Asia's retail industry proved recession-proof in 2009, with top-performing retailers growing an average of 12% despite the downturn, according to the Retail Asia-Pacific Top 500 report, which ranks the top 500 retail businesses in 14 markets in the region by gross sales.
Leading the growth is Vietnam, with retailers there posting a 32.2% growth from the previous year. India followed with 16.3%. Also in the top 5 are Indonesia (13.9%), Malaysia (11%), and Thailand (10.7%).
Interestingly, the retailers in the more developed countries lagged behind their regional competitors, with South Korea falling in 6th place (10.5%), trailed by China (8.4%), Philippines (7.9%), Singapore (4.1%), and Hong Kong (4.1%).