BCG-亚太地区零售业领导者的内心：增长、人工智能和执行 Inside the Minds of Asia Pacifc Retail Leaders Growth,AI and the Race to Execute 2026

InsidetheMindsofAsiaPacific

RetailLeaders:Growth,AIandtheRacetoExecute

BCG2026studyontheviewsandprioritiesofseniorretailleadersacrossAsiaPacific

Oct2026

ByAbhayVarma,ImeldaWongso,LeeSeokhyung,JoannaLiandErenAkyayli

AboutBostonConsultingGroup

BostonConsultingGroupbridgesthegapbetweenambitionandoutcomesfortheworld’sleadingcompaniesand

organizations.Wearebuiltforthiseraofunprecedented

change—bringingstrategicclarityrootedinover60yearsofdeepdomainknowledge,combinedwithappliedAIshapedbyourpractitioners.BCGworksshoulder-to-shoulderwithCEOsacrossindustriesandgeographiestodelivertransformative

impactatscale:strongerreturns,transferredcapabilities,

andchangethatsticks.Formoreinformation,visit.

ExecutiveSummary

AsiaPacificretailersarenavigatingtwohorizons:adifficultnearterm,markedbyslowinggrowthandweakerdemand,andalonger-termopportunityshapedbydigitalandAI.Bothrequireinvestment.Thechallengeisclear:fundingthe

businessthatcreatesvaluenowwhileinvestinginthemodelthatcancreatevaluetomorrow.BCG'sfindingsdrawonanin-depthsurveyof50seniorretailleadersacrossAsiaPacific,alongsidebroaderperspectivesgatheredthroughmorethan100in-personconversationswithretailexecutivesacrosstheregion.Together,theyofferafirsthandviewofwhatmattersnow-andwhatcomesnext.

Againstthatbackdrop,onemessagethatcomesthrough

strongly:thepullofthecore.Twointhreerespondentspointtolike-for-likestoreperformanceasakeysourceofgrowthoverthenext12months.Thatisalsowheremuchofthefocusandfundingareaimed.Thelogicmakessense:boostingthe

performanceofexistingstoresandspendamongexistingcustomerscanstrengthenprofitability.

withAlloominglarge.Morethantwointhreeretailleaders

expectAltoimproveEBITDAorviewitasastrategic

imperativeoverthenextthreeyears.Strongercoreeconomicscanhelpfundthatfuturemodel.Yetalmostnineinten

retailerscurrentlyinvestlessthan1%ofrevenueinAl-ordon'ttracktheirspending.Ambition,inotherwords,isrunning

aheadofinvestment.

Andinvestmentisonlypartofthechallenge.Realizingtheseambitionswillrequireretailerstochangehowtheyworkand,crucially,howquicklytheycanact.Thesurveysuggeststhatthebarriersaremoreorganizationalthantechnological.Whenaskedwhatwouldmostaccelerateexecution,leadersput

strongercross-functionalcollaborationandfasterdecisionmakingaheadofbettertechnologyplatforms.

Thetasknowistostrengthenthebusinessoftodaywithoutshortchangingthemodeloftomorrow-andtobuildthe

capabilitiesandflexibilitytoadaptanddeliver.

Butgrowthfromthecorehasitslimits,withthesamestoresandcustomersonlyabletotakethebusinesssofar.Leadersseeadifferentmodelforseizingtomorrow'sopportunities,

BOSTONCONSULTINGGROUP

ATougherEnvironmentIsPushingRetailersBacktotheCore

AsiaPacificretailersarecontendingwithatoughergrowth

environment.Slowinggrowthandweakconsumerdemandisbyfarthemostwidelycitedexternalpressure,selectedby76%ofrespondents.Yeteveninthisenvironment,leadersstillseepocketsofgrowthclosertothecore.(SeeExhibit1.)

Like-for-likestoregrowthistheleadingsourceofnear-term

growth,citedbytwointhreeretailers.Deeperspendingfromcustomerscomesnext,withjustoverhalfofrespondents

puttingitamongtheirtopfivesourcesofgrowthoverthenext12months.Newergrowthengines,includingM&Aandsocialcommerce,rankfurtherdownthelist.

Thecore,however,needstodomorethangrow:italsoneedstobemoreprofitable.Morethanhalfofleadersrankcost

optimizationandoperationalefficiencyamongtheirtopthreestrategicprioritiesforthenext12months,pointingtoa

broaderpushtostrengthentheeconomicsoftheexisting

businessandcreatemorecapacitytofundwhatcomesnext.

EXHIBIT1

Atougherenvironmentisshiftingthegrowthequationbacktowardthecore.

WeakdemandandslowinggrowthareleadingconcernsforAsiaPacificretailers

Topmarketandexternalpressuresoverthenext12months1

(%ofrespondentsselectingintheirtop3)

Slowinggrowthandweakconsumerdemand

Competitivepressurefromestablishedandemergingplayers

AIandtechnologydisruption

Macroeconomicvolatility(suchasinflationandforeignexchange)

Marketplacedynamics,socialcommerce,andchannelshifts Geopoliticaltensionandtradedisruption CapitalmarketandfinancingpressuresRegulatory,policy,andcomplianceuncertaintyCybersecurityanddataprivacyrisks

49%

42%

42%

32%

27%

15%

10%

10%

76%

Inthenearterm,growthislargelycenteredaroundexistingstoresandcustomers

Sourcesofgrowthoverthenext12months2

Like-for-likestoregrowthExistingcustomerwalletgrowth

Formatreinvention/newconceptdevelopment

Coree-commercechannels

Privatelabelexpansion

Newcustomeracquisition

Storenetworkexpansion

Hiring,upskilling,andcapabilitybuildingQuickcommerceandon-demanddelivery

LoyaltyandmembershipprogramsRetailmediaanddatamonetization M&AandecosystempartnershipsValue-tierexpansion

Marketplacesand3Pplatforms

OtherAI-nativeproductsandservicesforefficiency

Socialcommerce

(%ofrespondentsselectingintheirtop5)

66%

51%

44%

34%

32%

32%

32%

29%27%

27%

22%

15%12%

12%12%

10%

Source:BCGAsiaPacificRetailLeaderssurvey,2026.

Note:Analysisexcludes“don’tknow/prefernottorespond”responses.Choicesselectedbyfewerthan10%ofrespondentsarenotshown.

1Question:“Fromthelistbelow,pleaseselectandrankthethreeexternalconcernsorrisksmostcriticaltoyourcompany’sleadershipagendaoverthenext12months,whereoneismostimportantandthreeisthirdmostimportant.”

2Question:“Lookingforwardoverthenext12months,whichofthefollowingdoyouexpecttobesignificantsourcesofgrowthforyourbusiness?”

INSIDETHEMINDSOFASIAPACIFICRETAILLEADERS4

5BOSTONCONSULTINGGROUP

MoreOnline,MoreAI-YetStoresStillAnchor

Investment

Theoutlinesofthefuturemodelarecomingintoview.Onlinealreadyaccountsforameaningfulshareofsales-andleadersexpectthatsharetogrow.Today,37%ofretailersgenerate

morethan10%ofsalesonline;withinthreeyears,61%expecttodoso.Thebiggerstory,though,isAI.

MorethanfourintenleadersrankAIandtechnology

disruptionamongtheirtopthreemarketpressures,makingitbothachallengetomanageandapotentialsourceof

advantage.Thatinterestisbeginningtotranslateinto

investment:takentogether,AI-relatedprioritieswouldattractthesecond-largestshareofincrementalcapital.Yetthat

spendingisspreadacrossseveralareas,suggestingretailersarestillworkingthroughwheretoplacetheirbiggestAIbets.

Thelargestsingleallocation,however,remainsmorefamiliar:storesandnetworks.Askedhowtheywoulddeployan

additional10%ofcapital,leaderswoulddirectnearlyaquarterofittothephysicalnetwork-morethantoanyotherarea.

(SeeExhibit2.)

Forallthefocusonwhatcomesnext,thecapitalallocationstoryremainsfairlytraditional.EvenasretailersseethenextsourcesofvalueasincreasinglydigitalandAI-enabled,the

physicalcoreisstilldemandingandgettingtheinvestmentfocus.

EXHIBIT2

Capitalallocationstilltellsatraditionalstory,anchoredinstores

DespitetheshifttowardonlineandAI,storeswouldreceivethelargestshareofincrementalcapital

Howretailerswouldprioritizeanadditional10%ofcapital1

(%oftotalincrementalcapital)

Stores

and

networks

still

commandthelargest

single

allocation

7%

AIdraws19%ofincremental

capital,butitisspreadacross

severalpriorities

100%

7%

8% 9%

11% 11%

12%

23%

Storesandnetwork

Portfolio

and

customer

Digitalchannels

Talent&capabilitybuilding

Technologyupgrades

New

revenue

streams

AI–

Operating

model&

productivity

AI–High

value

usecases

(e.g.

pricing,

workforce)

AI–

Agentic

commerce

AI–

Enterprise

solutions(e.g.

Claudeforemployees)

Inorganicgrowth

Source:BCGAsiaPacificRetailLeaderssurvey,2026.

Note:Analysisexcludes“don’tknow/prefernottorespond”responses.

1Question:“Ifyourcompanyhadanadditional10%ofcapitaltoinvestnextyear,allocatetheshareacrossthetopfiveareas.”

INSIDETHEMINDSOFASIAPACIFICRETAILLEADERS6

AIAmbitionIsOutrunningAIFunding

Acrossdigitalinitiatives,AIisnowfirmlyembeddedintheinvestmentagenda.Itoccupiestwoofthetopthreespots:

usingAItoimprovetheoperatingmodelandproductivity,andinvestinginhigh-valueAIusecases.Technologyupgradesalsorankhighly,reflectingtheinfrastructureandcapabilities

neededtoenablethoseAIambitions.Together,theseprioritiesrankaheadofmoreestablishedareassuchasloyaltyand

membershipandcoree-commerce.

Yetforallthatambition,thepursestringsremaintight:almostnineintenretailersinvestlessthan1%ofrevenueinAIordonottracktheirspend.Thatsitsincontrasttoexpectationsforvaluecreation:closetosevenintenleadersexpectAIto

improveEBITDAorviewitasastrategicimperativeoverthenextthreeyears.(SeeExhibit3.)

EXHIBIT3

AIambitionisoutpacingfunding:closeto9in10investlessthan1%ofrevenueordonottrackspend

AIandtechnologytopthebroaderdigitalinvestmentagenda

Topdigitalinvestmentprioritiesoverthenext12months1

AI:operatingmodelandproductivityTechnologyupgrades

AI:high-valueusecases

Loyalty,membershipandsubscriptionprogramsRetailmediaanddatamonetizationCoree-commerceandomnichannelQuickcommerce

AI:enterprisesolutionsSocialcommerce

Supplychainandfulfillment AI:agenticcommerceMarketplaceecosystem

(%ofrespondentsselectingintheirtop5)

56%54%

51%

46%

39%

37%

32%

29%

27%

12%

59%

59%

68%seeAIasavalue-creatingorstrategicimperative

AI-drivenEBITDAimprovement(%)expectedoverthenext3years2

(%ofrespondents)

Upto5% 6%to10% 11%to15% 16%to20% 21%to30%Morethan30%

Strategicimperative/must-do

TooearlytotellUnsure

22%

7%

2%

0%

5%

7%

20%

12%

25%

Nearly9in10retailersinvestlessthan1%ofrevenueinAIordonottracktheirspend

CurrentAIinvestmentas%ofrevenue3

(%ofrespondents)

Don’tknow/nottracked<0.5%

0.5%to<1%

1%to<2% 2%to<3% 3%to<5%5%andabove

27%

17%

7%

2%

2%

0%

45%

Source:BCGAsiaPacificRetailLeaderssurvey,2026.

Note:Analysisexcludes“don’tknow/prefernottorespond”responses.

1Question:“Whichofthefollowingdigitalbusinessareaswillbeyourtopfiveinvestmentprioritiesforyourcompanyoverthenext12months?”

2Question:“Overthenext3years,howmuchimprovementtoyourcurrentEBITDAdoyouexpectAItodeliver?”

3Question:“Approximatelywhatpercentageofyourcompany’sannualrevenueiscurrentlyinvestedinAI/GenAIinitiatives(includingtechnology,data,talent,andpartner-ships)?”

7BOSTONCONSULTINGGROUP

TurningAIintovaluewillrequiremorethaninvestmentalone.Retailerswillalsoneedthecapabilitiesandfoundationsto

scaleit,addressingbarrierssuchasdataquality,workforce

upskillingandadoption,andshortagesofAItalentandtechnicalcapabilities.(SeeExhibit4.)

Fundingthenextretailmodelisonlyhalfthechallenge–readinessmustkeeppace

DataandpeoplereadinesshaveemergedasleadingbarrierstoscalingAI

BarrierstoscalingAIoverthenext12months1

(%ofrespondentsselectingintheirtop5)

Dataquality

Workforceupskilling&adoptionchallenges

AItalent&technicalcapabilityshortage

UnclearROI/businesscase

Infrastructuregaps

Integrationwithlegacysystems

Dataprivacyandcybersecurityrisks

Capital/budgetconstraints

Changemanagement

Regulatory&complianceuncertainty

Seniorleadership/boardalignment

AIethicsandresponsibleAIconcerns

61%

59%

54%

51%

49%

46%

44%

39%

34%

17%

15%

10%

Source:BCGAsiaPacificRetailLeaderssurvey,2026.

Note:Analysisexcludes“don’tknow/prefernottorespond”responses;choicesselectedbyfewerthan10%ofrespondentsarenotshown.

1Question:“WhichofthefollowingarethemostsignificantbarrierstoscalingAIinyourorganizationoverthenext12months?Selectthetop5.”

Geopolitics:Absorbingthe

Shock,De-RiskingSelectively

Geopoliticaldisruptionmaydominatetheheadlines,but

retailers’responsesappearmoremeasured.Withthedurationandseverityofdisruptiondifficulttopredict,mostareadaptingthroughtheexistingbusinesswhilemakingmoreselective

structuralchangeswhereneeded.

Thedisruptioniswidespread,butthesurveypaintsameasuredpictureofitsimpact.Nearlynineintenretailers(89%)report

atleastsomeeffect,yetmoderatedisruptionismostcommon,

andnearlyhalfexpectittoeasewithinthenextthreeyears.Only7%expectthedisruptiontobecomelong-termor

structural.

Thatmeasuredviewisreflectedinhowretailersare

responding.Costreductionandefficiencyprogramsarethe

mostcommonaction,citedby53%ofleaders,followedby

priceincreasestoprotectmarginsat40%.Morestructural

de-riskingmeasures,suchasexpandingdirectsourcingor

diversifyingthesupplierbase,arelesswidespread.The

approach,inshort:managewhatcanbeaddressedwithintheexistingbusinessandde-riskselectivelywhereexposure

warrantsit.

INSIDETHEMINDSOFASIAPACIFICRETAILLEADERS8

TheRealConstraintIsOrganizational,Not

Technological

Againstabackdropofshiftingprioritiesandcompeting

demands,thebiggestconstraintonexecutionappearstobe

organizationalratherthantechnological.Whenaskedwhat

wouldmostacceleratestrategyexecution,leadersputfaster

decision-makingandstrongercross-functionalcollaborationatthetopofthelist,eachcitedby44%,whiletechnology

platformsrankmuchfurtherdown.(SeeExhibit5.)

Thefindingssuggestthatthekeyconstraintonexecutionis

organizational:howquicklyretailerscanalign,decide,andact.Theleadershipquestionhasalwaysbeen“Whatshouldwe

do?”Butnowthere’sacrucialfollow-up:“Howquicklycanwedoit?”

Thatwillrequiretherightoperatingmodel.Nearlysevenintenleaders(68%)rankreshapingtheworkforceandoperating

modelamongtheirtopthreetalentandorganizationprioritiesforthenext12months–wellaheadofanyotheroption.Thechallengenow:howtoturnthatintentintotheadaptability

retailerswillneed.

EXHIBIT5

Therealexecutionconstraintisorganizational–theabilitytoreshape,alignandadapt

Collaborationandfasterdecisionsaretheleadingexecutionaccelerators

Capabilitiesthatwouldmostacceleratestrategyexecution2

44%

44%

39%

39%

34%

29%

29%

17%

15%

10%

(%ofrespondentsselectingintheirtop3)

Bettercross-functionalcollaboration

Fasterdecisionmaking

Fasterinnovationcapability

Betterdataandanalytics

AIcapabilityandadoption

Strongerleadershipcapability

Simplerorganizationstructure

Bettertechnologyplatforms

Bettercapitalallocation

Greateraccountability

Reshapingtheworkforceandoperatingmodelisthecleartoppriority—wellaheadofmoretargetedcapability-buildingpriorities

Toptalentandorganizationprioritiesoverthenext12months1

(%ofrespondentsselectingintheirtop3)

Reshapeworkforce&operatingmodel

Attract&retaincriticalspecialisttalentDrivecultural&ways-of-workingtransformation

BuildAIcapability

Strengthenleadershipbench&succession Scalefrontline/fulfillmentworkforceproductivityBuilddigital,e-commerce&omnichannelcapabilityBuilddata&analyticscapability

Buildinnovation&entrepreneurialcapability

37%

37%

34%

32%

27%

22%22%

22%

68%

Source:BCGAsiaPacificRetailLeaderssurvey,2026.

Note:Analysisexcludes“don’tknow/prefernottorespond”responses;choicesselectedbyfewerthan10%ofrespondentsarenotshown.

1Question:“Selectandrankthetop3talentandorganizationprioritiesforyourcompanyoverthenext12months.”

2Question:“Selectthetop3capabilitiesthat,ifimproved,wouldmostaccelerateyourcompany’sabilitytoexecuteitsstrategy.”

9BOSTONCONSULTINGGROUP

WinningtheRacetoExecute

Thesurveyfindingspointtoaretailmodelintransition.

Buildingthenextsourcesofvaluewhilecontinuingto

strengthenthebusinessoftodaywillrequireactiononseveralfronts.Fourprioritiesstandout.

•MakeAIaCEO-ownedvalueagenda.AI’spotential

impactspansstrategy,capitalallocation,customer

experience,andtheoperatingmodel.Itcannolongersit

withtheCIOalone.CEOsarebestpositionedtokeepAI

centeredonvalue:focusingtheorganizationonthebets

thatmattermostandensuringthatinvestmentsaretiedtomeasurablebusinessoutcomes.

ByteDanceoffersoneexample.ItsCEOhasexplicitlymadeAIapriority,withthecompanyputtingthetechnologyattheheartofitsconsumerandcommercemodel.AI-powered

recommendationsdrivediscoveryonDouyinandTikTok,whileDouyinE-commerceandTikTokShopturnthat

engagementintotransactions.In2025,thetwocommerceplatformshandledmorethan$640billioninestimated

grossmerchandisevalueacrossMainlandChinaandSoutheastAsia.1

•Allocatecapitaltowheretomorrow’sgrowthwill

comefrom.Thecorewillcontinuetorequireinvestment,butcapitalalsoneedstobuildtomorrow’sgrowthengines–fromdigitalcommerceandAItonewfulfilmentmodelsandthetechnologyplatformsbehindthem.Thoseinvestments,however,needtobedisciplined,withclearexpectationsforreturnsandmeasurablevaluecreation.

RelianceRetailinIndiaillustratesthatbalance.Itsstore

networkremainscentraltothebusiness,whileonline

channelsareexpectedtogrowfromahigh-single-digitshareofrevenuetomorethan20%withinthreeyears.Relianceisinvestingforthatfuturebyscalingquickcommerce,

supportedbyitsstores,strategicallylocateddarkstores,

andatechnology-enabledsupplychain,whilealsobuildingcapabilitiesinAI-drivendemandforecastingandwarehouseautomation.2

•Buildanoperatingmodelthatkeepspacewith

change.Asretailersbuildnewsourcesofgrowth,theyneedanorganizationthatcanadapt-quicklybuteffectively-to

evolvingretailmodelsandcircumstances.Thatmeans

enablingfasterdecisions,strongercollaboration,and

cleareraccountability,whileretainingtheflexibilitytoshiftresourcesandwaysofworkingasprioritieschange.

Wesfarmersprovidesabroaderexampleofoperating-modelchangeacrossitsretailportfolio.KmartandTarget,

historicallyrunasseparatebusinesses,havebeenbroughttogetherundera“OneBusiness,TwoBrands”model,

aligningsystems,processes,andorganizationalstructurestocapturescalebenefitsandcreatealower-coststructurewhileretainingdistinctcustomerpropositions.3

•Buildamoatthatcannoteasilybereplicated.Amid

newtechnologiesandnewsourcesofgrowth,anoldrule

stillapplies:standoutfromthecrowd.Retailersneedto

beclearaboutwhatdifferentiatesthebusiness-andkeepscompetitorsatbay.Thespecialsaucewillvary:itmightbeadistinctivecustomerexperience,exclusivebrands,superiorservice,anengagedworkforce,adifferentiatedsupplychainmodel,oranotherhard-to-copycapability.

Shopeeshowshowenablingcapabilitiescandifferentiateatscale.AsSoutheastAsia’slargeste-commerceplatform,

withGMVofmorethanUS$100billion,ithasbuiltSPX

Expressintoanintegratedlogisticsnetworkspanning

warehousing,sorting,collectionpoints,andhyperlocal

last-miledelivery.SPXhasbecomeakeydifferentiatorforShopee,helpingcreatealogisticsmoatthatisdifficultforcompetitorstoreplicate-supportingfasterdelivery,bettercostefficiency,andamoreseamlesscustomerexperience.4

Theretailmodelischanging.Buttherewillbenoclean

handofffromtodaytotomorrow.Fornow,retailerswillneedtomanageboth-andadaptasopportunitiesandchallengesshift.

Doingsomeansgettingboththefundingandfocusright.

Leaderswillneedtoturnambitionintoaction,buildthe

capabil