This study systematically analyzed the changes in business models of on-line and off-line retailers such as Amazon, Wal-Mart, Lotte Shopping, and Coupang using the business model canvas. The results showed that retailers are evolving into a user-centric platform business model utilizing Big Data without the boundaries of on-line and off-line, and new business models are expected to emerge in the future in line with offline experience optimization and Omni Commerce.