New king of the hill in Asia retail world: Lotte
Lotte Shopping has vaulted to the top of the Asian retail industry, usurping Japanese giant Aeon to take the No. 1 spot in the region in a list of the world s corporate powerhouses.
Forbes, a U.S.-based business publication, recently listed Lotte Shopping as the top retailer in Asia based on sales and profits from 2008 and market value as of March 2010. The rankings are part of the magazine s Forbes Global 2000 list, which looks to identify the top companies worldwide. Forbes has published the list annually since 2003.
Lotte Shopping is a unit of Lotte Group and ranks as Korea s largest retailer, operating Lotte Department Store and Lotte Mart. Aeon had held the top spot in Asia in the rankings for the past several years.
On a global level, Lotte Shopping came in at No. 22 after recording sales of $10.3 billion last year. U.S.-based Wal-Mart took the top spot followed by CVS Caremark, Home Depot and Target. Lotte s rival Shinsegae ranked third among Asian retailers and 26th among global retailers.
Regardless of industry, Lotte Shopping ranked 632nd overall.
Lee Chul-woo, chief executive of Lotte Shopping, said that the company will become a firm acknowledged by the world by confronting continuous challenges.
Lotte Shopping is capitalizing on its parent company s drive to aggressively expand overseas.
Lotte Group aims to raise 30 percent of its total sales from overseas markets by 2018, up from 10 percent last year.
Recently, the group submitted a bid to acquire trading firm Daewoo International, hoping the purchase could help bolster its overseas network. But the nation s leading steelmaker, Posco, won the bid.
Meanwhile, 51 Korean firms were listed in the top 2,000 rankings including Samsung Electronics (51), Posco (137), Shinhan Financial Group (187) and Hyundai Motor (188).
JPMorgan Chase in the United States ranked first on the overall list after posting $115.63 billion in sales last year, followed by General Electric, Bank of America, ExxonMobil and China s ICBC.
The list was dominated by 515 American firms, 201 Japanese firms, and 91 Chinese firms.
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