifacts that were constructed to resemble
the city’s rich history. This renovation blends
modern retail services and features with a
classic store design to draw consumers back to
the store.

Source: Beijing Wangfujing Department Store Co Ltd

© Euromonitor International
Regional Spotlights

© Euromonitor International
 Regional Spotlights 17

Southeast Asia
Southeast Asia includes Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Top 25 Retailers  Improvement  No Change  Worsened

2021 Sales
Retailer 2021 Rank
(USD Billion)
Sea Ltd 1  16.06
Tokopedia PT* 2  12.88
Seven & I Holdings Co Ltd 3  10.85
Alibaba Group Holding Ltd 4  8.09
Sumber Alfaria Trijaya Tbk PT 5  6.68
Salim Group 6  6.24
Central Retail Corp 7  5.06
SM Retail Inc 8  5.00
Mobile World JSC 9  4.80
Charoen Pokphand Group 10  4.44
Mercury Drug Corp 11  3.68
Puregold Price Club Inc 12  2.99
NTUC FairPrice Co-operative Pte Ltd 13  2.88
Bukalapak.com PT 14  2.77
Big C Supercenter PCL 15  2.53
Robinsons Retail Holdings Inc 16  2.39
DFI Retail Group 17  2.25
AS Watson Group 18  1.93
AEON Group 19  1.85
Giosis Group 20  1.73
Saigon Union of Trading Cooperatives 21  1.65
99 Speedmart Sdn Bhd 22  1.41
Amway Corp 23  1.37
Rocket Internet AG 24  1.05
Sheng Siong Group Ltd 25  0.99

Source: Euromonitor International

Note: Ranking is based on 2021 company sales for the global brand owner (gbo) in current prices using year-on-year exchange rates.
See Appendix for methodology.
*As of May 2021, Tokopedia and Gojek merged to form GoTo Group.

© Euromonitor International
18 Regional Spotlights

The state of retail in Southeast Asia

The retail industry in Southeast Asia is largely fragmented. Growth primarily comes from companies with
a regional presence. There was minimal market consolidation last year as retailers focused on strategic
readjustments.

Retail performance in 2021 reflects the pace of channel shifts. E-commerce players outperformed other
distribution channels, especially in markets with lower online penetration.

Shopee (Sea Ltd) was the best-performing retailer and has established operations across many countries in
Southeast Asia. Despite the reopening of brick-and-mortar stores, the acceleration of e-commerce players
reflects the demand for online shopping in this subregion.

E-commerce localisation is crucial

In 2021, e-commerce grew more than 30% in Southeast Asia and is expected to reach over USD165 billion by
2026. This territory is a lucrative target for global e-commerce players.

But a general or broad strategy will not work. Southeast Asia is home to more than 500 million people with
diverse ethnicities, cultures and religions as well as online shopping habits.

Conquering this market is complex. Regional e-commerce players must create localised strategies like search
engine optimisation for respective countries and languages or product lines catered to various cultural needs.

Pricing, marketing and customer service also need to reflect individual market dynamics. When well executed,
localised approaches give retailers and manufacturers a steadfast and longer-term competitive edge.

E-Commerce Sales in Southeast Asia

Source: Euromonitor International

© Euromonitor International
 Regional Spotlights 19

Tokopedia finds success with domestic targeting

Indonesia is the largest e-commerce market in Southeast Asia. Local online retailers have grown from
solely targeting this audience.

Tokopedia, the leading e-commerce player in Indonesia, uses local insights to guide its e-commerce
strategy. One recent initiative was the launch of Waktu Indonesia Belanja (“Indonesian Shopping Time”),
a shopping campaign that offers special promotions each month from the 25th through the last day.

Indonesian consumers tend to shop on payday. Tokopedia’s time-specific campaign targets local shoppers
when they have the most disposable income and are most willing to spend.

Shopee caters to spiritual traditions

Shopee appealed to local consumers and their
traditions with the Raya Bersama Shopee campaign
in Malaysia last year.

The campaign targeted consumers from the

Malay-Muslim majority during Ramadan and Hari
Raya. Necessities commonly purchased throughout
the holy month, such as dates, rice and cooking oil,
were offered at competitive prices.

Shopee also developed a Salam by Shopee

customised navigation feature that improved the
ease of shopping for halal products and Muslim
fashion, among other items.

Regional giants appeal to locals

Beyond tailored campaigns, regional players are appointing local brand ambassadors as part of their
strategies to help drive activations, events and livestreaming in the e-commerce market.

Shopee and Tokopedia are two of the biggest names in Southeast Asia’s e-commerce industry. These
retailers built a strong reputation through excellent logistics, brand partnerships, marketing and
initiatives tailored to each market.

© Euromonitor International
20 Regional Spotlights

East Asia
East Asia includes China, Hong Kong, Taiwan, Japan and South Korea.

Top 25 Retailers  Improvement  No Change  Worsened

2021 Sales
Retailer 2021 Rank
(USD Billion)
Alibaba Group Holding Ltd 1  470.80
JD.com Inc 2  368.20
Pinduoduo Inc 3  111.81
AEON Group 4  81.00
Seven & I Holdings Co Ltd 5  66.47
Shinsegae Co Ltd 6  48.91
Amazon.com Inc 7  40.63
Suning.com Co Ltd 8  39.71
Rakuten Group Inc 9  33.60
Coupang LLC 10  31.13
Lotte Group 11  24.44
Vipshop Holdings Ltd 12  23.80
FamilyMart Uny Holdings Co Ltd 13  22.50
Naver Corp 14  22.05
Softbank Corp 15  18.82
Japan Consumers Cooperative Union 16  18.17
China Resources Enterprise Ltd 17  17.49
Yamada Holdings Co Ltd 18  16.59
Pan Pacific International Holdings Corp 19  15.48
Auchan Group SA 20  15.40
Lawson Inc 21  15.39
Fast Retailing Co Ltd 22  15.32
Costco Wholesale Corp 23  13.15
Walmart Inc 24  12.95
Apple Inc 25  12.38

Source: Euromonitor International 

Note: Ranking is based on 2021 company sales for the global brand owner (gbo) in current prices using year-on-year exchange rates.
See Appendix for methodology.

© Euromonitor International
 Regional Spotlights 21

The state of retail in East Asia

This Eastern subregion accounts for more than 80% of retail sales in Asia. The e-commerce boom is
evident as Alibaba, JD.com and Pinduoduo top the list.

Explosive online shopping growth has also created tension between convenience and carbon footprints.
Retailers are under scrutiny to make products, packaging and deliveries more sustainable.

Consumer trust, loyalty and motivation to shop online will depend more on the ability of companies to
shift towards an eco-friendly business model.

Sustainability takes centre stage

Environmental issues like climate change are gaining momentum in East Asia.

These markets are taking different approaches to address net-zero emissions and achieve carbon
neutrality. Four of five East Asian countries are in line with the goals of the UN cop26 and are taking steps
to transition towards green economies.

Policymakers, investors and consumers are pressuring companies to implement sustainability strategies.
According to Euromonitor International’s Voice of the Consumer: Lifestyles Survey 2022, 62% of
East Asian consumers are worried about climate change, and 75% try to have a positive impact on the
environment through their daily life.

Top Green Activities by East Asian Consumers in 2022

Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January and February 2022

© Euromonitor International
22 Regional Spotlights

Reducing food waste is top priority

Local consumers are actively changing their habits to be more sustainable.

Reducing food waste is the most common activity East Asian consumers are adopting to lead eco-friendly
lives, according to Euromonitor International’s Voice of the Consumer: Lifestyles Survey 2022. And
businesses are placing more emphasis on tackling this issue as a result.

The Japan Franchise Association, Consumer Affairs Agency and the Ministry of Agriculture Forestry and
Fisheries announced the concept of Temaedori (“Take from front”). The goal is to encourage shoppers to
pick items from the front of shelves so products with upcoming expiry dates are consumed first to avoid
food waste. 7-Eleven, FamilyMart, Ministop and Lawson have already put signage in stores to promote this
concept.

The net-zero future

Retailers are adjusting their portfolios to meet
consumer demand for products with a lower
ecological footprint.

More than half of professionals in Asia Pacific

said their company plans to invest in the use of
sustainable packaging and recycling as part of
their climate-related initiatives, according to
Euromonitor International’s Voice of the Industry:
Sustainability Survey 2022.

Fast Retailing is one company already making strides. The Uniqlo owner aims to manufacture 50% of
clothes with recycled materials by 2030 and is also working towards a goal of carbon neutrality by 2050.

Stringent climate-related policies in recent years will inevitably accelerate green economic transitions.
Changing regulations bring consumer education campaigns around sustainable consumption. And the
number of consumers trying to be socially responsible continues to expand. Euromonitor International’s
Voice of the Consumer: Lifestyles Survey 2022 shows more than 27% of consumers in East Asia make
purchase decisions based on brands’ social and political beliefs.

Retailers across this subregion need to make investing in sustainability a strategic priority to stay relevant.

© Euromonitor International
An Interview with
Alibaba Group
CHRIS TUNG
CMO, Alibaba Group
Looking at the retail industry in 2021, how
did sustainability and green e-commerce
evolve?
As the leading e-commerce platform in
China, Alibaba has a significant role to play in
shifting consumption patterns in the world’s
largest consumption market. We’ve made
many changes to promote a more sustainable
future as a platform. We’re also seeing more
brands and merchants leveraging e-commerce
platforms to advocate for sustainability.
Chinese consumers embrace brands with a
sustainable ethos. Allbirds, Rothy’s, Klean Kanteen
and Tee Pigs are some examples of sustainable
brands seeing success on our platform.
Chinese consumers are also some of the most
sophisticated in the world. They place great
importance on the quality of products. When
choosing sustainable products, they maintain
high standards for design and functionality.
How is Alibaba embracing and implementing
sustainability across the business?
Alibaba has made sustainability a top priority. We
were among the first tech companies to announce
carbon-neutrality goals in Asia Pacific. And we’ve
set up a sustainability committee at the board level
to oversee strategic planning, goal setting and
management. In a recent ranking by Greenpeace,
we took the lead among Chinese e-commerce
platforms combatting climate change.
We’re also committed to enabling brands and
merchants on our platform to achieve their
sustainability goals. But promoting sustainable
consumption goes beyond just one-off promotions.
Brands have many ways to collaborate and leverage
our platforms to shape their sustainability agenda
throughout the value chain.
Alibaba’s partnership with Unilever is an excellent
example of two forces coming together to advance
sustainable consumption.
© Euromonitor International
24 Interview Spotlight: Alibaba Group
How is Alibaba embracing and implementing
sustainability across the business? (cont.)
As part of this partnership, we rolled out greenshelf
space to spotlight eco-friendly products throughout
our e-commerce platforms; worked together on
joint marketing campaigns to promote a greener
lifestyle; and introduced more than 1,000 AI-
powered plastic recycling machines on university
campuses across China.
Source: Alibaba Group
Our various digital tools, from marketing
campaigns to cloud solutions to logistics, enable
our partners to go green. One example is our
logistics arm, Cainiao, which has built up a global
green supply chain for merchants and brands to
reduce their carbon footprint. In fact, Cainiao
partnered with Nestlé to roll out a green supply
chain, including packaging recycling, smart
inventory allocation and a smart packaging
algorithm. Our goal is to make Cainiao the
industry benchmark for green logistics.
This division recently started using renewable
energy generated by rooftop solar panels installed on
bonded warehouses in China to power operations.
Source: Alibaba Group
© Euromonitor International
Cainiao also reduced the size of electronic
shipping labels used on parcels, saving 400 billion
pieces of paper over the past six years; launched a
Carton Recycling Campaign; and partnered with
industry players and charitable organisations to
recycle packaging materials.
Also, every e-commerce transaction on Alibaba
is powered by cloud computing. Our customers
automatically get a lower carbon footprint way
of shopping. During the 11.11 Global Shopping
Festival in 2021, we migrated all systems and
operations onto our public cloud. The use of
renewable energy reduced more than 26,000
tonnes of carbon emissions at the main data centre
supporting the 11.11 campaign. And half a million
products with official Green Product Certification
from over 2,000 merchants were featured in
a dedicated eco-friendly vertical on the Tmall
platform.
Alibaba Cloud employs cutting-edge green
technologies in our data centres, of which liquid
cooling and renewable electricity storage make
the most significant difference in reducing carbon
emissions. Our team migrated the core operations
of the Olympic Winter Games Beijing 2022 onto
the cloud. Using the new cloud-based broadcast
distribution system, the Beijing Olympics Games
saw a nearly 40% reduction of onsite broadcast
personnel compared to PyeongChang 2018 due to
the better quality and more personalised system,
which contributed to a significant reduction in the
total carbon footprint from the games.
And back in February 2021, we issued a
USD1 billion sustainability bond, the first of its
kind in China’s tech sector.

The fund was dedicated to 12 key projects,
including the construction of green data centres
and energy-efficient buildings. This is a testament
to our commitment to building a sustainable
future.
Do you expect sustainable retail to
proliferate in the next couple years and if
so, how?
We do believe that this trend will continue to
become more prominent and be adopted as a
mainstream goal for most businesses.
For Alibaba, we will continue focusing on
promoting green consumption in our ecosystem.
Not only by proactively cutting our own carbon
emissions, but we also pledge to reduce our
indirect emissions through the green energy
we purchase for electricity and heating. More
importantly, through all the aforementioned
initiatives as well as others we’re working on, we
will try to cut our carbon emissions in the goods
and services we buy and the products we sell
across our platforms.
Interview Spotlight: Alibaba Group 25
What is your best advice for companies to
remain competitive?
Sustainable and green consumption is an integral
part of a company’s overall operations. I believe
it is now an area that can reflect a company’s
competitiveness. By doing your part to help the
planet, communities and your customers, business
will ultimately benefit, too. It is not a binary
choice of impact versus profits. Retailers should
find business opportunities to co-create a more
sustainable future with merchants and brands,
which is what we are currently doing and remains a
priority for us.
The d2c model has to become a business
philosophy. d2c is no longer a narrow concept of
brands selling directly to consumers. Now, it’s a
consumer-centred business model to create and
meet demands and continuously promote the
growth of enterprises. At the same time, d2c is not
for a single channel or single domain. There are
many touchpoints to engage and sell to consumers,
and it is necessary to carry out a broader strategic
plan across the company to achieve sustainable
growth for the years ahead.
The Road Ahead for Retail

Turbulent times expose weaknesses, expedite emerging trends and force organisations to make structural
changes faster than planned. This is particularly true in retail.

Digital tech adoption has sped up. E-commerce will continue to accelerate. But store-based retailing
remains just as important to provide unique experiences and conveniences that consumers desire.

New trends and tech advances are expected to further redefine shopping and retail. These changes will
come faster in the next few years compared to the last five.

One notion is clear: the retail industry looks vastly different today than years prior and continues
to evolve at pace. But there will be nuances. Competing forces that are reshaping retail will impact
consumers, countries and channels to varying degrees, leading to modifications of the future store and the
emergence of new retail business models.

© Euromonitor International
Authors

HIANYANG CHAN
Senior Consultant
Connect on Linkedin

Hianyang Chan helps lead and is responsible for Euromonitor International’s retailing and digital
consumer research across the Asia Pacific region. He engages with local and international clients
to support market sizing, competitive landscape assessments, market entry strategies and IPO
research.

As a Senior Consultant, he also helps drive the next frontier of research methodologies; serves
as a mentor to other analysts; and collaborates with various research teams globally to ensure
knowledge sharing and cross-border data standardisation. Hianyang continues to author and share
his expertise in various publications, conferences, webinars, workshops and Euromonitor’s Passport
platform.

EMIL FAZIRA
Senior Consultant
Connect on Linkedin

Emil Fazira is a Senior Consultant at Euromonitor International, specialising in food and nutrition
research. She has a global focus on cooking ingredients and meals with a particular interest in the
era of food on demand. Her expertise includes clean label and halal certification, especially in the
broader context of food product claims and labelling.

Emil has been quoted in prominent press outlets during her tenure at Euromonitor, including AFP,
Bangkok Post, CNBC and The Wall Street Journal, among other publications. She also speaks at
conferences across Asia Pacific like the World Halal Business Conference 2021.

© Euromonitor International
28 Authors

HAN HU
Senior Analyst
Connect on Linkedin

Han Hu is a Senior Analyst at Euromonitor International. She primarily analyses retailing and digital
commerce in China, focusing on new e-commerce models, hyperlocal delivery, social commerce
and omnichannel development.

Han advises clients across industries on topics like new channel exploration, digital transformation
and the competitive retail landscape in Asia. Prior to joining Euromonitor, she produced
independent market reports for IPO projects.

JARRED NEUBRONNER
Consultant
Connect on Linkedin

Jarred Neubronner is a Consultant at Euromonitor International with a focus on retailing, beverages,

tobacco, food and nutrition research in Asia Pacific. He has a strong interest in consumer behaviour
and product trends. Jarred has a bachelor’s degree from Nanyang Technological University,
specialising in marketing.

© Euromonitor International
How Euromonitor Supports
the Retail Community

Euromonitor International helps organisations understand where and how consumers shop through
both syndicated and custom research. Comprehensive international data coverage and insights within
our syndicated subscription service gives retailers, consumer brands and others in the retail industry
the resources needed to guide decisions on investment, expansion or product positioning by category,
channel or country. Surveys of consumers and industry professionals provide additional insights as to
what consumers want from the retail experience and where industry peers are investing.

Euromonitor International also supports organisations with future-proofing their retail strategy for the
digital era. Our custom solutions help them understand if their long-term strategy is aligned with wider
industry shifts. These tailored research projects could include an exploration of where to invest next, what
channels to focus on now, how to target consumers or what it takes to compete.

Connect with one of our retailing consultants to find the best solution for your business needs.

Learn more about our products

Appendix

METHODOLOGY
The Top 100 Retailers in Asia ranks the leading retailers in the region drawn from Euromonitor
International’s research and analysis of global and regional retail landscapes.

Euromonitor International focused on the below 15 economies for the Top 100 ranking and subregional
spotlight rankings.

Cambodia China Hong Kong

India Indonesia Japan
Laos Malaysia Myanmar
Singapore South Korea Taiwan
Thailand The Philippines Vietnam

Research for the 2022 edition was conducted by analysts in 100 countries, including the 15 Asian economies,
in q3 2021. If full-year company figures were unavailable or publicly stated figures were not to the level of
detail required in this study, estimates were calculated and validated based on a variety of sources to produce
fully relevant, comparable data.

The geographic coverage of Southeast Asia includes aggregated data from Cambodia, Indonesia, Laos,
Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The geographic coverage of East Asia
includes aggregated data from China, Hong Kong, Japan, South Korea and Taiwan.

DATA TYPES
All tables in this report feature retail sales data per company in current 2021 prices using year-on-year
exchange rates.

COMPANY TYPES
All company names are represented at the global brand owner (gbo) level. A gbo is the ultimate owner of
a brand. Typically, each brand has one unique gbo across all countries, though this may change from one
year to the next if companies or individual brands change owners. It is also possible that a company sells off
a brand in some markets while retaining it in others, with the consequence that a single brand could have
more than one gbo in the same year.

Visit www.euromonitor.com for more details on Euromonitor International, our research methodology
and sources of the data provided in this report.

© Euromonitor International