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Marketing Featured Southeast Asia

Thailand’s Central Retail Corp amongst top SEA retailers

Bangkok, Thailand – Euromonitor International, the global independent strategic market research provider firm, has revealed its ‘Top 100 Retailers in Asia 2022’ report, with three retailers from Thailand entering the SEA rankings, including omnichannel retailer Central Retail Corp with US$5.06b in 2021 sales, which ranked seventh amongst the other 25 retailers from Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, and Vietnam.

The other two are conglomerate Charoen Pokphand Group with US$4.44b in 2021 sales, landing at 10th place, as well as hypermarket chain operator Big C Supercenter PCL with US$2.53b in 2021 sales, ranking 15th. The list was topped by Shopee’s parent company Sea from Singapore, with US$16.06b in 2021 sales.

In last year’s report by Euromonitor, Big C Supercenter PCL was ranked 12th in SEA rankings, while Central Retail Corp and Charoen Pokphand Group did not make the cut. 

The ‘Top 100 Retailers in Asia 2022’ report found that retail performance in 2021 reflects the pace of channel shifts, and e-commerce players outperformed other distribution channels, especially in markets with lower online penetration. It also revealed that 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. 

“SEA 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,” said Euromonitor.

According to Euromonitor, retailing current value sales in Thailand fell for the second year in a row in 2021, with the rate of decline accelerating into double digits. Due to lockdowns, non-essential retail outlets, such as department stores and variety stores, underwent closure for an extended period. However, retailing current value sales were supported to an extent by an increase in welfare payments and subsidies by the government.

This 2022, retailing current value sales will begin to expand again, with the rate of growth accelerated over the course of the forecast period. However, in constant value terms (2021 prices), retailing value sales will not surpass their 2019 level until 2025. Growth will be supported by an anticipated post-pandemic economic rebound, with a revival in inbound tourism playing a significant role in this.

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Marketing Featured East Asia

AS Watson Group leads top Hong Kong retailers

Hong Kong – The consequences of the pandemic are unprecedented and felt around the world, wreaking havoc across the retail industry. Euromonitor International, the global independent strategic market research provider firm, has revealed its list of the top companies within the retailing industry in the APAC region for 2020, and in Hong Kong, more than half of the leading companies in 2019 are still the ones that ruled 2020.

The majority of the 10 companies on the list maintained their sales growth and rankings in 2020. International health and beauty retailer AS Watson Group has retained its standing, coming out to reign the rankings as the top retailer. This was followed by Dairy Farm International Holdings, the pan-Asian retailer that operates across food, health and beauty, and home furnishings, and restaurants, with Japan-based distribution business firm Seven & I Holdings Co landing in the third spot.

Meanwhile, jewelry company Chow Tai Fook Jewellery Group also maintained its sales as well, coming out in the fourth spot, while property developer Sun Hung Kai Properties caps the top five. One of the firms that have also retained growth for the year is convenience store firm Alimentation Couche-Tard ending in the eighth spot.

Two out of the top 10 firms have registered improvement in sales, namely, retail and financial services company AEON Group and multimedia business firm Hong Kong Television Network, landing in the sixth and seventh spots respectively.

On the other hand, jewelry retailer firm Luk Fook Holdings and retail chain company Broadway Photo Supply have dropped sales in 2020.

AS Watson Group, which registered $9.8b in sales in 2020 came out as the 34th leading retailer in the Asia region. For the region, Alibaba Group Holding took the crown with $367b in total sales for the year.

According to Euromonitor, the pandemic has had a significant negative effect on consumer confidence, leading many to rein in their spending, which impacted many retailers adversely enough to exit the market. However, the pandemic has been a boon for grocery retailers and e-commerce and will continue to enjoy strong growth in retail current value sales, as consumers become more interested in home cooking and following a healthier diet.

In 2021, the research firm believes that brick-and-mortar sales will begin to rebound, while retailers that depend on tourism will be the slowest to recover, including stores selling jewelry, watches, and apparel, as well as footwear, and luggage.

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Marketing Featured Southeast Asia

USANA Philippines retains top supplement brand title

Philippines – For the second year in a row, market research brand Euromonitor International has named USANA Philippines as the top vitamins and dietary supplements brand in the country. The ranking is based on retail value share among all supplement brands in the Philippines.

David Mulham, USANA’s chief sales officer said that it was not surprising for the Philippine leg of the brand to gain such recognition, as the country’s market is one of the most exciting and strongest regions.

Commenting on the recognition, Aurora Gaston, vice president of USANA’s Philippines, Indonesia, and Thailand markets said, “I am proud to see our market receive this incredible title for the second year in a row. The Philippines has been part of USANA for 11 years, and it makes me so happy to see how much we’ve grown. This award is due to the hard work of our team here in The Philippines and the support we receive from the USANA home office. I would like to thank our Filipino Associates for trusting our products and helping us become one of the most successful direct selling companies in the country.”

Euromonitor International is composed of a global network of analysts for every key trend and driver, providing reports that offer strategic data, analysis, and consumer trends.