Updated August 29, 2013As a potential market for global expansion, Asia is certain to be an attractive region for the global retail industry expansion in the next decade. Growing at a rate of 9% per year, the Asian retail industry, which is now worth $1 trillion USD, will have more than doubled in value by the year 2020, according to Asia Times Online. In recent global recessionary years, Asia is one of very few regions that have continued to show an increase in retail profits and overall economic development.
Global retailers are increasingly moving into Asia to capitalize on its fertile retail markets. According to PricewaterhouseCoopers, Wal-Mart and Tesco have implemented aggressive expansion plans in Asia in the near future. This is not surprising for these powerful retail giants since profits in the Asian retail sector have been predicted to reach $8.5 trillion USD by the year 2014.
Even though government incentives that fueled consumer spending have expired, the growing upper class is extremely attractive to luxury retailers throughout the world. Large global chains are also eager to move into areas where small locally-owned shops and markets are the only shopping option. PricewaterhouseCoopers predicts that the Asian retail industry's growth will be two to three percentage points higher than global retail growth in general.
Each year a “Global Powers of Retailing” report is compiled by Deloitte Touche Tohmatsu and STORES Magazine, ranking retailers from all over the world according to total revenue. In 2011, the 14th annual list was released, ranking 250 retailers from 32 different countries.
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