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In a significant shift in South Korea's retail landscape, Coupang has emerged as the leading retail brand, outpacing the long-standing E-Mart. According to BrandStock's latest quarterly evaluation, Coupang secured a brand stock top index (BSTI) score of 902.8, propelling it to 9th among the top 100 brands in South Korea for the first quarter of 2023.
Korea Bizwire reported that E-Mart, the former retail giant, slid to the 12th in the rankings.
Rise of Coupang and Decline of E-Mart
Coupang's remarkable ascent is underlined by its achievement of reporting an annual profit of 617.4 billion won in 2022, merely 13 years after its establishment. The company's Wow loyalty program has seen a surge in membership, growing from 9 million in 2021 to 14 million. On the other hand, E-Mart faced a setback, with sales trailing behind Coupang at approximately 29 trillion won last year. The company incurred its first annual deficit as a public entity due to declining revenue and a perceived lack of fresh growth drivers.
The Shift Towards Online Retail
BrandStock analysts noted the paradigm shift in South Korea's retail market, with online-focused retailers like Coupang gaining prominence. This transformation marks a departure from the conventional offline-centric retail ecosystem. The analysts predict that online-centric retailers will likely dominate the market in the foreseeable future.
Beyond the retail sector, the evaluation showcased resilience in industries hit hard by the pandemic, such as travel. Korean Air rose to the 8th position with a BSTI score of 903.1, while Hanatour climbed to 28th as the impacts of COVID-19 waned.
MSN reported that Coupang Corp. announced an ambitious investment of $2.23 billion over the next three years to expand its "rocket delivery" service nationwide. The company plans to establish over eight fulfillment centers to enhance operational efficiency and reliability through advanced automation.
Photo: Coupang Website
