U.S. companies dominate upper ranks of world’s largest retailers
The three largest retailers in the world are based in the United States.
Rivals Walmart Inc. and Amazon took the two top spots respectively in Deloitte Global’s annual “Global Powers of Retailing 2023 Report,” which identifies the 250 largest global retailers (based on publicly available data for fiscal years ended between July 1, 2021, to June 30, 2022).
Along with Walmart and Amazon, the other retailers on the top 10, in numerical order, are Costco Wholesale Corp.; Schwarz Group (based in Germany); The Home Depot; Kroger Co.; JD.com (based in China); Walgreens Boots Alliance; Aldi Einkauf GmbH & Co. (based in Germany); and Target Corp. (See end of article for list of 25 largest retailers in the world).
The report noted that the majority of the Top 10 retailers boosted their digital capabilities via in-store technologies (i.e., The HomeDepot’s hdPhones) or through enhancing omnichannel offerings (i.e., JD.com’s ‘shop now’ on-demand service).
In other insights, Deloitte noted that last few years have seen a continuing focus on sustainability, with 73% of consumer industry chief experience officers having increased investments in sustainability over the last year. The focus of retailers’ efforts is shifting into four new areas: resale in retail; sustainable suppy chain; technology-enabled sustinable progress; and regulations and framework.
“In a year of strong year-on-year growth in retail revenue across the Top 250, sustainability remains high on the agenda,” said Evan Sheehan, wholesale and distribution leader, Deloitte Global. “Several players are working on the resale of slightly used goods and we see many technology-enabled innovations.”
Other highlights from the report are below.
- North America had 79 companies in the Top 250, providing a 47.9% share of global retail revenue.
- An 8.9% year-on-year composite retail growth was recorded.
- Nearly 46% of North American retailers achieved double-digit annual retail revenue growth in FY2021, a six-percentage point increase compared to the prior year.
- Consumer shopping once again supported in-store sales, and the largest annual retail growth rates were seen with apparel and accessories retailers. The fastest growers included Neiman Marcus, Burlington Stores and Dillard’s.
- Sector growth was spearheaded by retailers LVMH, TJX and Ross Stores, which grew by 51.4%, 51.1% and 50.9% respectively. Retail revenue growth was over 40% for 12 companies in the sector: Four were department stores, four were specialty fashion stores and four were apparel/footwear specialists.
- The use of advanced technologies such as virtual and augmented reality, AI, and data analytics helps enable retailers to personalize recommendations, streamline checkout processes, and engage customers. In this new era of retail, the innovative application of technology should be crucial in fostering customer loyalty and driving business success.
- Additionally, many retailers are seeking to enhance the shopping experience by offering a range of human-centered services beyond product sales, such as concierge assistance, on-site repairs, valet parking, and personal styling. These added touches of convenience and personalization can differentiate physical stores from online retailers, who may not be able to offer such services.
Here are the top 25 retailers in the "Global Powers of Retailing" report.
- Walmart Inc.
- Amazon
- Costco Wholesale Corp.
- Schwarz Group (based in Germany)
- The Home Depot
- Kroger Co.
- JD.com (China)
- Walgreens Boots Alliance
- Aldi Einkauf GmbH & Co. (Germany)
- Target Corp.
- CVS Health Corp.
- Lowe’s
- Ahold/Delhaize (Netherlands)
- Tesco PLC (UK)
- Seven & Holdings Co. (7-Eleven) (Japan)
- Edeka-Verbund (Germany)
- Aeon Co., Ltd. (Japan)
- Albertsons Cos.
- Rewe Group (Germany)
- LVMH Moët HennessyLouis Vuitton S.A. (France)
- Centres Distributeurs E. Lecler (France)
- Best Buy Co.
- The TJX Cos.
- Publix Super Markets
- The IKEA Group (INGKA Holding B.V.). (Netherlands)