The purpose of this study is to explore the success factors of successful merchants. To do this, we review the successful story of merchants in Korea and Japan. We found that various success factors such as product differentiation, competitive price, flexible operation, and entrepreneurialism. As a result, it is important to find that large companies can not to do because of managerial systems. Thus, merchants have to analyze and benchmark the management strategies of competitors and development specialized managerial techniques for business operation.