Forbes list ranks Lotte department stores thirdLotte Shopping has been ranked No. 1 in Asia and third in the world among department stores by Forbes magazine’s Global 2000 list.
Lotte Shopping has moved up steadily in the rankings, listed at No. 6 in 2011 and No. 4 last year.
The Forbes list ranks the world’s leading companies based on their assets, sales, profit and market capitalization.
Lotte Shopping, with annual sales of $22.2 billion, a net operating profit of $1 billion, assets of $34.6 billion and market capitalization of $10.3 billion, was ranked 470, up from the 518 last year.
Among the 2,000 companies, 16 department stores were listed including PPR of France, ranked No.1, followed by Macy’s of the United States. In fourth position was TJX of the United States, with Falabella of Chile in fifth.
Lotte Shopping was the only department store company listed in the Global 2000, and it has been included in the world sector of the Dow Jones Sustainability Index for four consecutive years. In addition, it was the first Korean retailer to be named supersector leader for three years.
The index has become a global standard for sustainability, comprehensively evaluating factors such as financial performance, environmental management and community involvement
“Despite the persistent economic downturn, Lotte Shopping is seeing meaningful results through efforts to become an excellent company. In the future, Lotte will continue to establish itself as the leading retail company, respected not only for external expansion, but also social responsibility,” said Shin Heon, CEO of Lotte Shopping.
Meanwhile, Lotte Department Store plans to continue its expansion overseas by opening a store in Jakarta and two in China, in Chengdu and Weihai.
By KIM JUNG-YOON [email@example.com]