South Korean retail giant Lotte Shopping Co. announced Sunday it has ranked third in the biggest department store category on the list of the most powerful companies of the year released by Forbes.

France‘s PPR SA topped the list as the world’s biggest department store, followed by Macy‘s of the United States. 

Forbes’ annual Global 2,000 list ranks global corporations from 62 countries based on a composite score of sales, profits, assets and market value.

Lotte posted $34.6 billion in total assets, $22.2 billon in sales, $10.3 billion in market value and $1 billion in net profit to be ranked at third place among global department stores, rising one notch from last year.

Among 2,000 global companies of 80 different industry categories, Lotte ranked 470th up from 518th in 2012. 

“We are planning to not only expand the size of the company but also to fulfill the corporate social responsibility in order to increase the competitiveness in the global market,” said Shin Heon, CEO of Lotte Department Store.

From news reports
(knews@heraldcorp.com)