Gr report global_powers_of_retailing_2016

Global Powers of
Retailing 2016
Navigating the new
digital divide

Global Powers of Retailing 2016 3
Contents
Introduction 4
Global economic outlook 5
Navigating the new digital divide 10
Top 250 Global Powers of Retailing 12
Top 250 highlights 20
Top 10 highlights 23
Geographic analysis 24
Product sector analysis 28
Fastest 50 31
Top 50 e-retailers 34
Q ratio analysis 40
Study methodology and data sources 44
Endnotes 46
Contacts 47

Global Powers of Retailing 20164
Welcome to Deloitte Touche Tohmatsu Limited’s (“Deloitte
Global”) 19th Global Powers of Retailing report. This report
identifies the 250 largest retailers around the world based on
publicly available data for fiscal 2014 (encompassing companies’
fiscal years ended through June 2015) and analyzes their
performance based on geographic region, primary product
sector, e-commerce activity and other factors.
The report also provides a look at the world’s 50 largest
e-retailers, an outlook for the global economy and an analysis
of market capitalization in the retail industry, as well as an
introduction to and executive summary of findings from the
forthcoming Deloitte Global publication Navigating the new
digital divide: A global summary of findings from nine countries
on digital influence in retail.

Global economic outlook
In the world of retailing, much attention has lately been focused on the competitive threat
to stores coming from online retailing, the challenge of cybersecurity, and the difficulty
in deciphering the tastes and price sensitivities of an increasingly fragmented consumer
market. Yet through all of these and other issues, one thing remains constant. That is the
considerable impact on retailers of economic strength and weakness, of inflation and
deflation, and of currency and asset price movements. This section examines the current
and anticipated economic environment, with the goal of distilling what it means for the
world’s leading retailers and their suppliers.
Key economic issues that influence retailers
Currency movements
In the past year, the value of the US dollar has
risen strongly against most major currencies.
This was driven by low oil prices, the relative strength of the
US economy, expectations of tighter US monetary policy, and
the easing of monetary policy in Europe and Japan. The result
has been disinflationary pressure in the US, weakness in the US
manufacturing sector, weakness of US corporate profits, stronger
export growth in Europe and Japan, and serious challenges for
emerging markets. As for the latter, the downward pressure on
emerging market currencies has compelled local central banks to
tighten monetary policy, the result being slower economic growth.
Moreover, the rapid accumulation of dollar-denominated debt
in emerging countries means that dollar appreciation boosts the
risk of default. This could potentially hurt the financial sector in
emerging markets. For retailers, the strength of the US dollar has
meant increased purchasing power for US consumers and rising
import prices for consumers in other locations – especially those in
emerging markets.
Oil prices
In the past year, oil prices have plummeted. This resulted
from a sharp increase in US shale oil production, a
decision by Saudi Arabia to boost output, and relatively weak
demand in a variety of markets including Europe, Japan, and major
emerging markets. The result has been disinflationary pressure
in most countries, a sharp rise in the value of the dollar, and a
boost to consumer spending power in major markets. Going
forward, it seems likely that prices will stay in a relatively narrow
band. Although capital spending by the energy sector has been
dramatically cut, a sharp drop in output is unlikely. Moreover, even
if production declines lead to a spike in prices, this would rapidly
lead to increased investment in shale production, thereby causing
an increase in output fairly quickly. Thus, there might effectively
be a ceiling on global oil prices. For the world’s leading retailers,
the weakness of oil prices has mostly been good news. Lower
fuel costs have translated into increased purchasing power for
consumers as well as reduced inflationary pressures. Indeed this has
resulted in increased real (inflation-adjusted) wages in most major
markets. On the other hand, the sharp decline in capital spending
by energy companies has had a negative impact on business
investment in the US, Canada, and other major oil producers.
The result of low oil prices has been weak economic growth in a
diverse range of oil-exporting countries including Canada, Russia,
Venezuela, and Malaysia, to name a few.
Low inflation
In the developed world, as well as in China, inflation
has been at historically low levels and this has persisted
longer than many analysts had expected. Despite
aggressive monetary policies aimed at boosting inflation, a
disinflationary psychology has been established. Thus, monetary
expansion tends to boost asset prices rather than the prices of
goods and services. Why is inflation so low? There are several
explanations. These include global excess capacity, declining
commodity prices due to the Chinese slowdown, and financial
market weakness. The latter means that monetary expansion
does not necessarily lead to increased credit market activity. One
problem with very low inflation is that there is a persistent risk of
deflation. The latter has the danger of elevating real borrowing
costs, and thereby hurting investment. Expectations of low
inflation have rendered government bond yields exceptionally
low. While this is good for government finances, it tends to relieve
governments of the necessity of implementing painful reforms.
Finally, very low inflation appears to have discouraged business
investment. The result is a massive accumulation of cash by
businesses in developed economies.

Major markets
United States
How one views the health of the US
economy depends on where one
sits. For observers from outside the US, the view is impressive. The
US economy continues to grow faster than most other developed
economies. Its strong domestic demand continues to fuel exports
from the rest of the world. Moreover, the strength of its currency
reflects confidence in its economic future. The relatively high
yields on government bonds reflect expectations that a tight labor
market will generate higher inflation. For those observing from
within the US, however, the view is less optimistic. The economy
has been growing far more slowly following the last recession
than has historically been the case. That weakness has reflected
several factors. First, it took a long time for the housing market to
recover. Second, credit market activity was stymied for a long time
following the financial crisis. Third, the US has been hit by waves of
negative events. These included the European recession in 2012, a
fiscal contraction in 2013, and the rise of the dollar this past year.
Still, it now appears that the US economy has hit its stride.
Consumer spending and housing continue to grow at a healthy
pace. The consumer has been helped by strong job growth,
declining debt and debt service payments, rising wealth, an
increasing willingness to take on new debt, nascent acceleration
in wages, and lower energy prices. Housing has been helped by
low interest rates, the anticipation of higher rates, and strong job
growth. This, in turn, has contributed to strong demand for durable
home goods. In addition, the rebound in housing has contributed
to a rise in house prices which, in turn, has benefited the financial
strength of banks. This has boosted the banks to extend credit,
and has played a role in the economic recovery. The only negative
factors in the US economy are export weakness, the result of the
strong dollar, and weak business investment, largely due to a sharp
cutback in capital spending by energy companies.
Going forward, US economic growth is likely to be around 3.0
percent in the coming year with continued low inflation. Growth
will be disproportionately fueled by consumer spending. Although
the Federal Reserve has begun a gradual tightening of monetary
policy, this should not have significant negative consequences for
the US economy. Moreover, global markets now expect a further
gradual tightening of monetary policy by the Federal Reserve.
This has led to capital outflows from emerging markets.
China
The Chinese economy has slowed
substantially in the past two years. After
a period of growing at near double
digit rates, the official figures suggest
growth of only 7.0 percent. However,
many private sector analysts believe that the economy has actually
slowed much more. The slowdown has been due to two principal
factors. First, a rise in the value of the renminbi against non-dollar
currencies has hurt exports to Europe, Japan, and elsewhere.
Second, excess capacity in industry and property have suppressed
prices and margins and caused a slowdown in investment.
The Chinese slowdown has global implications, but they are
unevenly distributed across the world. The slowdown in investment
has caused a drop in commodity prices, thus hurting exporters such
as Australia, Brazil, and South Africa. The drop in manufacturing
activity and trade has hurt East Asian countries that are part of
China’s manufacturing supply chain. This includes South Korea,
Taiwan, and several countries in Southeast Asia. The impact of
China’s slowdown on the US and Europe, however, is likely to be
more muted. Although China is the third largest export market for
both the US and Europe, even a sizable drop in exports to China
would only cut US and European GDP growth by a few tenths of a
percentage point.
China is unlikely to go into recession, especially given the relative
strength of its domestic services sector. Rather, a significant
slowdown in growth is likely. The duration will depend, in part,
on the policy response. So far, the central bank has responded
by easing monetary policy, with the goal of fueling more credit
market activity. Yet this has mainly resulted in more borrowing by
consumers to purchase equities and more borrowing by businesses
to roll over existing debts. It has not fueled a significant increase
in economic activity. Slower growth is the new normal for China.
Going forward, the official rate of growth is likely to be under 7.0
percent, perhaps as low as 6.0 percent. Plus, the preponderance of
growth is already shifting away from exports and investment toward
consumer demand. The speed at which this transition takes place
will depend on the degree to which the government implements
reforms aimed at boosting the consumer sector.

Europe
The European economy has
recovered from the doldrums of
2012-2014, largely due to the
aggressive monetary policy of
the European Central Bank (ECB),
which involves massive purchases
of government bonds, combined with the positive effect of low
oil prices. The ECB policy has suppressed the value of the euro,
thereby boosting export competitiveness; created inflation when
there otherwise would have been deflation, thereby lowering real
borrowing costs; boosted asset prices, thereby increasing wealth
and stimulating consumer spending; and improved credit market
conditions, thereby enabling small and medium-sized companies to
regain access to capital. The result has been modest yet somewhat
disappointing growth. Inflation remains extremely low, leading to
increasing expectations that the ECB will boost the size of its asset
purchasing program. This would have the effect of further lowering
the value of the euro.
The ECB policy, combined with the low price of oil, has led to a
revival in the growth of consumer spending, an improvement in
credit market conditions, and renewed growth of employment as
well as a decline in unemployment. It has also had a positive impact
on export growth. Yet it has failed to significantly increase business
investment. Within Europe, some countries are performing better
than others. The star performers are Spain and Ireland, while Italy
has (as of this writing) begun to show signs of revival. German
domestic demand has been steady, but export growth has been
stymied by troubles in emerging markets. Outside of the Eurozone,
the British economy has been growing at an admirable pace,
with a strong labor market helping to fuel steady growth of retail
spending.
Despite Europe’s evident revival, risks remain. With ruinously high
unemployment in many countries, Europe has seen the rise of
many anti-euro and anti-EU parties, of both the left and right. As
this process unfolds, it could create greater difficulties for Europe’s
governments when they attempt to resolve imbalances and
crises, and if they choose to attempt greater fiscal and financial
integration. Indeed, the latter are probably necessary in order to
create an architecture that would make the euro more sustainable.
Another risk concerns demographics. The population of Europe
is aging and, in many countries, the working age population is in
decline. This threatens growth and also makes it more difficult to
provide adequate services to the elderly population. One solution
is to allow more immigration. Yet this is fraught with political
controversy and threatens social tension, as evidenced by the
recent debate about welcoming Syrian refugees.
Japan
Japan’s economic activity declined in the
second but bounced back in the third quarter
of 2015. Although economic performance in
the third quarter was good, there continue to
be headwinds that raise questions about the
health of the Japanese economy.
Over the past two years, Japan has been engaged in a policy
experiment that has yet to produce the desired results – in part
because not all of the components of the planned experiment
have been implemented. The experiment, known as “Abenomics,”
which is named for Prime Minister Abe, was meant to involve
monetary expansion, fiscal expansion, and structural reform.
Only the monetary expansion, involving massive purchases
of government bonds, has been undertaken. Fiscal policy has
involved a tax increase rather than fiscal expansion, and the
structural reform program has not gone very far. As for monetary
policy, the aggressive policy of the Bank of Japan did lead to a
sizable drop in the value of the yen, thus helping exports. It has
also led to a 44 percent jump in tourist traffic in the past year as
foreigners take advantage of low Japanese prices. The monetary
policy also caused a modest rebound in inflation, but wages have
lagged – thereby lowering real consumer spending power. And
business investment has simply failed to respond to historically low
borrowing costs, as business leaders evidently remain unconvinced
that growth in demand is here to stay. Finally, as for structural
reform, the completion of the Trans-Pacific Partnership, the free
trade agreement between the US, Japan, and ten other Pacific Rim
nations, ought to compel Japan to implement 10 reforms that will
lead to more open markets.
It should be kept in mind that, with a declining population and
a sharply declining working age population, it is not entirely
surprising that Japanese economic growth continues to skirt
negative territory. Yet if one looks at Japanese per capita GDP, it
has actually been growing at a healthy albeit modest rate. Thus it
may simply be the case that the size of the economy will not move
much in the years to come. Nevertheless, Japan’s consumers remain
relatively affluent.

Emerging markets
Following the global economic crisis in 1998, emerging markets
did much to immunize their economies from global contagion.
Governments reduced deficits and debt/GDP levels, accumulated
vast foreign currency reserves, allowed their currency values
to reflect market conditions, and improved the solvency and
transparency of their banks. Still, they are not immune to global
issues. That is evident by the massive accumulation of external
debt by corporations in emerging countries. The problem is that
much of this debt is denominated in US dollars. The appreciation
of the dollar and the slowdown in growth in emerging countries
have conspired to hurt the ability of debtors to service their debts.
This poses a risk to the health of financial institutions in emerging
markets which, in turn, poses a risk to economic growth.
Meanwhile, many emerging markets have experienced capital
outflows in anticipation of tightening US monetary policy. This has
put downward pressure on their currencies, compelling their central
banks to raise interest rates in order to stabilize currency values.
The end result has been a substantial slowdown in growth in many
countries, with some dipping into recession. Brazil and Russia
are now in recession. Slower growth is evident in such diverse
emerging markets as Turkey, South Africa, Mexico, and Indonesia.
The one bright spot appears to be India, where lower oil prices
have allowed the central bank to ease policy, thus boosting growth.
Brazil
Brazil fell into recession in 2015 and will likely
remain in recession well into 2016. The country
suffers from a perfect storm of problematic
events. A sharp drop in commodity prices hurt
Brazilian export revenue and also led to a decline
in the value of the currency. This, in turn, fueled excessive inflation
and compelled the central bank to tighten monetary policy. The
result has been a sharp drop in investment. Moreover, in order to
convince financial markets of its fiscal probity, the government has
cut fuel subsidies. The result was a temporary surge of inflation,
thereby limiting room for the central bank to ease monetary policy,
even though the economy remains in recession. The outlook
will depend critically on what the government does to improve
fiscal discipline and to ease obstacles to the market economy. Yet
political conflict has stymied reform and led to uncertainty. For the
retail market, the weak economy has meant rising unemployment
and declining real purchasing power.
India
India’s economy is now growing faster than
that of China. It is one of the few major
emerging markets that have not suffered the
consequences of declining commodity prices
and a rising US dollar. Rather, the drop in oil
prices has reduced inflation, thereby boosting consumer spending
power and allowing the central bank to ease monetary policy. Thus,
India’s economy is in moderately good shape, despite considerable
long-term problems. The outlook will depend on the degree to
which the government can implement market opening reforms,
many of which face significant obstacles in the Parliament.
Russia
Russia suffered recession in 2015 due
to the combination of a sharp drop in
oil prices and the continuing Western
sanctions on Russia due to the country’s policy in Ukraine. After
initially easing monetary policy, the central bank has held interest
rates high lest weak oil prices cause yet another sharp drop in the
value of the currency. With inflation high, real consumer spending
power has fallen, thus severely hurting the consumer sector. In
addition, business investment has fallen sharply due to high capital
costs and limited profitable opportunities. If oil prices bounce back
in 2016, the economy should experience a modest recovery and an
increase in the value of the currency. Yet the existence of sanctions
will probably limit economic growth to a very modest level.
Moreover, until inflation eases further, the central bank will likely
keep policy relatively tight.

Navigating the new digital divide
Over three years ago, Deloitte Global set out to explore consumers’ digital preferences –
how the use of digital devices impacts in-store shopping behavior. What began as a simple
exercise has led to the view that digital technology and easy access to digital information not
only affects sales within digital channels, but also has a much broader impact on in-store
sales and in-store consumer behavior – a concept we refer to as “digital influence.”
Year after year, the data collected within the US market points
to the growing importance of digital and a rapidly evolving retail
landscape. The day that shoppers are connected 100 percent of
the time is increasingly evident and a development that may prove
to be transformative for the retail industry.
Beyond this, the study reveals that the digital behaviors and
expectations of consumers are evolving faster than retailers are
delivering on those expectations, a gap Deloitte Global refers to
as the “new digital divide.” The initial study debunked the idea
of “showrooming,” a popular belief at the time that consumers
using digital devices in the store were overwhelmingly shopping or
“window-shopping” in a physical store only to make their purchases
from cheaper, online competitors. In fact, customers using digital
devices in-store were actually more likely to make a purchase in the
store, not less.
Over the past several months, the study into the digital divide has
expanded to include key retail markets globally. Deloitte member
firms surveyed thousands of consumers in nine countries. The
analysis included a look at both mature markets and markets
emerging technologically. Despite the natural cultural and
economic differences across the markets analyzed, the digital
influence on in-store behavior are relatively common and retailers
may be underestimating the real impact and opportunity that this
may have for their business.
Digital influence is a universal trend regardless of geography,
influencing in-store customer behavior across the board, but
at different levels of impact and through various mechanisms
depending on the country. For example, in some markets,
consumers are already using digital devices to help them to shop - a
trend that is expected to grow in the future.
The global analysis suggests a gap already exists between
consumer’s digital behaviors and expectations and their local
retailers’ ability to deliver the desired expectations – a gap referred
to as “the new digital divide.” This poses a critical challenge to
retailers. In order to stay relevant in today’s marketplace, retailers
must understand the evolving digital needs of their customers
and improve their ability to anticipate and shape the needs of
tomorrow. With more shoppers – both in the developed and
developing worlds – embracing cultural trends and gaining access
to technology that will allow them to be “connected” 100 percent
of the time, retailers worldwide need to advance their own
offerings to fit the behaviors of this new consumer.
The new digital divide
The gap between consumers’
digital behaviors and expectations
and retailers’ ability to deliver the
desired experiences.

Definition
Digital influence factor
The percentage of in-store retail sales influenced by
the shopper’s use of any digital device, including:
desktop computers, laptop computers or netbooks,
tablets, smartphones, wearable devices, in-store
devices (i.e., kiosk, mobile payment device.)
Mobile influence factor
The percentage of in-store retail sales influenced
by the shopper’s use of a web-enabled mobile
device, including smartphones.
Executive summary of key findings
Overall, digital is influencing consumer behavior across all countries
evaluated, but the detail behind this influence varies based on
country and by micro-characteristics within the market. Customers
around the world are using digital access to tailor the way that
they shop. As such, comparisons at all levels – across countries,
age groups, and product categories – prove to be insightful in
understanding the true digital needs of today’s consumer and
ultimately, the investment opportunities for retailers.
The data also reinforces the reality that retailers are
underestimating – or at least under-delivering on – the consumer’s
evolving desire and ability to incorporate digital into their in-store
shopping journeys. The trends identified related to the impact
digital is having on in-store shopping around the globe coalesced
into three core hypotheses:
There is no single path toward digital adoption or
optimization.
While all countries studied are heading in the direction of
increased digital adoption and usage, the progression is taking
place at a considerably different pace depending on the starting
point. The developing world will not necessarily follow in the
footsteps of the most digitally developed countries today. In
some cases, emerging markets digitally developed appear to
skip adoption stages experienced previously by developed
markets, and therefore may come up the adoption curve more
quickly. Therefore, the “lift and shift” playbook is likely not
appropriate for global expansion.
One digital “size” does not fit all customers within a given
market.
Even within the context of a market, digital behavior varies based
on personal context – who the consumer is, what stage in the
process he or she is in and what he or she is looking to buy.
Demographic factors like age he or she is in and income play a
role in shaping shopping habits within each market. In addition,
categories matter – consumers clearly use digital tools very
differently based on the product type for which they are shopping.
Across the world, consumers are demanding digital tools
and features to execute their own shopping journeys.
Irrespective of culture, digital has a significant impact on in-store
retail, and in fact is dramatically more valuable than viewing
digital through the lens of online revenue. Ultimately, these tools
and channels can help extend the retailer’s reach beyond the
traditional shopping trip, and generate incremental revenue and
profit in the store and across all channels. However, customers are
still left unsatisfied and underserved by retailers’ current digital
offerings, minimizing retailers’ own potential for capturing sales.
For more information, including results from individual markets,
please see the forthcoming Deloitte Global publication
Navigating the new digital divide: A global summary of findings
from nine countries on digital influence in retail, to be published
in February 2016.

Retail
revenue
rank
FY2014 Name of company
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
parent
company/
group
revenue¹
(US$M)
FY2014
parent
company/
group
net income¹
(US$M)
Dominant operational format
FY2014
#
countries
of
operation
FY2014
FY2009-
2014
retail
revenue
CAGR²
1 Wal-Mart Stores Inc. US 485,651 485,651 17,099 Hypermarket/Supercenter/Superstore 28 3.5%
2 Costco Wholesale Corporation US 112,640 112,640 2,088 Cash Carry/Warehouse Club 10 9.5%
3 The Kroger Co. US 108,465 108,465 1,747 Supermarket 1 7.2%
4 Schwarz Unternehmenstreuhand KG Germany 102,694e
102,694e
n/a Discount Store 26 7.7%
5 Tesco PLC UK 99,713 101,380 -9,385 Hypermarket/Supercenter/Superstore 13 1.8%
6 Carrefour S.A. France 98,497 101,450 1,817 Hypermarket/Supercenter/Superstore 34 -2.8%
7 Aldi Einkauf GmbH Co. oHG Germany 86,470e
86,470e
8 Metro Ag Germany 85,570 85,570 247 Cash Carry/Warehouse Club 32 -0.8%
9 The Home Depot Inc. US 83,176 83,176 6,345 Home Improvement 4 4.7%
10 Walgreen Co. (now Walgreens
Boots Alliance Inc.)
US 76,392 76,392 2,031 Drug Store/Pharmacy 2 3.8%
11 Target Corporation US 72,618 72,618 -1,636 Discount Department Store 1 2.7%
12 Amazon.com Inc. US 70,080 88,988 -241 Non-store 14 25.8%
13 Groupe Auchan SA France 69,622 71,056 1,046 Hypermarket/Supercenter/Superstore 13 6.2%
14 CVS Health Corporation (formerly
CVS Caremark Corporation)
US 67,798 139,367 4,644 Drug Store/Pharmacy 3 4.1%
15 Casino Guichard-Perrachon S.A. France 64,462**
64,462**
1,095 Hypermarket/Supercenter/Superstore 29 13.1%
16 Aeon Co. Ltd. Japan 61,436 65,831**
738 Hypermarket/Supercenter/Superstore 11 7.6%
17 Edeka Group Germany 60,960**
62,689**
n/a Supermarket 1 2.9%
18 Lowe's Companies Inc. US 56,223 56,223 2,698 Home Improvement 4 3.6%
19 Seven i Holdings Co. Ltd. Japan 53,839**
56,162**
1,698 Convenience/Forecourt Store 18 3.4%
20 Rewe Combine Germany 51,168**
56,555**
419 Supermarket 11 2.4%
21 Woolworths Limited Australia 49,572 50,965 1,790 Supermarket 2 3.3%
22 Centres Distributeurs E. Leclerc France 48,573e**
60,749g**
n/a Hypermarket/Supercenter/Superstore 7 5.5%
23 Wesfarmers Limited Australia 48,095 52,287 2,043 Supermarket 2 4.7%
24 Koninklijke Ahold N.V. Netherlands 43,566**
43,566**
25 Best Buy Co. Inc. US 40,339 40,339 1,235 Electronics Specialty 4 -4.1%
26 The IKEA Group
(INGKA Holding B.V.)
Netherlands 39,064 39,871 4,531 Other Specialty 42 6.0%
27 ITM Développement International
(Intermarché)
France 38,164e**
53,305g**
28 J Sainsbury plc UK 37,832 38,368 268 Supermarket 1 3.3%
29 Loblaw Companies Limited Canada 37,812**
38,610**
30 Safeway Inc. US 36,330 36,330 113 Supermarket 2 -1.9%
31 Sears Holdings Corporation US 31,198 31,198 -1,810 Department Store 3 -6.7%
32 Publix Super Markets Inc. US 30,802 30,802 1,735 Supermarket 1 4.7%
33 The TJX Companies Inc. US 29,078 29,078 2,215 Apparel/Footwear Specialty 7 7.5%
34 Delhaize Group SA Belgium 28,395**
28,395**
35 Macy's Inc. US 28,105**
28,105**
1,526 Department Store 3 3.7%
36 Wm Morrison Supermarkets PLC UK 27,531 27,531 -1,246 Supermarket 1 1.8%
37 AB Acquisition LLC (now
Albertsons Companies Inc.)
US 27,199 27,199 -1,225 Supermarket 1 45.3%
38 Rite Aid Corporation US 26,528 26,528 2,109 Drug Store/Pharmacy 1 0.7%
39 LVMH Moët Hennessy-
Louis Vuitton S.A.
France 26,006e
40,727**
8,115 Other Specialty 80 14.6%
Top 250 Global Powers of Retailing
Top 250 retailers
¹ Revenue and net income for the parent company or
group may include results from non-retail operations
² Compound annual growth rate
e = estimate
g = gross turnover as reported by company
n/a = not available
ne = not in existence (created by merger or divestiture)
* Revenue reflects wholesale sales
** Revenue includes wholesale and retail sales
Source: Published company data and Planet Retail

e = estimate
n/a = not available
Top 250 retailers
Retail
revenue
rank
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
parent
company/
group
revenue¹
(US$M)
FY2014
parent
company/
group
net income¹
(US$M)
FY2014
#
countries
of
operation
FY2014
FY2009-
2014
retail
revenue
CAGR²
40 Migros-Genossenschafts Bund Switzerland 25,609e**
29,866**
41 Lotte Shopping Co., Ltd. S. Korea 25,384 26,695 585 Hypermarket/Supercenter/Superstore 6 14.6%
42 Système U, Centrale Nationale France 25,004e**
31,252g**
43 Coop Group Switzerland 24,696e**
30,831**
44 Mercadona S.A. Spain 24,515 24,515 722 Supermarket 1 5.1%
45 Inditex S.A. Spain 23,780**
23,780**
3,295 Apparel/Footwear Specialty 90 10.3%
46 H.E. Butt Grocery Company US 22,600e
22,600e
47 H M Hennes Mauritz AB Sweden 22,425 22,425 2,958 Apparel/Footwear Specialty 56 8.4%
48 Apple Inc. / Apple Retail Stores US 21,462 182,795 39,510 Electronics Specialty 16 26.4%
49 Empire Company Limited Canada 20,897**
21,059**
50 A.S. Watson Group Hong Kong 20,304**
20,304**
n/a Drug Store/Pharmacy 25 6.3%
51 PJSC “Magnit” (formerly OJSC
“Magnit”)
Russia 19,851 19,872**
1,241 Convenience/Forecourt Store 1 30.0%
52 Groupe Adeo SA France 19,541**
19,541**
n/a Home Improvement 12 9.4%
53 Kohl’s Corporation US 19,023 19,023 867 Department Store 1 2.1%
54 Dollar General Corporation US 18,910 18,910 1,065 Discount Store 1 9.9%
55 Cencosud S.A. Chile 18,221 18,809 335 Supermarket 5 15.7%
56 Kingfisher plc UK 17,954 17,954 822 Home improvement 10 0.9%
57 Suning Commerce Group Co. Ltd. China 17,733 17,733 134 Electronics Specialty 3 13.3%
58 JD.com Inc. China 17,672 18,722 -813 Non-store 78 106.3%
59 Jerónimo Martins, SGPS, S.A. Portugal 16,856 16,856 435 Discount Store 3 12.2%
60 X5 Retail Group N.V. Russia 16,853 16,861 338 Discount Store 2 14.1%
61 Marks and Spencer Group plc UK 16,641 16,641 777 Department Store 53 1.6%
62 The Gap Inc. US 16,435 16,435 1,262 Apparel/Footwear Specialty 53 3.0%
63 John Lewis Partnership plc UK 15,882**
15,882**
64 Meijer Inc. US 15,700e
15,700e
65 Yamada Denki Co. Ltd. Japan 15,146**
15,146**
85 Electronics Specialty 7 -3.8%
66 Coop Italia Italy 14,860e
16,511g
n/a Hypermarket/Supercenter/Superstore 1 -1.1%
67 Gome Home Appliance Group China 14,652e
15,034ge
n/a Electronics Specialty 1 6.0%
68 El Corte Inglés S.A. Spain 14,639 18,897 153 Department Store 7 -3.2%
69 Conad Consorzio Nazionale,
Dettaglianti Soc. Coop. a.r.l.
Italy 14,569e**
15,553g**
70 Whole Foods Market Inc. US 14,194 14,194 579 Supermarket 3 12.1%
71 China Resources Enterprise Limited Hong Kong 14,110 21,783**
72 Fast Retailing Co. Ltd. Japan 13,529**
13,553**
778 Apparel/Footwear Specialty 30 15.0%
73 S Group Finland 13,188 14,864 364 Supermarket 5 5.3%
74 Nordstrom Inc. US 13,110 13,506 720 Department Store 2 9.7%
75 Dixons Carphone plc (formerly
Dixons Retail plc)
UK 12,991 13,199 155 Electronics Specialty 10 -1.0%
76 Otto (GmbH Co KG) Germany 12,843 16,662 -254 Non-store 54 2.1%
77 ICA Gruppen AB Sweden 12,454**
12,754**
390 Supermarket 5 -1.7%
78 Toys “R” Us Inc. US 12,361 12,361 -288 Other Specialty 40 -1.8%
79 J. C. Penney Company Inc. US 12,257 12,257 -771 Department Store 2 -6.9%
80 BJ's Wholesale Club Inc. US 12,000e
12,000e
n/a Cash Carry/Warehouse Club 1 3.3%
81 Bed Bath and Beyond Inc. US 11,881 11,881 957 Other Specialty 4 8.7%
82 Co-operative Group Ltd. UK 11,815 15,547 356 Supermarket 1 -3.0%

Top 250 retailers
Retail
revenue
rank
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
parent
company/
group
revenue¹
(US$M)
FY2014
parent
company/
group
net income¹
(US$M)
FY2014
#
countries
of
operation
FY2014
FY2009-
2014
retail
revenue
CAGR²
83 Louis Delhaize S.A. Belgium 11,685e
14,755ge
n/a Hypermarket/Supercenter/Superstore 5 -3.4%
84 Spar Holding AG Austria 11,591**
11,686**
85 Staples Inc. US 11,585e
22,492 135 Other Specialty 12 -1.8%
86 E-MART Inc. S. Korea 11,576 12,496 277 Hypermarket/Supercenter/Superstore 2 ne
87 Isetan Mitsukoshi Holdings Ltd. Japan 11,513 11,576 272 Department Store 8 0.1%
88 Southeastern Grocers, LLC
(formerly BI-LO Holding LLC)
US 11,500e
11,500e
89 L Brands Inc. US 11,454**
11,454**
90 CP ALL Public Company Limited Thailand 11,436**
11,436**
316 Convenience/Forecourt Store 1 26.4%
91 Ross Stores Inc. US 11,042 11,042 925 Apparel/Footwear Specialty 1 9.0%
92 Dairy Farm International Holdings
Limited
Hong Kong 11,008 11,008 508 Supermarket 11 9.4%
93 NorgesGruppen ASA Norway 10,996**
11,373**
307 Discount Store 1 6.2%
94 Décathlon S.A. (formerly Oxylane
Groupe)
France 10,900 10,900 n/a Other Specialty 22 8.6%
95 Metro Inc. Canada 10,715**
10,715**
96 Distribuidora Internacional de
Alimentación S.A. (Dia, S.A.)
Spain 10,649**
10,789**
438 Discount Store 5 ne
97 Liberty Interactive Corporation US 10,499 10,499 626 Non-store 9 4.8%
98 Family Dollar Stores Inc. US 10,489 10,489 285 Discount Store 1 7.2%
99 S.A.C.I. Falabella Chile 10,461 12,309 771 Department Store 5 14.1%
100 Tengelmann
Warenhandelsgesellschaft KG
Germany 10,423e**
10,767**
101 Steinhoff International Holdings
Ltd.
S. Africa 10,240 11,814 1,152 Other Specialty 29 41.6%
102 Canadian Tire Corporation Limited Canada 10,238**
11,293**
579 Other Specialty 1 7.4%
103 dm-drogerie markt GmbH + Co. KG Germany 10,086e
11,294g
n/a Drug Store/Pharmacy 12 9.6%
104 Dansk Supermarked A/S Denmark 9,968 10,038 311 Discount Store 4 0.0%
105 Shoprite Holdings Ltd. S. Africa 9,960**
9,960**
106 Menard Inc. US 9,900e
9,900e
107 Advance Auto Parts Inc. US 9,844**
9,844**
108 Kesko Corporation Finland 9,665e**
12,058**
109 J. Front Retailing Co. Ltd. Japan 9,606 10,691 214 Department Store 2 3.3%
110 Giant Eagle Inc. US 9,600e**
9,600e**
111 Dirk Rossmann GmbH Germany 9,571 9,571 n/a Drug Store/Pharmacy 6 11.8%
112 SuperValu Inc. US 9,492**
17,820**
199 Supermarket 1 -21.4%
113 AutoZone Inc. US 9,475**
9,475**
114 GameStop Corp. US 9,296 9,296 393 Other Specialty 15 0.5%
115 Home Retail Group plc UK 9,295 9,295 117 Other Specialty 2 -1.1%
116 CA Europe Belgium/
Germany
9,195e
9,195e
n/a Apparel/Footwear Specialty 21 2.4%
117 Uny Group Holdings Co. Ltd. Japan 9,127**
9,476**
-22 Convenience/Forecourt Store 3 -2.4%
118 Hy-Vee Inc. US 8,700e
8,700e
119 Dollar Tree Inc. US 8,602 8,602 599 Discount Store 2 10.5%
120 Colruyt Group Belgium 8,596 11,321**
121 Esselunga S.p.A. Italy 8,549e
9,322g
122 Reitan Group Norway 8,486e**
9,579**
291 Discount Store 7 10.1%
123 Globus Holding GmbH Co. KG Germany 8,400g
8,400g
124 Chow Tai Fook Jewellery Group
Limited
Hong Kong 8,285**
8,285**
125 FEMSA Comercio, S.A. de C.V. Mexico 8,255 8,255 n/a Convenience/Forecourt Store 2 15.4%
e = estimate
n/a = not available

Top 250 retailers
e = estimate
n/a = not available
Retail
revenue
rank
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
parent
company/
group
revenue¹
(US$M)
FY2014
parent
company/
group
net income¹
(US$M)
FY2014
#
countries
of
operation
FY2014
FY2009-
2014
retail
revenue
CAGR²
126 Associated British Foods plc /
Primark
UK 8,202 21,447 1,297 Apparel/Footwear Specialty 9 16.4%
127 Bic Camera Inc. Japan 8,132 8,132 114 Electronics Specialty 1 7.1%
128 Shanghai Bailian Group Co. Ltd.
(formerly Shanghai Friendship Group
Incorporated Co.)
China 8,078**
8,330**
129 Office Depot Inc. US 8,050e
16,096 -352 Other Specialty 11 4.1%
130 Army Air Force Exchange Service
(AAFES)
US 7,834 7,834 259 Convenience/Forecourt Store 33 -1.9%
131 Takashimaya Co. Ltd. Japan 7,788 8,486 218 Department Store 4 0.4%
132 Beisia Group Co. Ltd. Japan 7,700e
8,370e
133 Organización Soriana S.A.B. de
C.V.
Mexico 7,668**
7,668**
134 Wegmans Food Markets Inc. US 7,560 7,560 115 Supermarket 1 7.8%
135 Hudson's Bay Company Canada 7,342 7,342 214 Department Store 7 2.2%
136 H2O Retailing Corporation Japan 7,284 7,688 105 Department Store 2 12.4%
137 Jumbo Groep Holding B.V. Netherlands 7,269**
7,269**
138 O'Reilly Automotive Inc. US 7,216**
7,216**
139 Foot Locker, Inc. US 7,151 7,151 520 Apparel/Footwear Specialty 30 8.1%
140 PetSmart Inc. US 7,112 7,112 426 Other Specialty 3 5.9%
141 Kering S.A. France 7,078 13,343**
730 Apparel/Footwear Specialty 91 -16.9%
142 Compagnie Financière Richemont
SA
Switzerland 6,902 13,217**
143 Lojas Americanas S.A. Brazil 6,899 6,899 183 Discount Department Store 1 14.1%
144 Coop Danmark A/S Denmark 6,870**
7,063**
145 The Sherwin-Williams Company /
Paint Stores Group
US 6,852 11,130**
866 Home Improvement 9 10.2%
146 Grupo Eroski Spain 6,847e
6,999 -368 Supermarket 2 -6.7%
147 Dick's Sporting Goods Inc. US 6,814 6,814 344 Other Specialty 1 9.1%
148 Central Group (formerly Central
Retail Corporation Ltd.)
Thailand 6,800e
8,050 n/a Department Store 6 20.3%
149 Coppel S.A. de C.V. Mexico 6,794e
6,794e
n/a Department Store 3 19.2%
150 Axel Johnson AB / Axfood,
Axstores
Sweden 6,734**
9,733**
151 Dillard's Inc. US 6,649 6,780 332 Department Store 1 2.0%
152 Nike Inc. / Direct to Consumer US 6,634 30,601**
153 BİM Birleşik Mağazalar A.Ş. Turkey 6,621 6,621 181 Discount Store 3 22.1%
154 Bauhaus GmbH Co. KG Germany 6,589e
6,589e
155 Next plc UK 6,527 6,548**
156 Belle International Holdings
Limited
Hong Kong 6,505 6,505 772 Apparel/Footwear Specialty 3 15.2%
157 Sonae, SGPS, SA Portugal 6,315 6,375 193 Supermarket 17 1.7%
158 Edion Corporation Japan 6,290**
6,290**
159 Yodobashi Camera Co. Ltd. Japan 6,223e
6,223e
n/a Electronics Specialty 1 0.0%
160 President Chain Store Corp. Taiwan 6,179e
6,839**
161 Pick n Pay Stores Limited S. Africa 6,125 6,125 79 Supermarket 7 4.1%
162 OJSC Dixy Group Russia 6,043 6,091 119 Supermarket 1 33.3%
163 WinCo Foods LLC US 6,000e
6,000e
164 Don Quijote Holdings Co. Ltd.
(formerly Don Quijote Co., Ltd.)
Japan 5,807 6,019 237 Discount Department Store 2 7.0%
165 Emke Group / Lulu Group
International
UAE 5,800e
5,800e
n/a Hypermarket/Supercenter/
Superstore
9 19.5%

Top 250 retailers
e = estimate
n/a = not available
Retail
revenue
rank
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
parent
company/
group
revenue¹
(US$M)
FY2014
parent
company/
group
net income¹
(US$M)
FY2014
#
countries
of
operation
FY2014
FY2009-
2014
retail
revenue
CAGR²
166 The Great Atlantic Pacific Tea
Company Inc.
US 5,800e
5,800e
n/a Supermarket 1 -8.0%
167 K's Holdings Corporation Japan 5,798**
5,798**
168 Signet Jewelers Limited Bermuda 5,724 5,736 381 Other Specialty 5 11.7%
169 Yonghui Superstores Co. Ltd. China 5,719 5,979 139 Hypermarket/Supercenter/Superstore 1 33.7%
170 Tractor Supply Company US 5,712 5,712 371 Other Specialty 1 12.2%
171 SHV Holdings N.V. / Makro Netherlands 5,663e
19,815 695 Cash Carry/Warehouse Club 5 -1.4%
172 Majid Al Futtaim Holding LLC UAE 5,603 6,868 699 Hypermarket/Supercenter/Superstore 12 8.8%
173 Defense Commissary Agency
(DeCA)
US 5,600 5,600 n/a Supermarket 13 -1.3%
174 E.Land World Ltd. S. Korea 5,588e**
6,382**
175 El Puerto de Liverpool, S.A.B. de
C.V.
Mexico 5,431 6,101 585 Department Store 1 10.7%
176 Grupo Comercial Chedraui, S.A.B.
de C.V.
Mexico 5,374 5,374 133 Hypermarket/Supercenter/Superstore 2 8.5%
177 Izumi Co. Ltd. Japan 5,361 5,392 163 Hypermarket/Supercenter/Superstore 1 3.6%
178 Deichmann SE Germany 5,317 6,115g
179 Life Corporation Japan 5,289 5,440 48 Supermarket 1 4.5%
180 The SPAR Group Limited S. Africa 5,210**
5,210**
181 Groupe FNAC S.A. France 5,178**
5,178**
55 Other Specialty 7 ne
182 Big Lots Inc. US 5,177 5,177 114 Discount Store 1 1.8%
183 Lenta Group Russia 5,160 5,160 241 Hypermarket/Supercenter/Superstore 1 28.4%
184 Foodstuffs North Island Ltd. New
Zealand
5,056**
5,056**
15 Hypermarket/Supercenter/Superstore 1 ne
185 Coop Sverige AB Sweden 5,001**
5,001**
-7 Supermarket 1 ne
186 Coop Norge, the Group Norway 4,977**
5,270**
187 Woolworths Holdings Limited S. Africa 4,950 4,950 273 Department Store 14 19.3%
188 Celesio AG Germany 4,889 29,678**
70 Drug Store/Pharmacy 7 1.3%
189 Burlington Stores Inc. (formerly
Burlington Coat Factory
Investments Holdings Inc.)
US 4,850 4,850 66 Department Store 2 6.4%
190 Neiman Marcus Group LTD LLC US 4,839 4,839 -147 Department Store 1 5.8%
191 Dashang Co. Ltd. China 4,819 5,243 216 Department Store 1 8.3%
192 Agrokor d.d. Croatia 4,809**
6,095**
-39 Supermarket 5 7.1%
193 Ascena Retail Group Inc. US 4,791 4,791 133 Apparel/Footwear Specialty 2 26.2%
194 Shimamura Co. Ltd. Japan 4,761 4,761 217 Apparel/Footwear Specialty 3 3.6%
195 The Michaels Companies Inc.
(formerly Michaels Stores Inc.)
US 4,738 4,738 217 Other Specialty 2 4.0%
196 Chongqing Department Store Co.
Ltd.
China 4,712 4,907 80 Department Store 1 32.5%
197 Williams-Sonoma Inc. US 4,699 4,699 309 Non-store 10 8.7%
198 GS Retail Co. Ltd. S. Korea 4,592 4,714 106 Convenience/Forecourt Store 1 5.7%
199 OJSC Company M.video Russia 4,580 4,580 213 Electronics Specialty 1 19.6%
200 Forever 21 Inc. US 4,500e
4,500e
201 Arcadia Group Limited UK 4,474**
4,474**
202 SM Investments Corporation Philippines 4,454 6,231 879 Hypermarket/Supercenter/Superstore 1 8.7%
203 Dufry AG Switzerland 4,446 4,592 93 Other Specialty 60 12.0%
204 Berkshire Hathaway Inc. / Retail
operations
US 4,422 194,673 20,170 Other Specialty 9 9.0%
205 Save Mart Supermarkets US 4,421e
4,421e
n/a Supermarket 1 -2.0%
206 MatsumotoKiyoshi Holdings Co. Ltd. Japan 4,393**
4,418**

Top 250 retailers
e = estimate
n/a = not available
Retail
revenue
rank
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
parent
company/
group
revenue¹
(US$M)
FY2014
parent
company/
group
net income¹
(US$M)
FY2014
#
countries
of
operation
FY2014
FY2009-
2014
retail
revenue
CAGR²
207 Hermès International SCA France 4,387e
5,475**
208 Darty plc UK 4,372 4,372 17 Electronics Specialty 3 -9.5%
209 XXXLutz Group Austria 4,367e
4,367e
n/a Other Specialty 8 7.9%
210 Arcs Co. Ltd. Japan 4,361 4,374 89 Supermarket 1 11.9%
211 Iceland Topco Limited UK 4,352**
4,352**
-107 Supermarket 7 3.6%
212 Nonggongshang Supermarket
(Group) Co. Ltd.
China 4,347e
4,783g
213 HORNBACH-Baumarkt-AG Group Germany 4,347 4,347 90 Home Improvement 9 4.6%
214 Gruppo Eurospin Italy 4,254e**
4,575ge**
215 Intersport Deutschland eG Germany 4,187e**
4,506g**
216 Sports Direct International plc UK 4,167 4,529 386 Other Specialty 21 15.6%
217 Magazine Luiza SA Brazil 4,165 4,179 55 Electronics Specialty 1 26.1%
218 Belk Inc. US 4,110 4,110 146 Department Store 1 4.2%
219 Barnes Noble Inc. US 4,108 6,069**
37 Other Specialty 1 -3.8%
220 Demoulas Super Markets Inc. (dba
Market Basket)
US 4,100e
4,100e
221 Overwaitea Food Group Canada 4,100e
4,100e
222 Valor Co. Ltd. Japan 4,081 4,282 84 Supermarket 2 6.0%
223 Norma Lebensmittelfilialbetrieb
Stiftung Co. KG
Germany 4,081e
4,081e
224 Sundrug Co. Ltd. Japan 4,057**
4,057**
225 Tiffany Co. US 4,015e
4,250**
226 DCM Holdings Co. Ltd. Japan 4,001 4,006 84 Home Improvement 1 0.7%
227 Academy Ltd. (dba Academy Sports
+ Outdoors)
US 4,000e
4,000e
228 Stater Bros. Holdings Inc. US 4,000e
4,000e
229 O’Key Group S.A. Russia 3,989 4,043 139 Hypermarket/Supercenter/Superstore 1 17.5%
230 Reinalt-Thomas Corporation (dba
Discount Tire/America's Tire)
US 3,980e
3,980e
231 Tokyu Corporation Japan 3,960 9,711 380 Department Store 4 -4.8%
232 Ralph Lauren Corporation US 3,956 7,620**
233 Lagardère Travel Retail SAS
(formerly Lagardère Services SA)
France 3,944 5,070 n/a Other Specialty 33 5.1%
234 Lawson Inc. Japan 3,922**
4,631**
235 Tsuruha Holdings Inc. Japan 3,920 3,920 153 Drug Store/Pharmacy 2 9.5%
236 PRADA Group Italy 3,913 4,662 603 Apparel/Footwear Specialty 42 24.6%
237 Roundy's Inc. US 3,855 3,855 -310 Supermarket 1 0.6%
238 Debenhams plc UK 3,823 3,823 144 Department Store 28 3.8%
239 Nitori Holdings Co. Ltd. Japan 3,813 3,881 386 Other Specialty 3 7.6%
240 JYSK Group Denmark 3,811**
3,811**
241 Grandvision N.V. Netherlands 3,745**
3,745**
232 Other Specialty 43 n/a
242 Abercrombie Fitch Co. US 3,744 3,744 52 Apparel/Footwear Specialty 23 5.0%
243 HTM-Group France 3,714 3,714 n/a Electronics Specialty 1 13.1%
244 RONA Inc. Canada 3,712**
3,712**
71 Home Improvement 1 -2.6%
245 Heiwado Co. Ltd. Japan 3,707 3,899 81 Hypermarket/Supercenter/Superstore 2 1.7%
246 Vipshop Holdings Limited China 3,701 3,774 123 Non-store 1 320.8%
247 Liquor Control Board of Ontario Canada 3,691e
4,597**
248 Coach Inc. US 3,686e
4,192**
249 Ingles Markets Inc. US 3,683 3,836 51 Supermarket 1 3.2%
250 Groupe Vivarte France 3,653 3,653 n/a Apparel/Footwear Specialty 64 -2.0%

A.S. Watson Group 50
AB Acquisition LLC (now Albertsons Companies Inc.) 37
Abercrombie Fitch Co. 242
Academy Ltd. (dba Academy Sports + Outdoors) 227
Advance Auto Parts Inc. 107
Aeon Co. Ltd. 16
Agrokor d.d. 192
Aldi Einkauf GmbH Co. oHG 7
Amazon.com Inc. 12
Apple Inc. / Apple Retail Stores 48
Arcadia Group Limited 201
Arcs Co. Ltd. 210
Army Air Force Exchange Service (AAFES) 130
Ascena Retail Group Inc. 193
Associated British Foods plc / Primark 126
AutoZone Inc. 113
Axel Johnson AB / Axfood, Axstores 150
Barnes Noble Inc. 219
Bauhaus GmbH Co. KG 154
Bed Bath and Beyond Inc. 81
Beisia Group Co. Ltd. 132
Belk Inc. 218
Belle International Holdings Limited 156
Berkshire Hathaway Inc. / Retail operations 204
Best Buy Co. Inc. 25
Bic Camera Inc. 127
Big Lots Inc. 182
BİM Birleşik Mağazalar A.Ş. 153
BJ's Wholesale Club Inc. 80
Burlington Stores Inc. (formerly Burlington Coat Factory
Investments Holdings Inc.)
189
CA Europe 116
Canadian Tire Corporation Limited 102
Carrefour S.A. 6
Casino Guichard-Perrachon S.A. 15
Celesio AG 188
Cencosud S.A. 55
Central Group (formerly Central Retail Corporation Ltd.) 148
Centres Distributeurs E. Leclerc 22
China Resources Enterprise Limited 71
Chongqing Department Store Co. Ltd. 196
Chow Tai Fook Jewellery Group Limited 124
Coach Inc. 248
Colruyt Group 120
Compagnie Financière Richemont SA 142
Conad Consorzio Nazionale, Dettaglianti Soc. Coop. a.r.l. 69
Coop Danmark A/S 144
Coop Group 43
Coop Italia 66
Coop Norge, the Group 186
Coop Sverige AB 185
Co-operative Group Ltd. 82
Coppel S.A. de C.V. 149
Costco Wholesale Corporation 2
CP ALL Public Company Limited 90
CVS Health Corporation (formerly CVS Caremark Corporation) 14
Dairy Farm International Holdings Limited 92
Dansk Supermarked A/S 104
Darty plc 208
Dashang Co. Ltd. 191
DCM Holdings Co. Ltd. 226
Debenhams plc 238
Décathlon S.A. (formerly Oxylane Groupe) 94
Defense Commissary Agency (DeCA) 173
Deichmann SE 178
Delhaize Group SA 34
Demoulas Super Markets Inc. (dba Market Basket) 220
Dick's Sporting Goods Inc. 147
Dillard's Inc. 151
Dirk Rossmann GmbH 111
Distribuidora Internacional de Alimentación S.A. (Dia, S.A.) 96
Dixons Carphone plc (formerly Dixons Retail plc) 75
dm-drogerie markt GmbH + Co. KG 103
Dollar General Corporation 54
Dollar Tree Inc. 119
Don Quijote Holdings Co. Ltd. (formerly Don Quijote Co., Ltd.) 164
Dufry AG 203
E.Land World Ltd. 174
Edeka Group 17
Edion Corporation 158
El Corte Inglés S.A. 68
El Puerto de Liverpool, S.A.B. de C.V. 175
E-MART Inc. 86
Emke Group / Lulu Group International 165
Empire Company Limited 49
Esselunga S.p.A. 121
Family Dollar Stores Inc. 98
Fast Retailing Co. Ltd. 72
FEMSA Comercio, S.A. de C.V. 125
Foodstuffs North Island Ltd. 184
Foot Locker, Inc. 139
Forever 21 Inc. 200
GameStop Corp. 114
Gap Inc., The 62
Giant Eagle Inc. 110
Globus Holding GmbH Co. KG 123
Gome Home Appliance Group 67
Grandvision N.V. 241
Great Atlantic Pacific Tea Company Inc., The 166
Groupe Adeo SA 52
Groupe Auchan SA 13
Groupe FNAC S.A. 181
Groupe Vivarte 250
Grupo Comercial Chedraui, S.A.B. de C.V. 176
Grupo Eroski 146
Gruppo Eurospin 214
GS Retail Co. Ltd. 198
H M Hennes Mauritz AB 47
H.E. Butt Grocery Company 46
H2O Retailing Corporation 136
Heiwado Co. Ltd. 245
Hermès International SCA 207
Home Depot Inc., The 9
Home Retail Group plc 115
HORNBACH-Baumarkt-AG Group 213
HTM-Group 243
Hudson's Bay Company 135
Hy-Vee Inc. 118
ICA Gruppen AB 77
Iceland Topco Limited 211
IKEA Group (INGKA Holding B.V.), The 26
Inditex S.A. 45
Ingles Markets Inc. 249
Intersport Deutschland eG 215
Isetan Mitsukoshi Holdings Ltd. 87
ITM Développement International (Intermarché) 27
Izumi Co. Ltd. 177
J Sainsbury plc 28
Top 250 global retailers in alphabetical order

J. C. Penney Company Inc. 79
J. Front Retailing Co. Ltd. 109
JD.com Inc. 58
Jerónimo Martins, SGPS, S.A. 59
John Lewis Partnership plc 63
Jumbo Groep Holding B.V. 137
JYSK Group 240
Kering S.A. 141
Kesko Corporation 108
Kingfisher plc 56
Kohl's Corporation 53
Koninklijke Ahold N.V. 24
Kroger Co., The 3
K's Holdings Corporation 167
L Brands Inc. 89
Lagardère Travel Retail SAS (formerly Lagardère Services SA) 233
Lawson Inc. 234
Lenta Group 183
Liberty Interactive Corporation 97
Life Corporation 179
Liquor Control Board of Ontario 247
Loblaw Companies Limited 29
Lojas Americanas S.A. 143
Lotte Shopping Co. Ltd. 41
Louis Delhaize S.A. 83
Lowe's Companies Inc. 18
LVMH Moët Hennessy-Louis Vuitton S.A. 39
Macy's Inc. 35
Magazine Luiza SA 217
Majid Al Futtaim Holding LLC 172
Marks and Spencer Group plc 61
MatsumotoKiyoshi Holdings Co. Ltd. 206
Meijer Inc. 64
Menard Inc. 106
Mercadona S.A. 44
Metro Ag 8
Metro Inc. 95
Michaels Companies Inc. (formerly Michaels Stores Inc.), The 195
Migros-Genossenschafts Bund 40
Neiman Marcus Group LTD LLC 190
Next plc 155
Nike Inc. / Direct to Consumer 152
Nitori Holdings Co. Ltd. 239
Nonggongshang Supermarket (Group) Co. Ltd. 212
Nordstrom Inc. 74
NorgesGruppen ASA 93
Norma Lebensmittelfilialbetrieb Stiftung Co. KG 223
O’Key Group S.A. 229
Office Depot Inc. 129
OJSC Company M.video 199
OJSC Dixy Group 162
O'Reilly Automotive Inc. 138
Organización Soriana S.A.B. de C.V. 133
Otto (GmbH Co KG) 76
Overwaitea Food Group 221
PetSmart Inc. 140
Pick n Pay Stores Limited 161
PJSC Magnit (formerly OJSC Magnit) 51
PRADA Group 236
President Chain Store Corp. 160
Publix Super Markets Inc. 32
Ralph Lauren Corporation 232
Reinalt-Thomas Corporation (dba Discount Tire/America's Tire) 230
Reitan Group 122
Rewe Combine 20
Rite Aid Corporation 38
RONA Inc. 244
Ross Stores Inc. 91
Roundy's Inc. 237
S Group 73
S.A.C.I. Falabella 99
Safeway Inc. 30
Save Mart Supermarkets 205
Schwarz Unternehmenstreuhand KG 4
Sears Holdings Corporation 31
Seven i Holdings Co. Ltd. 19
Shanghai Bailian Group Co. Ltd. (formerly Shanghai Friendship
Group Incorporated Co.)
128
Sherwin-Williams Company / Paint Stores Group, The 145
Shimamura Co. Ltd. 194
Shoprite Holdings Ltd. 105
SHV Holdings N.V. / Makro 171
Signet Jewelers Limited 168
SM Investments Corporation 202
Sonae, SGPS, SA 157
Southeastern Grocers, LLC (formerly BI-LO Holding LLC) 88
SPAR Group Limited, The 180
Spar Holding AG 84
Sports Direct International plc 216
Staples Inc. 85
Stater Bros. Holdings Inc. 228
Steinhoff International Holdings Ltd. 101
Sundrug Co. Ltd. 224
Suning Commerce Group Co. Ltd. 57
SuperValu Inc. 112
Système U, Centrale Nationale 42
Takashimaya Co. Ltd. 131
Target Corporation 11
Tengelmann Warenhandelsgesellschaft KG 100
Tesco PLC 5
Tiffany Co. 225
TJX Companies Inc., The 33
Tokyu Corporation 231
Toys R Us Inc. 78
Tractor Supply Company 170
Tsuruha Holdings Inc. 235
Uny Group Holdings Co. Ltd. 117
Valor Co. Ltd. 222
Vipshop Holdings Limited 246
Walgreen Co. (now Walgreens Boots Alliance Inc.) 10
Wal-Mart Stores Inc. 1
Wegmans Food Markets Inc. 134
Wesfarmers Limited 23
Whole Foods Market Inc. 70
Williams-Sonoma Inc. 197
WinCo Foods LLC 163
Wm Morrison Supermarkets PLC 36
Woolworths Holdings Limited 187
Woolworths Limited 21
X5 Retail Group N.V. 60
XXXLutz Group 209
Yamada Denki Co. Ltd. 65
Yodobashi Camera Co. Ltd. 159
Yonghui Superstores Co. Ltd. 169

Global economy a mixed bag for retailers in 2014
Plummeting oil prices created economic winners and losers in
2014. In many oil importing countries, including the United States,
members of the European Union, Japan, India, and China, the result
was a boost to consumer purchasing power. The drop in oil prices
also had a deflationary impact and helped to offset the inflation in
emerging markets that stemmed from declining currency values.
Meanwhile, in energy exporting nations, falling prices led to
significant revenue shortfalls.
The US dollar soared during this fiscal period, which led to
lower import prices and increased consumer spending power in
the United States. However, the strong dollar hurt US exports,
becoming a drag on US economic growth. In Europe and Japan,
the dollar’s surge boosted exports, while in emerging countries
it added to the cost of servicing dollar-denominated debts,
thus creating financial market stress. Also, the rise in the dollar
suppressed the dollar value of non-US retail sales.
The US economy generally performed well during fiscal 2014, with
consumer spending growing at a healthy pace, driven by rising
employment and lower energy prices. The European economy
revived but grew slowly. The aggressive monetary policy of the
European Central Bank was effective in suppressing the euro,
thereby leading to a surge in exports. Consumer spending grew
modestly as unemployment remained high. Still, lower energy
prices had a positive impact.
The Chinese economy slowed considerably during this time, mainly
due to weak exports and weakening investment. Nevertheless,
consumer spending held up fairly well, although the luxury sector
faltered. The Japanese economy sputtered, failing to respond
adequately to aggressive monetary policy. This was largely due
to the decision by the government to impose a consumption
tax increase early in 2014. Japanese retailers are still feeling the
negative consequences in terms of consumer willingness to spend.
Most emerging markets suffered as capital outflows put downward
pressure on currencies. This led central banks to raise interest rates,
thereby dampening growth. During this period, Brazil and Russia
fell into recession, but India’s economy accelerated, helped by
lower energy prices and an easing of monetary policy.
Against this bumpy economic backdrop, sales-weighted, currency-
adjusted retail revenue grew 4.3 percent in 2014 for the Top 250
Global Powers of Retailing. This is on par with the prior year’s 4.1
percent growth but down from the gains posted in 2010 through
2012. Retailers based in North America and the Africa/Middle East
region enjoyed accelerating growth on a composite basis. In Asia
Pacific, Europe, and Latin America, composite growth decelerated.
More than half of the Top 250 retailers struggled with top-line
Net profits and total assets for Top 250 companies
that are not primarily retailers are excluded from the
composite net profit margin and return on assets
calculations. Because these companies do not derive the
majority of their revenue from retail operations, their
consolidated profits and assets mostly reflect non-retail
activities. Eight such companies were excluded in fiscal
2014: CVS, Apple, Associated British Foods, Nike, SHV
Holdings, Celesio, Berkshire Hathaway, and Tokyu Corp.
performance; revenue declined in 2014 for a quarter of these
companies, and the rate of growth slowed but remained positive
for nearly a third.
Bottom-line performance was also uneven across the geographic
regions, but the overall direction was down. The Top 250 as a
whole posted a composite net profit margin of 2.8 percent in
2014, compared with 3.4 percent the year before. As a result,
composite return on assets fell to 4.3 percent from 5.3 percent in
2013. Note: Comparisons with prior year Top 250 results should be
interpreted with caution due to changes in the composition of the
Top 250 group over time. Net income/loss figures were available
for 198 of the Top 250 companies in 2014. More than 90 percent
of these reporting companies were profitable. However, almost
half (93 companies) generated a lower, albeit still positive, level of
profitability.
Retail revenue for the Top 250 Global Powers of Retailing totaled
almost US$4.5 trillion in fiscal 2014, an average size of nearly US$18
billion per company. Four retailers generated retail revenue of more
than US$100 billion (see Top 10 retailers chart below). Including the
top four, 20 companies exceeded US$50 billion in retail revenue.
On the other hand, retail revenue for more than one-quarter of the
Top 250 (65 companies) was less than US$5 billion. To be included
among the Top 250 in 2014 required retail revenue of at least
US$3.65 billion.
Top 250 highlights

4.3%
23.4%
10.4
US$17.91
billion
4.9%
Composite
net profit margin
composite
year-over-year retail
revenue growth
percent of Top 250
retail revenue from
foreign operations
average number of
countries in which
Top 250 companies have
retail operations
average size
of Top 250
(retail revenue)
composite
return on assets
minimum retail
revenue required to
be among Top 250
aggregate
retail revenue
of Top 250
Top 250 retailers
with foreign
operations
FY2009-2014
composite compound
annual growth rate in
retail revenue
2.8%
US$4.48
trillion
66.0%
4.3%
Top 250 quick statistics, FY2014
US$3.65
billion

*Compound annual growth rate
¹ Sales-weighted, currency-adjusted composites
² Average
Top 10 retailers worldwide
Top 250
rank Name of company
Country
of origin
FY2014
retail
revenue
(US$M)
FY2014
retail
revenue
growth
FY2014
net
profit
margin
FY2014
return
on
assets
FY2009-
2014
retail
revenue
CAGR*
# countries
of operation
% retail
revenue
from foreign
operations
1 Wal-Mart Stores Inc. US 485,651 2.0% 3.5% 8.4% 3.5% 28 28.3%
2 Costco Wholesale
Corporation
US 112,640 7.1% 1.9% 6.3% 9.5% 10 28.6%
3 The Kroger Co. US 108,465 10.3% 1.6% 5.7% 7.2% 1 0.0%
4 Schwarz
Unternehmenstreuhand
KG
Germany 102,694e 7.2% n/a n/a 7.7% 26 59.2%
5 Tesco PLC UK 99,713 -2.1% -9.3% -13.0% 1.8% 13 30.0%
6 Carrefour S.A. France 98,497 -0.3% 1.8% 3.0% -2.8% 34 52.7%
7 Aldi Einkauf GmbH
Co. oHG
Germany 86,470e 6.6% n/a n/a 6.8% 17 57.1%
8 Metro Ag Germany 85,570 -4.0% 0.3% 0.6% -0.8% 32 59.3%
9 The Home Depot Inc. US 83,176 5.5% 7.6% 15.9% 4.7% 4 10.2%
10 Walgreen Co. US 76,392 5.8% 2.7% 5.5% 3.8% 2 1.5%
Top 101
1,339,267 3.2% 1.9% 4.3% 3.8% 16.7² 31.5%
Top 2501
4,478,205 4.3% 2.8% 4.3% 4.9% 10.4² 23.4%
Top 10 share of Top 250 retail revenue 29.9%
Kroger, Walgreens on the move
Kroger’s January 2014 acquisition of rival Harris Teeter
Supermarkets,a
followed by the purchase of online vitamin and
supplement retailer Vitacost.com in August 2014,b
propelled the
supermarket chain from sixth place to third among the world’s
largest retailers in 2014. In November 2015, Kroger announced
plans to add to its supermarket roster, having reached an
agreement to acquire Wisconsin-based Roundy’s.c
The transaction
was completed in December 2015. Despite another difficult year,
Tesco moved ahead of Carrefour in the ranking purely on the basis
of a slightly stronger British pound in 2014 compared with the euro
in the dollar-denominated ranking. Along with Kroger, Schwarz
surpassed US$100 billion in retail revenue in 2014, maintaining its
fourth-place position.
Aging Baby Boomers and newly insured customers helped boost
Walgreens’ sales in 2014, moving the world’s largest drug store
retailer into 10th place ahead of Target (number 10 in 2013).
Walgreens, which has held a 45 percent investment interest in
health and beauty group Alliance Boots since 2012, acquired the
Top 10 highlights
remaining 55 percent in December 2014,d
creating another
US$100+ billion behemoth in 2015. In October 2015, Walgreens
Boots Alliance, as the company is now called, agreed to buy rival
Rite Aid,e
a move that would combine two of the United States’
three biggest drug store chains. If the deal receives regulatory
approval, the drug store giant would likely vie for a spot near the
top of the leader board – exactly where would depend on the
number of stores to be closed or sold off for antitrust reasons or
because they are located too close together.
As would be expected due to sheer size, the world’s 10 largest
retailers – five US-based and five headquartered in Europe – have
much bigger global footprints than the Top 250 overall. On average,
the top 10 had retail operations in 16.7 countries compared with
10.4 countries for the Top 250. Nearly one-third of the top 10’s
total retail revenue came from foreign operations, while the entire
group derived about one-quarter of its collective business outside
the retailers’ home countries. Schwarz, Carrefour, Aldi, and Metro
depended on foreign markets for the majority of their sales. Kroger
was the only single-country operator among the top 10 in 2014.
e = estimate
n/a = not available

Geographical analysis
Region/country profiles, FY2014
Results reflect Top 250 retailers headquartered in each region/country
¹ Average # countries excludes JD.com, which ships to 78 countries/regions
² China and Hong Kong are considered as a single country for this analysis
3
Results for Other Asia Pacific include China/Hong Kong
For purposes of geographical analysis, companies are assigned to a region based on their headquarters
location, which may not always coincide with where they derive the majority of their retail revenue.
Although many companies derive revenue from outside their region, 100 percent of each company’s
revenue is accounted for within that company’s region.
Level of globalization by region/country, FY2014
Growth falls to 5-year low for European retailers in
2014; slows in Asia Pacific and Latin America
Retail revenue growth fell to a five-year low for European
retailers in 2014 as 30 percent of the region’s Top 250 retailers
(28 companies) experienced negative sales growth and another
third saw their rate of growth decline but remain positive. The
composite 2.1 percent year-over-year growth rate – as contrasted
with a five-year compound annual growth rate of 4.1 percent –
was the slowest since 2009 and the lowest of the five geographic
regions. As competition remained fierce both offline and online,
many European retailers continued to downsize – closing stores,
retreating from difficult foreign markets, divesting non-core
operations and building smaller-footprint stores. Not surprisingly,
these companies were the most exposed to margin erosion from
falling revenues. Europe’s composite net profit margin (2.4 percent)
was also the lowest among the regions. While only 10 percent of
the companies that reported their profitability generated a net loss,
an additional 43 percent of European Top 250 retailers posted a
smaller net profit margin in 2014 compared with the prior year.
UK companies were largely responsible for dragging down the
region’s overall results as Britain’s food retailers continued to be
hit by falling prices. Sales fell for half of the UK retailers in 2014,
with nearly another third witnessing slower growth, resulting in
Number of
companies
Share of
top 250
companies
Average retail
revenue
(US$M)
250 250
Share of
top 250
revenue
% of retail revenue
from foreign
operations
% single-
country
operators
Average #
of countries
Africa/Middle East
Asia Pacific1,2
Japan
Germany
Other Asia Pacific1,2,3
UK
China/Hong Kong1,2
Other Europe
Europe
Latin America
North America
France
US
Top 250 250
8
53
28
16
25
16
14
46
93
9
87
15
79
US$17,913
US$6,814
US$11,419
US$10,173
US$29,225
US$12,815
US$17,848
US$10,118
US$12,182
US$18,734
US$8,141
US$23,022
US$28,582
US$24,107
100.0%
3.2%
21.2%
11.2%
6.4%
10.0%
6.4%
5.6%
18.4%
37.2%
3.6%
34.8%
6.0%
31.6%
100.0% 23.4% 34.0%10.4
1.2% 32.3% 0.0%12.4
13.5% 10.7% 43.4%3.9
6.4% 10.3% 39.3%4.3
10.4% 43.8% 6.3%15.2
7.1% 11.1% 48.0%3.4
6.4% 20.6%
37.0%
18.8%
28.3%
17.8
12.7
3.2% 17.9% 57.1%4.1
12.5%
38.9% 38.1% 19.4%16.8
1.6% 25.2% 44.4%2.3
44.7% 14.1% 46.0%8.2
9.6% 45.1% 6.7%30.0
42.5% 14.6% 43.0%8.9

Retail revenue growth and profitability by region/country¹
Results reflect Top 250 companies headquartered in each region/country
³ Results for Other Asia Pacific include China/Hong Kong
16.1%
4.9%
6.6%
3.7%
10.5%
15.7%
4.1%
3.9%
4.0%
2.0%
13.4%
4.6%
4.5%
19.4%
4.3%
6.1%
5.7%
6.5%
10.4%
2.1%
2.8%
3.1%
-0.6%
8.5%
5.2%
4.5%
5.6%
2.8%
2.6%
2.3%
2.9%
1.9%
2.4%
4.6%
0.3%
-2.2%
3.8%
3.1%
3.0%
6.4%
4.3%
3.2%
2.7%
3.8%
2.6%
3.3%
5.0%
0.7%
-3.2%
3.6%
6.0%
6.2%
FY2009-2014 retail revenue CAGR² FY2014 retail revenue growth FY2014 net profit margin FY2014 ROA
20%
5%
15%
10%
0%
Top250
OtherAsiaPacific3
Japan
Germany
UK
Africa/
M
iddleEast
AsiaPacific
LatinAmerica
NorthAmerica
US
China/
HongKong
France
Europe
a composite growth rate for the country’s 16 Top 250 companies
of -0.6 percent. Profits fell along with sales – the group posted
a composite net profit margin of -2.2 percent. Tesco suffered
a record annual loss, much of which was due to a significant
downward revaluation of its property portfolio. Of Europe’s big
three economies, Germany posted the strongest top-line growth
– though still modest at 3.1 percent – but retailing remains a
low-margin industry in this country. The five German retailers that
reported their profits in 2014 (the other 11 companies are private
and do not disclose their bottom line) eked out a meager 0.3
percent composite net profit margin. On the bottom line, French
retailers remained the most profitable, posting a net profit margin of
4.6 percent.
European retailers are the most international in scope. The average
Top 250 European retailer had a presence in 16.8 countries in 2014.
More than 38 percent of their combined retail revenue came from
foreign operations. French and German retailers, by far the largest
companies on average, generated more than 40 percent of their
sales from foreign operations.
In North America, while profitability softened, growth
strengthened as the broader economy gained some momentum.
North American retailers reported a composite net profit margin of
3.1 percent in 2014 as revenue advanced 5.2 percent. Nevertheless,
almost half of the companies in this region reported either negative
or declining year-over-year revenue growth, while more than half
posted either a negative net profit margin or lower profitability
than the year before.
The average number of countries with retail operations
includes the location of franchised, licensed and joint venture
operations in addition to corporate-owned channels of
distribution. Where information was available, the number
of countries reflects non-store sales channels, such as
consumer-oriented e-commerce sites, catalogs and TV
shopping programs, as well as store locations. However, for
many retailers, specific information about non-store activity
was not available.

Although the European region, with 93 companies, continued to
account for the largest share of the world’s Top 250 retailers in
2014, North America’s 87 companies averaged US$23 billion in
retail revenue to maintain the largest share of Top 250 revenue.
Despite their large size, most North American retailers do not
have significant foreign operations, lagging well behind their
European counterparts. Nearly half the North American retailers
(40 companies) operated only within their domestic borders,
compared with about 20 percent of the European companies and
one-third for the Top 250 overall.
In the Asia Pacific region, retail revenue growth slowed
dramatically as Japan’s growth cooled following the national sales
tax hike that took effect on 1 April 2014. Sales declined for 11
of the 28 Top 250 Japanese retailers (39 percent), while another
eight companies experienced slower growth in 2014. Combined
revenues grew 6.1 percent for the Asia Pacific region, slightly
above Japan’s 5.7 percent growth rate. Although the growth
rate for the 14 retailers based in China or Hong Kong remained
considerably higher than for the region as a whole, the majority
posted slower or negative growth in 2014. The composite net
profit margin weakened to 2.6 percent for the Asia Pacific group.
Relatively few of the region’s retailers operated at a loss in 2014,
but more than half saw their net profit margin decline from the
prior year.
The continued depreciation of the Japanese yen has taken a toll on
the number of Japanese companies in the ranks of the Top 250. In
2014, there were 28 Japanese retailers, down from 31 in 2013 and
39 in 2012. Although a weak currency vis-à-vis the US dollar is not
the only factor in the declining number of Japanese companies, it
accounts for most of the fallout over the past two years.
In the Asia Pacific region, foreign operations generated 10.7 percent
of overall retail revenue – a relatively small share, as more than
40 percent of the region’s Top 250 retailers (23 of 53 companies)
had only domestic retail operations. More than half of the retailers
based in China or Hong Kong (eight of 14 companies) operated
only within the country (for this analysis, China and Hong Kong are
considered as one country).
Retail revenue growth continued to slow for Latin America’s Top
250 retailers in 2014. Still, the 8.5 percent growth rate was the
second-best result among the five regions; only Africa/Middle East
grew faster. The pace of growth slowed for six of the nine Top 250
companies based in the region, leading to the overall softer result.
A difficult year marked by strong reduction in consumption in a
highly competitive Mexican market, Soriana plans to bolster its
position as Mexico’s leading food and general merchandise retailer
in a pending deal to acquire 143 stores from Controladora Comercial
Mexicana (Comerci).f
The region’s composite net profit margin of
3.8 percent also outperformed all but the Africa/Middle East region.
¹ Results for Other Asia Pacific include China/Hong Kong
Retail revenue growth analysis by region/country
Top 250
Africa/Middle East
Asia Pacific
Japan
Other Asia Pacific1
China/Hong Kong
Europe
France
Germany
UK
Latin America
North America
US
FY2014 % companies with
negative annual growth
faster annual growth
FY2014 % companies with positive,
but lower annual growth
80% 100%60%40%20%0%
34.0%
25.3% 31.9% 42.8%
33.9%
36.0%
36.6%
43.7%
33.3%
87.5%
32.1%
28.6%
46.7%
18.7%
51.7%
49.4%
39.3%
28.0%
35.7%
30.4%
18.4%
19.0%
50.0%
12.5%
11.1%
40.0%
32.1%
28.6%
36.0%
35.7%
33.0%
29.9%
31.6%
31.3%
43.8%
55.6%
13.3%
12.5%

¹ Results for Other Asia Pacific include China/Hong Kong
Top 250
Africa/Middle East
Asia Pacific
Japan
Other Asia Pacific1
China/Hong Kong
Europe
France
Germany
UK
Latin America
North America
US
Net profit margin analysis by region/country
negative net profit margin
higher positive net profit margin
but lower net profit margin
80% 100%60%40%20%0%
All of the retailers that disclosed their bottom line results (seven of
nine companies) generated a profit in 2014, although profit margins
shrunk for most.
Latin American retailers continue to have the smallest global
presence in terms of the average number of countries in which they
operate (just 2.3 in 2014). However, five of the region’s nine Top 250
retailers operated outside their home country – though only within
Latin America – and foreign operations accounted for a sizeable 25
percent of the region’s combined retail revenue.
The eight retailers representing the Africa/Middle East region
generated composite growth of 19.4 percent, 4.5 times greater
than the Top 250 as a whole. Strong growth yielded a robust profit
margin of 5.6 percent, double that of the Top 250. Acquisitions
boosted revenue for two South African retailers. In August 2014,
Woolworths acquired Australian department store chain David
Jones. In March 2015,g
Steinhoff International bought South
African value-oriented clothing and footwear retailer Pepkor.h
Retailers based in Africa and the Middle East have expanded well
outside their home countries – although mainly within the region,
with the exception of Steinhoff – operating in an average 12.4
countries. Nearly one-third of their retail revenue came from foreign
operations in 2014.
9.1%
4.3%
4.8%
9.1%
3.8%
10.4%
20.0%
18.8%
12.9%
14.3%
47.7% 43.2%
40.4%
33.3%
46.5%
60.0%
28.6%
42.9%
46.2%
36.4%
57.1%
47.9%
43.6%
42.2%
55.3%
61.9%
54.5%
50.0%
43.1%
20.0%
33.3%
43.5%
43.5%
71.4%
42.9%
57.1%

As a group, apparel and accessories retailers were
the fastest-growing and most profitable product sector
in 2014 – as they were in 2013. Composite retail revenue
growth increased 6.7 percent while the group’s composite
net profit margin reached 8.1 percent. Although these companies
are relatively small in size, with average retail revenue of US$9.1
billion, they are nevertheless the most global. Eighty-five percent
(41 of the 48 Top 250 apparel and accessories retailers) operated
internationally in 2014. On average, retailers in this product sector
have expanded their operations to almost 26 countries around the
globe and generated nearly one-third of their revenue outside their
home countries.
Retailers of fast-moving consumer goods (FMCG)
continue to represent the largest product sector,
accounting for half of all Top 250 retailers and two-
thirds of Top 250 retail revenue in 2014. Although the companies
in this sector are the largest in size as well as number, averaging
Product sector analysis
The Global Powers of Retailing analyzes retail performance by primary retail product sector as well as
by geography. Four sectors are used for analysis: apparel and accessories, fast-moving consumer goods,
hardlines and leisure goods, and diversified. A company is assigned to one of three specific product
sectors if at least half of its retail revenue is derived from that broadly defined product category. If none
of the three specific product sectors accounts for at least 50 percent of a company’s retail revenue, it is
considered to be diversified.
Expanding international presence boosts performance
of specialty apparel and footwear retailers
International expansion – including stand-alone stores, department
store concessions and e-commerce – continued to be an
important driver of sales and profits for many apparel, footwear
and accessories retailers in 2014. Specialty retailers, including
Primark, HM, Fast Retailing, and Inditex, are rapidly expanding
their fashion empires abroad. In addition, acquisitions boosted the
sector’s top-line performance. In May 2014, Signet Jewelers, the
largest specialty retail jeweler in the United States and the United
Kingdom, acquired North American jeweler Zale Corp.,i
creating
one of the world’s largest specialty jewelry retailers. Acquisitions
have helped make Canada’s Hudson’s Bay Company one of the
fastest-growing department store retailers in the world. HBC
acquired Saks in November 2013.j
In September 2015, the Canadian
retailer purchased Germany’s Galeria Kaufhof and its Belgian
subsidiary Galeria Inno,k
marking its first foray into Europe.
Apparel and
accessories
Fast-moving
consumer goods
Hardlines and
leisure goods
Diversified
48 25.9
126 5.3
54 8.1
22 11.4
250 10.4
US$9,082
US$23,712
US$12,998
US$16,033
US$17,913
19.2%
50.4%
21.6%
8.8%
100.0%
9.7% 31.6% 14.6%
66.7% 22.2% 41.3%
15.7% 24.5% 33.3%
7.9% 22.2% 36.4%
100.0% 23.4% 34.0%
Number of
companies
Share of
top 250
companies
Average retail
revenue
(US$M)
250 250
Share of top
250 revenue
% of retail revenue
from foreign
operations
% single-
country
operators
Average #
of countries
Top 250
Product sector profiles, FY2014 Level of globalization by product sector, FY2014

almost US$24 billion in retail revenue, they remain the least
global. In 2014, more than 40 percent operated only within their
domestic borders. As a group, they operated in an average of 5.3
countries compared with 10.4 countries for the Top 250 as a whole.
Nevertheless, the sector generated more than 22 percent of its total
retail revenue from operations in foreign countries, the result of
several large, truly global operators like Walmart, Carrefour, Casino,
AS Watson and hard discounters Schwarz and Aldi.
This sector’s revenue growth, which outpaced the softgoods and
hardgoods sectors in 2011 and 2012, has since cooled somewhat.
In 2014, composite retail revenue grew 4.1 percent, on par with the
prior year. Of the 95 FMCG companies that reported their profits,
only nine operated at a loss. However, more than half saw their
net profit margin shrink in 2014. As a result, the sector’s composite
net profit margin fell to 1.9 percent. The number of companies
representing the FMCG sector continued to drop, to 126 from 132
the year before. In addition to fallout from slower sales relative to
the specialty retailers, several former Top 250 FMCG companies
were swallowed up through acquisition in fiscal 2014, including
Alliance Boots (acquired by Walgreen),l
Harris Teeter Supermarkets
(acquired by Kroger),m
Shoppers Drug Mart (acquired by Loblaw),n
Poslovni sistem Mercator (acquired by Agrokor),o
and Welcia
Holdings (acquired by Aeon).p
On a composite basis, the hardlines and leisure
goods sector posted another solid performance in 2014.
Top-line sales for the group as a whole grew
6.5 percent on a composite basis, and profitability
remained healthy with a 3.8 percent composite net profit margin.
This sector’s top-line growth got a boost from e-commerce
giants Amazon.com and JD.com, although neither was
profitable in 2014.
Acquisitions also helped sustain growth for some companies. Office
Depot and OfficeMax completed their merger in November 2013q
in
an effort to create a stronger, more competitive and more efficient
global provider of office products, services and solutions. Advance
Auto Parts acquired General Parts International, parent company
of the Carquest Auto Parts chain, in January 2014.r
The transaction
created the largest automotive aftermarket parts provider in North
America. Sharing a vision of where the world is headed, Dixons
and Car Phone Warehouse merged in August 2014.s
The deal was
designed to enable both companies to capitalize on the Internet
of Things – that is, the growth of Internet-enabled devices, such
as appliances controlled from smartphones. Seeking to become
one of the world’s biggest value-oriented retailers, furniture and
homegoods retailer Steinhoff extended its discount position into the
clothing sector with the March 2015 acquisition of South Africa’s
Pepkor group.t
Retail revenue growth and profitability by primary product sector¹
Retail revenue growth analysis by primary product sector
Net profit margin analysis by primary product sector
10%
60%
60%
80%
80%
100%
100%
4%
20%
20%
0%
0%
0%
8%
40%
40%
6%
2%
-2%
FY2009-2014
retail revenue CAGR²
FY2014 % companies
with negative annual growth
faster annual growth
FY2014 % companies with higher
positive net profit margin
negative net profit margin
FY2014 retail
revenue growth
positive, but lower annual growth
but lower net profit margin
FY2014 ROAFY2014 net profit margin
Top 250
Top 250
Apparel and
accessories
Fast-moving
consumer goods
Hardlines and
leisure goods
Diversified
Top 250
Apparel and
accessories
Fast-moving
consumer goods
Hardlines and
leisure goods
Diversified
Apparel and
accessories
Hardlines
and leisure
goods
DiversifiedFast-moving
consumer
goods
4.9%
6.2%
4.8%
6.2%
2.0%
2.8%
8.1%
1.9%
3.8%
0.4%
4.3%
6.7%
4.1%
6.5%
-1.0%
4.3%
8.6%
3.3%
5.7%
0.6%
25.3%
9.1%
20.8%
4.5%
24.8%
9.5%
24.1%
10.0%
15.8%
40.9%
31.9% 42.8%
47.9%
44.6%
40.7%
27.3%
31.9%
47.7% 43.2%
45.5%
39.4%
62.5%
15.8%
31.3%
50.0%
30.6%
51.1%
35.2%
27.5%
31.8%
68.4%

Composite performance aside, individual company fortunes were
decidedly mixed within the hardlines and leisure sector. Most
notably, many of the Japanese retailers suffered a downturn in
sales and profitability during 2014. Rising prices caused by the
April sales tax hike and the yen’s fall continued to outpace the
slow pickup in wages, eroding the purchasing power of many
households and leading to declining consumer confidence.
Diversified retailers – those selling a broad product
offering and often operating a range of formats –
continued to struggle in 2014. Composite retail revenue
growth declined 1.0 percent, while the group’s composite
net profit margin was a meager 0.4 percent. This group was
represented by 22 companies in 2014, including some of the
world’s largest retailers: Germany’s Metro group, Target and
Sears Holdings in the United States, Lotte Shopping Co. in South
Korea and British retailer Marks Spencer. The average size of the
companies in this group was more than US$16 billion – second only
to retailers of fast-moving consumer goods.

Fastest 50
The Fastest 50 is based on compound annual revenue growth over the five-year period 2009 to 2014.
Fastest 50 companies that were also among the 50 fastest-growing retailers in 2014 make up an even
more elite group. These retailers are designated in italicized bold type on the list.
Chinese e-retailers top the Fastest 50
From 2009 through 2014, composite retail revenue for the 50
fastest-growing retailers grew at a compound annual rate of 20.6
percent, more than four times faster than the growth rate for the
Top 250 as a whole. While the Fastest 50 is based on revenue
growth over a five-year period, most retailers on the list maintained
their aggressive growth in fiscal 2014. More than half of the
Fastest 50 (27 companies) were also among the 50 fastest-growing
retailers in 2014. This contributed to composite year-over-year
retail revenue growth of 12.4 percent, nearly three times faster
than that of the Top 250. For the 43 companies that disclosed their
2014 bottom-line results, strong sales also translated into better
profitability. The composite net profit margin for the Fastest 50
retailers was 3.7 percent in 2014 versus 2.8 percent for the Top
250. Only three Fastest 50 companies operated at a net loss.
A review of the Fastest 50 reveals three primary pathways to
growth. Mergers and acquisitions played a big part in boosting
sales for many companies. E-commerce, which drives much of the
retail industry’s growth today, is a major focus, if not the exclusive
focus, of several companies. Strong organic growth is also a factor
and is particularly apparent in the number of emerging market
retailers among the Fastest 50.
Two of China’s largest e-retailers, Vipshop – a 2014 Top 250
newcomer – and JD.com – a Top 250 newcomer in 2012 – topped
the list of the 50 fastest-growing retailers. Sales soared more
than 300 percent on a compound annual basis between 2009
and 2014 for Vipshop. The company, which began operations in
2008 and went public in 2012, is an online discount retailer for
popular domestic and international brands utilizing a flash sales
model. JD.com, China’s largest e-retailer, sells primarily electronics
and home appliance products directly and through a third-party
e-marketplace.
Although growth has slowed in China, eight of the 14 Top 250
Chinese retailers (including those based in Hong Kong) ranked
among the Fastest 50 in 2014.
In addition, all six of the Russian Top 250 retailers are represented.
Dixy Group, Russia’s fourth-largest retailer, opened its first
neighborhood store in Moscow in 1999 and has pursued rapid
organic growth ever since. The company also increased its store
count by 50 percent in 2011 with the acquisition of Victoria Group,
one of Russia’s largest supermarket retailers.u
In 2014, Dixy opened
396 net new stores for a total of 2,195, while comp store sales
rose 11.4 percent.v
Lenta, Russia’s second-largest hypermarket
chain, has continued the rapid roll-out of Lenta hypermarkets
nationally in order to tap the enormous potential in cities with no
federal hypermarket. The company has also created compact and
supercompact formats for smaller catchment areas and to locate
closer to customers in big cities. In 2014, selling space increased
38.7 percent through the opening of 31 new hypermarkets for a
total of 108.w
Growth through acquisition, as noted throughout this report,
earned a number of companies a spot in the Fastest 50. AB
Acquisition LLC (now Albertsons Companies) brought all of the
Albertsons stores back together again in 2013 by purchasing from
SUPERVALU the assets that it had acquired in 2006 from the former
Albertson’s Inc.x
Albertsons then bought Safeway in January 2015,
creating the second-largest supermarket retailer in the United
States.y
CP All, owner of Thailand’s 7-Eleven chain, acquired Siam
Makro from SHV in August 2013.z
Full-year consolidation of the
cash and carry operator’s results helped boost CP All’s revenues
30.6 percent in 2014.

Growth
rank
Top
250
Country
of origin
FY2014
retail
revenue
(US$M) Dominant operational format
FY2009-
2014 retail
revenue
CAGR¹
FY2014
retail
revenue
growth
FY2014
net
profit
margin
1 246 Vipshop Holdings Limited China 3,701 Non-store 320.8% 120.2% 3.3%
2 58 JD.com Inc. China 17,672 Non-store 106.3% 62.0% -4.3%
3 150 Axel Johnson AB/ Axfood,
Axstores
Sweden 6,734**
Hypermarket/Supercenter/Superstore 49.3% 2.4% 2.8%
4 37 AB Acquisition LLC (now
Albertsons Companies Inc.)
US 27,199 Supermarket 45.3% 35.6% -4.5%
5 101 Steinhoff International
Holdings Ltd.
S. Africa 10,240 Other Specialty 41.6% 37.4% 9.8%
6 88 Southeastern Grocers LLC
(formerly BI-LO Holding LLC)
US 11,500e
Supermarket 36.0% 13.6% n/a
7 169 Yonghui Superstores Co.
Ltd.
China 5,719 Hypermarket/Supercenter/Superstore 33.7% 19.9% 2.3%
8 162 OJSC Dixy Group Russia 6,043 Supermarket 33.3% 27.0% 2.0%
9 196 Chongqing Department Store
Co. Ltd.
China 4,712 Department Store 32.5% -1.2% 1.6%
10 137 Jumbo Groep Holding B.V. Netherlands 7,269**
Supermarket 30.1% -4.4% 0.5%
11 51 PJSC Magnit (formerly OJSC
Magnit)
Russia 19,851 Convenience/Forecourt Store 30.0% 9.1% 6.2%
12 183 Lenta Group Russia 5,160 Hypermarket/Supercenter/Superstore 28.4% 34.5% 4.7%
13 48 Apple Inc. / Apple Retail Stores US 21,462 Electronics Specialty 26.4% 6.1% 21.6%
14 90 CP ALL Public Company
Limited
Thailand 11,436**
Convenience/Forecourt Store 26.4% 30.6% 2.8%
15 193 Ascena Retail Group Inc. US 4,791 Apparel/Footwear Specialty 26.2% 1.6% 2.8%
16 217 Magazine Luiza SA Brazil 4,165 Electronics Specialty 26.1% 20.9% 1.3%
17 12 Amazon.com Inc. US 70,080 Non-store 25.8% 15.1% -0.3%
18 71 China Resources Enterprise
Limited
Hong Kong
SAR
14,110 Hypermarket/Supercenter/Superstore 24.6% 15.1% 0.2%
19 236 PRADA Group Italy 3,913 Apparel/Footwear Specialty 24.6% -0.5% 12.9%
20 124 Chow Tai Fook Jewellery
Group Limited
Hong Kong
SAR
8,285**
Other Specialty 22.9% -17.0% 8.6%
21 153 BİM Birleşik Mağazalar A.Ş. Turkey 6,621 Discount Store 22.1% 22.1% 2.7%
22 152 Nike Inc. / Direct to
Consumer
US 6,634 Apparel/Footwear Specialty 21.8% 25.1% 10.7%
23 148 Central Group (formerly
Central Retail Corporation Ltd.
(subsidiary))
Thailand 6,800e
Department Store 20.3% 7.9% n/a
24 199 OJSC Company M.video Russia 4,580 Electronics Specialty 19.6% 16.3% 4.6%
25 165 Emke Group / Lulu Group
International
UAE 5,800e
Hypermarket/Supercenter/Superstore 19.5% 16.0% n/a
26 187 Woolworths Holdings
Limited
S. Africa 4,950 Department Store 19.3% 42.3% 5.5%
27 149 Coppel S.A. de C.V. Mexico 6,794e
Department Store 19.2% 12.3% n/a
28 142 Compagnie Financière
Richemont SA
Switzerland 6,902 Other Specialty 17.9% -7.1% 12.8%
29 207 Hermès International SCA France 4,387e
Apparel/Footwear Specialty 17.6% 10.0% 19.4%
30 229 O’Key Group S.A. Russia 3,989 Hypermarket/Supercenter/Superstore 17.5% 8.9% 3.4%
31 126 Associated British Foods plc
/ Primark
UK 8,202 Apparel/Footwear Specialty 16.4% 15.8% 6.0%
32 55 Cencosud S.A. Chile 18,221 Supermarket 15.7% 5.6% 1.8%
33 216 Sports Direct International plc UK 4,167 Other Specialty 15.6% 4.7% 8.5%
Companies in bold italic type were also among the 50 fastest-growing retailers in 2014.
Fastest 50 and Top 250 composite net profit margins exclude results for companies that are not primarily retailers.
¹Compound annual growth rate
e = estimate
50 fastest-growing retailers

50 fastest-growing retailers
Companies in bold italic type were also among the 50 fastest-growing retailers in 2014.
Fastest 50 and Top 250 composite net profit margins exclude results for companies that are not primarily retailers.
¹Compound annual growth rate
e = estimate
Growth
rank
Top
250
Country
of origin
FY2014
retail
revenue
(US$M) Dominant operational format
FY2009-
2014 retail
revenue
CAGR¹
FY2014
retail
revenue
growth
FY2014
net
profit
margin
34 125 FEMSA Comercio, S.A. de
C.V.
Mexico 8,255 Convenience/Forecourt Store 15.4% 12.4% n/a
35 156 Belle International Holdings
Limited
Hong Kong
SAR
6,505 Apparel/Footwear Specialty 15.2% 10.4% 11.9%
36 72 Fast Retailing Co. Ltd. Japan 13,529**
37 41 Lotte Shopping Co. Ltd. S. Korea 25,384 Hypermarket/Supercenter/Superstore 14.6% -0.1% 2.2%
38 39 LVMH Moët Hennessy-Louis
Vuitton S.A.
France 26,006e
Other Specialty 14.6% 6.5% 19.9%
39 200 Forever 21 Inc. US 4,500e
Apparel/Footwear Specialty 14.3% 15.4% n/a
40 143 Lojas Americanas S.A. Brazil 6,899 Discount Department Store 14.1% 20.5% 2.6%
41 60 X5 Retail Group N.V. Russia 16,853 Discount Store 14.1% 0.4% 2.0%
42 99 S.A.C.I. Falabella Chile 10,461 Department Store 14.1% 5.8% 6.3%
43 57 Suning Commerce Group Co.
Ltd.
China 17,733 Electronics Specialty 13.3% 3.5% 0.8%
44 15 Casino Guichard-Perrachon
S.A.
France 64,462**
Hypermarket/Supercenter/Superstore 13.1% 1.5% 1.7%
45 243 HTM-Group France 3,714 Electronics Specialty 13.1% 0.1% n/a
46 174 E.Land World Ltd. S. Korea 5,588e**
47 107 Advance Auto Parts Inc. US 9,844**
Other Specialty 12.7% 51.6% 5.0%
48 136 H2O Retailing Corporation Japan 7,284 Department Store 12.4% 51.7% 1.4%
49 170 Tractor Supply Company US 5,712 Other Specialty 12.2% 10.6% 6.5%
50 59 Jerónimo Martins, SGPS, S.A. Portugal 16,856 Discount Store 12.2% 7.2% 2.6%
Fastest 50 sales-weighted, currency-adjusted composite 20.6% 12.4% 3.7%
Top 250 sales-weighted, currency-adjusted composite 4.9% 4.3% 2.8%

Top 50 e-retailers
E-retailing, as defined in this analysis, includes business to consumer (B2C) e-commerce only, where the
business owns the inventory and sales are made directly to the consumer. Companies that primarily operate
as e-marketplaces or facilitators that aggregate many sellers are excluded from the Top 50 e-retailer analysis
as their revenues are largely derived from fees and commissions on sales from third-parties – consumers or
other businesses that own the inventory – rather than directly from the sale of goods.
• Of the 140 companies with e-commerce-enabled websites, more
than one-quarter (39 retailers) reported negative retail revenue
growth in 2014. For the vast majority of those companies (34
retailers), e-commerce sales helped to offset contracting sales.
For another 10 retailers, growth would have been negative
without the contribution made by their e-commerce operations.
• Online sales grew at a composite rate of 20.3 percent in 2014
for the 140 Top 250 retailers with e-commerce operations. This
compares with total composite retail revenue growth of just
3.5 percent for this group of companies. Excluding the three
pure-play e-retailers, online sales grew 18.2 percent versus total
growth of 3.1 percent.
Omnichannel retailers dominate world of e-retailing
In addition to analyzing the e-commerce activity of the world’s
250 largest retailers, Deloitte Global also compiled a list of the 50
largest e-retailers around the globe. Analysis of the “e-50” shows:
• The majority of the e-50 (39 companies) are omnichannel
retailers with bricks-and-mortar stores as well as online and other
non-store operations. Eleven companies are non-store or web-
only retailers, including Amazon, the world’s largest e-retailer
with 2014 net product sales (i.e., sales where Amazon is the
seller of record) of more than US$70 billion. Apple’s estimated
e-commerce sales of US$20.6 billion ranked the company in
second place. Online direct sales for JD.com, China’s largest
e-retailer, jumped 62 percent in 2014 to nearly US$17.7 billion.
Wal-Mart, with online sales estimated at US$12.2 billion, was
the only other company to generate more than US$10 billion
in e-retail sales in 2014, making the world’s largest retailer the
fourth-largest e-retailer.
• The Top 250 Global Powers of Retailing dominate the list,
accounting for more than three-quarters of the e-50 (38
companies). China’s Vipshop Holdings, the world’s 12th largest
e-retailer, became a Top 250 newcomer in 2014, more than
doubling its sales during the year.
• All but six e-50 retailers are based in the United States (26
companies) or Europe (18) – especially the UK (9), France (5),
E-commerce primary driver of retail revenue growth
E-commerce accounts for the majority, if not all, of the sales
growth for many retailers today – especially mature, traditional
retailers who, at best, are eking out low-single-digit gains in
same store sales. And for a number of companies, online sales
are helping to offset declining sales in the physical store base.
An analysis of the e-commerce activity for the Top 250 Global
Powers of Retailing illustrates this trend. For 2014, e-commerce
sales information was available for 173 of the Top 250 companies
(either as reported by the company or estimated by Planet Retail or
Internet Retailer). Of these 173 companies:
• About one-fifth (33 companies) did not have a transactional
website in 2014. This is similar to the 2013 result but down from
more than one-quarter in 2012 as more retailers have launched
an e-commerce business. Most of the companies that did not
engage in e-commerce are retailers of food and other fast-
moving consumer goods (i.e., supermarket, hypermarket, hard
discount, and convenience stores operators).
• The 140 Top 250 companies with B2C e-commerce operations
generated 7.6 percent of their combined retail revenue online
in 2014, up substantially from 6.5 percent for this group of
companies in 2013. If Amazon.com, JD.com, and Vipshop – the
three web-only retailers among the Top 250 – are factored out
of the equation, e-commerce as a share of total retail revenue
drops to 5.0 percent in 2014 versus 4.4 percent the year before.
While this overall level of online sales penetration may seem fairly
modest, it varies greatly by type of retailer. Food retailers that
sell online – which accounted for 52 of the 140 retailers studied
– tended to drag down the composite result as e-commerce
typically accounted for a small share of their total revenue –
generally 2-4 percent or less.
• Although e-commerce accounted for 7.6 percent of these
companies’ total retail revenue in 2014, it represented 36 percent
of their combined retail revenue growth in 2014. Excluding
Amazon.com, JD.com, and Vipshop, e-commerce generated 24.6
percent of the group’s total growth. For 62 of these retailers,
online sales accounted for the majority of their growth, if not
their only growth.

and Germany (3). The other six are emerging market companies
(4 China, 1 Brazil, 1 Russia). A 50 percent jump in sales boosted
Russian e-retail leader Ulmart into the e-50 in 2014. E-Commerce
China Dangdang, an online bookstore and general merchandise
retailer, also joined the e-50 for the first time in 2014.
• E-50 retailers grew their digital sales 19.7 percent, on a composite
basis, in 2014, very similar to the 20.3 percent pace of online
sales growth for the Top 250 e-commerce group discussed above.
For both groups, online sales grew more than four times as fast
as the 4.3 percent composite retail revenue growth for the Top
250 Global Powers of Retailing as a whole. The pace of growth
decelerated slightly from the e-50 group’s composite 22.0 percent
compound annual growth rate over the 2011 to 2014 period.
• E-commerce sales accounted for 13.2 percent of e-50 retailers’
total retail revenue on a composite basis. This compares with 7.6
percent for the Top 250 e-commerce group.
• To join the ranks of the e-50 in 2014 required e-retail sales of
more than US$1.2 billion. Competition was fierce at the bottom
of the list as an additional 26 companies with B2C e-commerce
sales between US$750 million and US$1.2 billion were also vying
for position. This up-and-coming group includes several rapidly
growing pure-play e-retailers: zulily, an American e-commerce
company targeting young mothers with clothing, toys, and home
products (acquired by Liberty Interactive, parent company of
QVC, in October 2015); US-based Wayfair, one of the world’s
largest online destinations for furniture and home furnishings;
Norway’s Komplett Group, an Internet retailer of computers and
other consumer electronics; RFS Holland, the holding company
for Wehkamp, a pioneer in the Dutch Internet e-commerce
sphere, as well as several other online retailers (company agreed
to be acquired by investment group Apax Partners in July 2015);aa
Global Fashion Group, a combination of five leading e-commerce
companies in emerging markets created by Swedish investment
fund Kinnevik and German internet incubator Rocket Internet in
September 2014;bb
and Tencent Holdings, a leading provider of
comprehensive internet services in China. Tencent, an e-50 retailer
in 2013, fell out of contention in 2014 following a decline of more
than 50 percent in e-commerce transactions. This mainly reflected
a traffic shift to JD.com following the formation of a strategic
partnership between the two companies in March 2014cc
and
the repositioning of Tencent’s Yixun e-commerce business from
principal to marketplace operations.
From clicks to bricks: accelerating the omnichannel
environment
As consumers buy more and more goods online, traditional
store-based retailers are under massive pressure to find new
ways to grow. Rapid shifts in consumer shopping behavior,
driven by technological advances and changing preferences,
are forcing companies to accelerate an omnichannel approach
to the business – creating a more innovative retail environment
where online and in-store shopping are a seamless experience for
consumers. As a result, many store-based retailers are seeking
to bolster their online reach and expand their e-commerce
capabilities by acquiring web-only merchants and other
e-commerce technologies.
Despite the difficulties faced by many traditional retailers,
however, it appears that the death of bricks-and-mortar retailing
has been greatly exaggerated as more and more online players
begin to establish a physical presence. This growing trend to find
a balance between e-commerce and physical retail stores, to
integrate online and offline into a seamless process, to view them
as enhancements to each other, not as threats, will be key to
maximizing both customer satisfaction and retail performance in
the years ahead.
As this clicks and mortar trend unfolds, the digital channel is
reshaping the retail store – from location and space configuration
to inventory management to marketing and customer relationship
management. Companies are mining data from their online
operations to determine where to open stores. Backroom space
and inventory storage is being reduced in favor of roomier and
less cluttered public space where customers can interact with the
products and the staff, using electronic devices to get in-depth
information or place an order. Increased capabilities to perform
in-store analytics by linking customers’ online purchase history
allow retailers to know more about their customers, optimize the
product mix, and better understand promotional effectiveness.
By giving them a touchpoint, online retailers can leverage physical
space to engage and educate potential customers, communicate
brand value, and create a destination experience that encourages
customers to spend – both offline and online. When consumers
are unfamiliar with an online brand, value the tangible elements
of the shopping experience, seek instant gratification, or are
simply uncomfortable with e-commerce, the physical store
provides e-retailers an opportunity to gain exposure, legitimize
the brand, and grow the customer base.

e-50
sales
rank
FY2014
Top 250
retail
revenue
rank
Country
of origin
FY2014
e-commerce
retail sales
(US$M)
FY2014
e-commerce
retail sales
% of total
retail revenue
FY2014
e-commerce
growth rate
FY2011-
2014
e-commerce
CAGR1
Comments
1 12 Amazon.com Inc. US 70,080 100.0% 15.1% 18.6% Net Product Sales figure from
income statement (where
Amazon is seller of record -
excludes third party sales)
2 48 Apple Inc. US 20,600e
49.0% 12.6% 29.9%
3 58 JD.com, Inc. China 17,672 100.0% 62.0% 73.2% Online direct sales
4 1 Wal-Mart Stores Inc. US 12,200e
2.5% 22.0% 24.0%
5 76 Otto (GmbH Co
KG)
Germany 8,397 65.4% 5.6% 6.7%
6 5 Tesco PLC UK 6,504e
6.5% 20.0% 14.6%
7 35 Macy's Inc. US 5,400e
19.2% 30.1% 34.9%
8 97 Liberty Interactive
Corporation
US 5,198 49.5% 6.4% 9.9% Includes QVC.com plus
company's other e-retail
subsidiaries
9 15 Casino Guichard-
Perrachon S.A.
France 4,606 7.1% 20.1% 15.8% Cnova operating segment
10 57 Suning Commerce
Group Co., Ltd.
China 4,199e
23.7% 17.8% 63.5% The value of physical goods
transacted on Suning.com
11 9 The Home Depot Inc. US 3,765e
4.5% 36.9% 42.9%
12 246 Vipshop Holdings
Limited
China 3,701 100.0% 120.2% 153.8% Product revenue from income
statement
13 25 Best Buy Co., Inc. US 3,500 8.7% 16.7% 15.3%
14 143 Lojas Americanas
S.A./B2W -
Companhia Digital
Brazil 3,403 49.3% 30.8% 23.5%
15 115 Home Retail Group
plc
UK 3,241e
34.9% 8.0% 8.4%
16 2 Costco Wholesale
Corporation
US 3,000e
2.7% 18.0% 15.9%
17 n/a Zalando AG Germany 2,943 100.0% 25.7% 63.1%
18 63 John Lewis
Partnership plc
UK 2,854g
18.0% 24.1% 29.4%
19 31 Sears Holdings Corp. US 2,850e
9.1% 10.0% 12.3% Estimate includes traditional
online sales plus cross-channel
sales (order online, pickup in
store; order from store, ship to
home) for Sears.com and Kmart.
com sites.
20 n/a Newegg Inc. US 2,800e
100.0% 3.7% 1.6% Includes Newegg Marketplace
revenue as well as company’s
direct-to-consumer sales
21 22 Centres Distributeurs
E. Leclerc
France 2,605g
5.4% 33.3% 69.1% Sales through E.Leclerc Drive
(order online and pick up from
Drive) + non-grocery specialty
store e-commerce
22 62 The Gap Inc. US 2,500 15.2% 10.6% 17.0%
23 85 Staples Inc. US 2,500e
21.6% 0.8% 2.4% Estimated B2C e-commerce sales
24 155 Next plc UK 2,488NS
38.1% 13.3% 11.8% Includes results for NEXT
Directory, which includes some
catalog sales but is primarily
online sales
25 197 Williams-Sonoma,
Inc.
US 2,371NS
50.5% 12.1% 13.2% Includes some catalog sales not
broken out
Top 50 e-retailers
1
Compound annual growth rate
e = estimated g = gross transaction volume NS = total non-store sales n/a = not among the Top 250 in 2014

1
Compound annual growth rate
Source: Published company data, trade press, Internet Retailer, and Planet Retail
e-50
sales
rank
FY2014
Top 250
retail
revenue
rank
Country
of origin
FY2014
e-commerce
retail sales
(US$M)
FY2014
e-commerce
retail sales
% of total
retail revenue
FY2014
e-commerce
growth rate
FY2011-
2014
e-commerce
CAGR1
Comments
26 74 Nordstrom Inc. US 2,356 18.0% 22.9% 29.0% Includes Nordstrom.com,
Nordstromrack.com, and
HauteLook
27 n/a Shop Direct Group UK 2,331e
86.0% 3.6% 5.7%
28 n/a Vente.privee.com France 2,311g
100.0% 8.0% 17.5%
29 53 Kohl's Corp. US 2,168e
11.4% 26.2% 29.4%
30 75 Dixons Carphone plc UK 2,081e
16.0% 19.4% 29.7%
31 8 Metro Ag Germany 2,036 2.4% 20.2% 56.9%
32 129 Office Depot Inc. US 1,980e
24.6% 120.5% 29.4% Estimated B2C e-commerce sales
33 11 Target Corp. US 1,815e
2.5% 30.0% 19.3%
34 89 L Brands Inc. US 1,809NS
15.8% 2.4% 1.3% Includes catalog sales as well as
e-commerce
35 28 J Sainsbury plc UK 1,775e
4.7% 7.0% 12.9%
36 6 Carrefour S.A. France 1,728e
1.8% n/a n/a
37 n/a HSN Inc. US 1,722e
48.0% 8.8% 10.3%
38 24 Koninklijke Ahold
N.V.
Netherlands 1,684 3.9% 16.7% 40.6%
39 n/a ASOS Plc UK 1,579 100.0% 26.7% 25.6% Retail sales only (excludes third
party revenues and delivery
receipts)
40 n/a Ocado Group plc UK 1,570 100.0% 19.8% 16.6%
41 13 Groupe Auchan SA France 1,534e
2.2% 1.7% 11.3% Other Activities segment, which
reflects mostly e-commerce
(Auchandirect, Grossbill
and Auchan.fr), and E-drive
(essentially Chronodrive] but also
includes Alinea furniture and
interior design chain and Little
Extra household products chain.
42 n/a Overstock.com Inc. US 1,497 100.0% 14.8% 12.4%
43 18 Lowe's Companies
Inc.
US 1,405e
2.5% 31.6% 40.6%
44 n/a Lands' End Inc. US 1,321NS
84.9% 1.3% -2.6% Sales for Direct segment,
which sells products through
e-commerce websites and direct
mail catalogs although the vast
majority are online.
45 n/a Ulmart, CJSC Russia 1,300e
100.0% 50.0% 63.2%
46 n/a L.L. Bean Inc. US 1,285e
79.8% 7.0% 6.6%
47 n/a E-Commerce China
Dangdang Inc.
China 1,243 100.0% 26.3% 29.1% Product revenue from income
statement
48 78 Toys R Us Inc. US 1,229e
9.9% 6.8% 7.1%
49 79 J. C. Penney
Company Inc.
US 1,225 10.0% 13.4% -7.0%
50 152 Nike Inc. US 1,219e
18.4% 59.0% 43.9%
e-50 composite 13.2% 19.7% 22.0%
Top 50 e-retailers

For these reasons, a growing number of online retailers have begun
to develop an offline presence through partnerships with traditional
retail chains and by opening pop-up shops, showrooms, or even
full-fledged bricks-and-mortar stores. Both online and offline
brands have realized that to build volume and scale, they need
multiple channels of distribution.
Among the growing number of online brands making a move
from clicks to bricks is the world’s largest e-retailer – Amazon. In
November 2015, the online giant launched Amazon Books, a new
bricks-and-mortar bookstore in Seattle, as a physical extension of
Amazon.com.dd
The company reportedly has used the knowledge
it’s gained over the last two decades about consumer tastes to
create a more targeted in-store shopping experience. For example,
books are selected based on Amazon.com customer ratings, pre-
orders, sales, popularity on Goodreads, and curators’ assessments.
Beyond selling books, Amazon stores could also serve as order
pick-up locations to accompany the company’s accelerated
delivery options.
Fashion eyewear e-commerce pioneer Warby Parker launched as
an online-only retailer in 2010. By November 2015, it operated
20 standalone stores and five showrooms inside other retailers’
boutiques, having opened the first as an experiment in April 2013
in Manhattan’s SoHo district, where the company is based.ee
According to the company, each store opening dramatically
increases the growth rate in the city in which it’s located. Rather
than cannibalize e-commerce sales, the physical stores have only
seemed to help them.
Women’s activewear brand Athleta launched e-commerce
operations in 1999. Acquired by The Gap, Inc. in 2008, physical
stores followed three years later when the first location opened in
San Francisco in 2011. At fiscal year-end 2014, Gap operated 101
Athleta brand stores with plans to add 20 more in fiscal 2015.ff
In response to customers who want to try on items before buying,
Bonobos, an upscale menswear e-retailer, has launched a new kind
of shopping destination called a “Guideshop.” The first of these
showrooms opened in June 2015 on Fifth Avenue in New York and
grew to 20 locations around the United States as of November
2015.gg
Guideshops give customers the opportunity to try on and
order any of the clothing available on the company’s website for
shipment to their home or office with one of each item variation
(size, color, fit, fabric) on the showroom floor. Customers can
book an appointment with a guide who will explain the shopping
process and provide personalized service to make sure they receive
all the assistance they need. Prior to the Guideshop launch, the
clothier had already expanded into bricks-and-mortar retailing. In
2012, after five years as an online-only retailer, Bonobos partnered
with Nordstrom, which made an investment in the company,hh
to bring its assortment into the stores. In another offline retail
partnership, Bonobos opened brand departments in a handful of
Belk department stores in February 2014.ii
Fast fashion jewelry retailer BaubleBar started out online in 2011
but always believed that a physical presence was key to building
the brand. The company began testing offline sales almost since its
inception with both pop-up shops and through retail partnerships
with Nordstrom, Anthropologie, and Bloomingdale’s. While it
maintains a presence inside these stores, BaubleBar also plans a
very deliberate, data-driven rollout of its own store network.
The first location opened in July 2015 in Long Island’s Roosevelt
Field Mall.jj
Rent the Runway, the online company that rents designer dresses
for special occasions, first opened a showroom for shoppers to try
on dresses at its SoHo headquarters. Next came a Henri Bendel
shop-in-shop. In September 2014, the company opened its first
freestanding store in New York City’s Flatiron district. The location
has proven to be a positive step forward in converting browsers
into buyers, as it eased shoppers’ fears that an item wouldn’t fit or
show up on time. At the store, visitors are able to reserve rentals for
future events, or take items with them that day. The location also
offers tailoring services. Rent the Runway has since opened three
other locations in Las Vegas, Washington D.C. and Chicago.kk
L.L. Bean, the century-old, Maine-based catalog and online retailer,
which operated 30 full retail stores and 11 outlets as of November
2015, is planning to more than double the number of its bricks-and-
mortar locations to at least 100 by 2020.ll
The company believes
that physical stores, rather than being obsolete, have become
a critical part of its omnichannel retail strategy. Customers who
venture into the new stores will not see quite as many products on
the shelves as they might in the company’s bigger, older locations.
However, they will be able to order the entire line through an
app that they can install on their smartphones, or they can order
through iPads located throughout the WiFi-enabled premises.
Zalora, Southeast Asia’s number one online fashion destination,
launched in 2012 and is now part of the Global Fashion Group
backed by German venture fund and tech incubator Rocket
Internet. Over the past two years, the company has been
experimenting with pop-up locations in the Philippines, Singapore,
Hong Kong, and Malaysia. In an effort to reach more customers
and encourage them to try online shopping, these temporary
locations are open from several days to several months, at which
point they may extend, close, or reopen elsewhere.mm

On a larger scale, e-commerce marketplace giant Alibaba announced
in August 2015 that it would invest US$4.5 billion to acquire a
20 percent stake in Suning, a Chinese electronics chain that once
struggled to cope with consumers shifting to the Internet.nn
The
investment in offline infrastructure aims to connect internet shoppers
with stores to expand and speed up the delivery network. Under
the partnership, Suning will open a flagship store selling consumer
electronics, home appliances and baby products on Alibaba’s
brand-focused Tmall.com platform, the companies said.
Alibaba’s deal came less than a week after e-commerce rival
JD.com said it would invest US$700 million for a 10 percent stake
in Chinese supermarket chain Yonghui Superstores.oo
Yonghui,
which operates more than 350 stores, is known for its live seafood
and fresh produce. The partnership will enable JD.com to connect
online shoppers with offline supermarkets in their neighborhoods.
Shoppers will be able to order groceries and fresh food and have
them delivered to their home within two hours.

Q ratio analysis
What is the Q ratio, and why is it important?
In today’s world, the global business environment is characterized
by intense competition combined with downward pressure on
retail prices, slow growth in major developed markets such as
Europe, slower growth in emerging markets than in recent years,
volatile input prices combined with consumer resistance to higher
retail prices, excess store capacity in many developed markets,
and a continued shift toward online retailing in which consumers
often perceive everything to be a commodity. What this means
is that, in order for retailers to prosper, they must distinguish
themselves from competitors in order to have pricing power that
leads to higher margins. This means having strong brand identity,
offering consumers a superior shopping experience, and being
clearly differentiated from competitors. The latter can entail
unique merchandise offerings including private brands, unique
store formats and designs, and superior customer experience. If
a publicly traded retailer has these characteristics, the financial
markets are likely to reward such a retailer. That is where the Q
ratio comes in.
The Q ratio is the ratio of a publicly traded company’s market
capitalization to the value of its tangible assets. If this ratio is
greater than one, it means that financial market participants believe
that part of a company’s value comes from its non-tangible assets.
These can include such things as brand equity, differentiation,
innovation, customer experience, market dominance, customer
loyalty, and skillful execution. The higher the Q ratio, the greater
share of a company’s value that stems from such non-tangibles.
A Q ratio of less than one, on the other hand, indicates failure to
generate value on the basis of non-tangible assets. It indicates
that the financial markets view a retailer’s strategy as unable to
generate a sufficient return on physical assets. Indeed it suggests
an arbitrage opportunity. That is, if a company’s Q ratio is less than
one, theoretically a company could be purchased through equity
markets and the tangible assets could then be sold at a profit.
In this analysis, we have calculated the Q ratio for all 157 publicly
traded retailers on the Top 250 list. The calculation is based on
companies’ assets at the end of the latest fiscal year as well as the
market capitalization as calculated in late October 2015.
Over the last 10 years, this report has offered an analysis of the Q ratios of publicly traded retailers
from our Top 10 list. Before explaining the inferences to be drawn from this analysis, let us consider the
meaning and importance of the Q ratio.
Hermès International SCA
Tractor Supply Company
H M Hennes Mauritz AB
Inditex S.A.
Amazon.com Inc.
Nike Inc./Direct to Consumer
Next plc
The TJX Companies Inc.
Vipshop Holdings Limited
Ross Stores Inc.
6.113
5.811
5.792
5.307
4.438
5.180
4.400
4.952
4.369
6.422
Top 10 retailers by Q ratio

Which companies have notable Q ratios?
This year the top spot on the Q ratio list goes to French luxury
brand Hermes, followed by Tractor Supply Company of the US.
Next on the list is HM Hennes Mauritz, the legendary Swedish
apparel retailer that has been at or near the top of the list since
we began doing these calculations. HM is closely followed by
Inditex, the Spanish apparel retailer that is known for differentiating
through fast changes in merchandise selection. Interestingly, many
of the retailers at the top of our list are engaged in both retailing
and wholesaling. What distinguishes them is the strength of
their brands regardless of the channels by which they distribute
to consumers. Of the top 10 retailers ranked by Q ratio, four are
European, five are from the US, and one is from China. Two are
principally in the online retailing business.
Highlights
This year, the financial results of 157 publicly traded companies on
the list of the Top 250 retailers of the world was analyzed. This is
up from 156 companies analyzed last year. The composite Q ratio
for all companies was 0.604, down from 1.130 last year. The sharp
drop might be explained by the sharp increase in the value of the
dollar in the past year. The Q ratio is calculated using the market
capitalization in October 2015 and the assets reported in the latest
fiscal year. Those assets were mostly reported before the rise in
the value of the dollar. Thus, for retailers located outside the US,
the Q ratio might have been considerably suppressed simply due
to exchange rate movements. This year’s composite Q ratio is,
of course, well below the 1.57 recorded in 2008 just before the
start of the global financial crisis. Of the 156 companies on the
list, 76 have Q ratios above one and 80 have Q ratios below one.
Composite Q ratios were also examined by country, region, retail
format, and dominant product category. A composite ratio was
only calculated when there were three or more companies in a
particular country or category.
Composite Q ratios by dominant retail format
Apparel and footwear
specialty
3.363
Discount
store
1.614
Convenience/
forecourt store
1.105
Electronic
specialty
1.105
Cash and carry/
warehouse club
1.115
Drug store/
pharmacy
1.698
Department
store
0.740
Home
improvement
2.398
Non-store
4.117
Discount
department store
1.105
Hypermarket/Supercenter/
Superstore
0.081
Other speciatly
0.909
Supermarket
0.850

The retail formats with the highest composite Q ratios are non-
store, apparel/footwear, home improvement, and electronic
specialty. The latter category is dominated by Apple Inc., which
accounts for most of the market capitalization of the electronics
specialty companies on our list. If Apple is excluded from the
list, the composite Q ratio drops dramatically. Thus, the elevated
status of this category is mainly due to one company. This is not
entirely surprising. Most electronics retailers now face considerable
competition from online sellers, online sites of manufacturers, and
discounters. It is difficult to differentiate when selling products
that are often perceived as commodities. Apparel retailers have
become extremely important global players. Their high composite
Q ratio (3.363) is due to the fact that most companies in this
category are either vertically integrated with strong brands, or are
fiercely price competitive and generate considerable volume. The
department store category, on the other hand, has a low Q ratio
of 0.74 reflecting difficulty in differentiating from other sellers of
fashion and home goods. The lowest composite Q ratio belongs
to the hypermarket category. This is an industry that has faced
considerable competitive challenges in recent years especially from
discount stores and online sellers. Plus, it is a format where clear
differentiation is difficult and where price competition is brutal.
Interestingly, the composite Q ratio for discounters is considerably
higher than that of hypermarkets.
Of the four merchandise categories, the two with the highest
composite Q ratios are hardlines/leisure (2.539) and apparel and
accessories (2.113). Yet given the dominance of Apple in the
hardlines category (accounting for more than half the market
capitalization of the category), it is notable that the apparel and
accessories category has the highest composite Q ratio when Apple
is excluded from this analysis. The category of diversified retailers
has, once again, a low composite Q ratio. Retailers specializing in
fast-moving consumer goods have, by far, the lowest composite
Q ratio.
The composite Q ratios of countries was also analyzed, provided
that there are three or more companies from a given country. The
analysis excluded countries with only one or two retailers from
this analysis. The weakest composite Q ratios are those of Mexico,
South Korea, and Germany in that order. The highest composite Q
ratios are found in the US, China, and South Africa. By region, there
is once again a stark divide between North America (1.590) and the
Africa/Middle East region (1.478) and every other region (ranging
from 0.015 for Latin America to 1.081 for Europe). Moreover, the
higher Q ratio for North America is due to the higher Q ratio for
the US. The other North American country, Canada, has a relatively
low Q ratio. There are many possible explanations for the relatively
high Q ratio for the United States. Some observers will say that it
reflects strong brand equity, clear differentiation, and a successful
transition to online retailing in the United States. Others will note
that these trends are often absent in other regions. As for Europe,
its composite Q ratio, while low, has improved substantially from
last year. This likely reflects the impact of a rising equity market,
in part driven by an aggressive monetary policy on the part of the
European Central Bank.
Composite Q ratios by primary retail product sector
Apparel and accessories
2.113
Hardlines and leisure goods
2.539
Fast-moving consumer goods
0.218
Diversified
0.650

Q ratios by country
Q ratios by region
US
1.627
France
0.822
South Africa
1.349
UK
0.756
Hong Kong
0.747
Canada
0.676
South Korea
0.295
Japan
0.683
China
1.553
Germany
0.336
Russia
1.274
Mexico
0.008
North America
1.590
Latin America
0.015
Asia Pacific
0.777
Africa/Middle East
1.478
Europe
1.081
Asia Pacific (less Japan)
0.894

Study methodology and data sources
Companies were included in the Top 250 Global Powers of
Retailing based on their non-auto retail revenue for fiscal year
2014 (encompasses fiscal years ended through June 2015). To
be included on the list, a company does not have to derive the
majority of its revenue from retailing so long as its retailing activity
is large enough to qualify. Private equity and other investment
firms are not considered as retail entities in this report – only their
individual operating companies.
A number of sources were consulted to develop the Top 250
list. The principal data sources for financial and other company
information were annual reports, SEC filings and information
found in company press releases and fact sheets or on company
websites. If company-issued information was not available,
other public-domain sources were used, including trade journal
estimates, industry analyst reports and various business information
databases.
Much of the data for non-US retailers came from Planet Retail, a
leading provider of global intelligence, analysis, news, and data
covering more than 9,000 retail and foodservice operations across
211 markets around the world. Planet Retail has offices in London,
Frankfurt, Hong Kong and New York. For more information please
visit www.planetretail.net.
Group Revenue reflects the consolidated net revenue of a retailer’s
parent company, whether or not that company itself is primarily a
retailer. Similarly, the income/loss and total assets figures also reflect
the consolidated results of the parent organization. If a privately
held company reports gross turnover only, this figure is reported as
Group Revenue and footnoted as “g.” Revenue figures do not include
operations in which a company has only a minority interest.
The Retail Revenue figures in this report reflect only the retail
portion of the company’s consolidated net revenue. As a result,
they may reflect adjustments to reported revenue figures to exclude
non-retail operations. Retail Revenue includes foodservice sales
if foodservice is sold as one of the merchandise offerings inside
the retail store or if restaurants are located within the company’s
stores, but excludes separate foodservice/restaurant operations
where it is possible to break them out. Retail Revenue also includes
sales of services related to the company’s retail activities, such
as alterations, repair, maintenance, installation, fuel sales and
membership fees. However, retailers that derive the majority of
their retail revenue from the sale of motor fuel are considered to be
primarily gas stations and are excluded from Top 250 consideration.
Retail Revenue includes business-to-business sales made from retail
stores, such as warehouse clubs, cash and carry operations, DIY
warehouses, automotive parts stores, etc.
Revenue figures do not include the retail banner sales of franchised,
licensed or independent cooperative member stores; they do
include royalties and franchising or licensing fees. Group Revenue
includes wholesale sales to such networked operations as well as
to unaffiliated stores. Retail Revenue includes wholesale sales to
affiliated/member stores but excludes traditional wholesale sales
or other business-to-business revenue (except where such revenue
is derived from retail stores) where it is possible to break them out.
For vertically integrated companies, the combination of retail sales,
controlled wholesale space sales (i.e., sales to franchise stores,
leased in-store shops/concessions) and other retail-related revenue
(e.g., franchise/license fees, royalties, commissions) are used to
calculate the Retail Revenue figure.
For e-commerce companies, Retail Revenue includes only direct
business-to-consumer sales where the company is the seller of
record. It excludes the sales of third-party sellers as well as third-
party seller fees and commissions.
In order to provide a common base from which to rank companies
by their Retail Revenue results, revenues for non-US companies
were converted to US dollars. Exchange rates, therefore, have an
impact on the results. OANDA.com is the source for the exchange
rates. The average daily exchange rate corresponding to each
company’s fiscal year was used to convert that company’s results to
US dollars. Individual companies’ 2014 year-over-year growth rate
and 2009-2014 compound annual growth rate (CAGR), however,
were calculated in each company’s local currency.
Group financial results
This report uses sales-weighted composites rather than simple
arithmetic averages as the primary measure for understanding
group financial results. Therefore, results of larger companies
contribute more to the composite than do results of smaller
companies. Because the data has been converted to US dollars
for ranking purposes and to facilitate comparison among groups,
composite growth rates also have been adjusted to correct for
currency movement. While these composite results generally
behave in a similar fashion to arithmetic averages, they provide
better representative values for benchmarking purposes.
Group financial results are based only on companies with data,
and not all data elements were available for all companies. Top
250 companies that did not derive the majority of their revenue
from retail operations were excluded from the calculation of group
profitability ratios (net profit margin and return on assets) as their
consolidated profits mostly reflect non-retail activities.

It should also be noted that the financial information used for each
company in a given year is accurate as of the date the financial
report was originally issued. Although a company may have
restated prior-year results to reflect a change in its operations or
as a result of an accounting change, such restatements are not
reflected in this data.
This study is not an accounting report. It is intended to provide a
reflection of market dynamics and their impact on the structure
of the retailing industry over a period of time. As a result of these
factors, growth rates for individual companies may not correspond
to other published results.
Impact of exchange rates on ranking
Changes in the overall ranking from year to year are generally
driven by increases or decreases in companies’ sales. However,
a stronger currency vis-à-vis the dollar in 2014 means that
companies reporting in that currency may rank higher in 2014
than they did in 2013, all other things being equal. Conversely,
companies reporting in a weaker currency may rank lower.
Among the major currencies in 2014, the euro strengthened
against the dollar early in the year before falling through the
end of the year and into 2015. For calendar year 2014 as a
whole, the average euro exchange rate saw little change from
2013. The British pound was generally stronger against the
dollar in 2014, continuing to gain strength in the first half
of the year before falling off in the second half and through
the first quarter of 2015. The Japanese yen continued to fall
throughout 2014 and into 2015, as did the Canadian dollar,
South African rand and Russian ruble. The Australian dollar,
Brazilian real and Indian rupee, along with a number of other
currencies, also depreciated against the US dollar during
fiscal 2014.

Endnotes
a. The Kroger Co. (2014, January 29). Kroger Completes Merger with Harris Teeter
[Press release]. Retrieved from http://ir.kroger.com/Cache/1500058030.PDF?O=P
DFT=Y=D=FID=1500058030iid=4004136
b. The Kroger Co. (2014, August 18). Kroger Completes Merger with eCommerce
Retailer Vitacost.com [Press release]. Retrieved from http://ir.kroger.com/file/
Index?KeyFile=24883483
c. The Kroger Co. (2015, December 18). Kroger Completes Tender Offer of
Shares of Roundy’s [Press release]. Retrieved from http://ir.kroger.com/file/
Index?KeyFile=32304683
d. Walgreens Co. (2014, December 29). Walgreens Shareholders Approve All
Proposals Related to Transaction with Alliance Boots and Holding Company
Reorganization [Press release]. Retrieved from http://news.walgreens.com/press-
releases/general-news/walgreens-shareholders-approve-all-proposals-related-to-
transaction-with-alliance-boots-and-holding-company-reorganization.htm
e. Walgreens Boots Alliance, Inc. (2015, October 27). Walgreens Boots Alliance to
Acquire Rite Aid for $17.2 Billion in All-Cash Transaction [Press release]. Retrieved
from http://www.walgreensbootsalliance.com/newsroom/news/walgreens-
boots-alliance-to-acquire-rite-aid-for-172-billion-in-all-cash-transaction.htm
f. Organizacion Soriana S.A.B. de C.V. (2015, January 28). Soriana Announces
Agreement with Comercial Mexicana [Press release]. Retrieved from http://
recursos.soriana.com/recursos/resources/InfoFin/2015/2015_01_28_
CorporateAnnouncementAgreementCCM.pdf
g. Woolworths Holdings Limited. (2015, December 17). Publication of Financial
Year 2014 Australian Tax Information [Press release]. Retrieved from http://www.
woolworthsholdings.co.za/media/news_display.asp?Id2=704
h. Steinhoff International. (2015, June 30). Audited Results for the Year Ended 30
June 2015 – Corporate Activity. Retrieved from http://www.steinhoffinternational.
com/downloads/2015/audited_results_for_the_year_ended_30_June_2015.pdf
i. Signet Jewelers Limited. (2014, May 29). Signet Jewelers Completes Acquisition of
Zale Corporation [Press release]. Retrieved from http://www.signetjewelers.com/
investors/news-releases/news-release-details/2014/Signet-Jewelers-Completes-
Acquisition-of-Zale-Corporation/default.aspx
j. Hudson’s Bay Company. (2013, November 4). Hudson’s Bay Company Completes
Acquisition of Saks Incorporated [Press release]. Retrieved from http://www.
businesswire.com/news/home/20131104006210/en/Hudson%E2%80%99s-Bay-
Company-Completes-Acquisition-Saks-Incorporated
k. Hudson’s Bay Company. (2015, September 30). Hudson’s Bay Company
Completes Acquisition of GALERIA Holding [Press release]. Retrieved
from http://www.businesswire.com/news/home/20150930005898/en/
Hudson%E2%80%99s-Bay-Company-Completes-Acquisition-GALERIA-Holding
l. Walgreens Co. (2014, December 29). Walgreens Shareholders Approve All
Proposals Related to Transaction with Alliance Boots and Holding Company
Reorganization [Press release]. Retrieved from http://news.walgreens.com/press-
releases/general-news/walgreens-shareholders-approve-all-proposals-related-to-
transaction-with-alliance-boots-and-holding-company-reorganization.htm
m. The Kroger Co. (2014, January 29). Kroger Completes Merger with Harris Teeter
[Press release]. Retrieved from http://ir.kroger.com/Cache/1500058030.PDF?O=P
DFT=Y=D=FID=1500058030iid=4004136
n. Loblaw Companies Limited. (2014, March 28). Loblaw Companies Limited
Completes Acquisition of Shoppers Drug Mart Corporation [Press release].
Retrieved from http://www.loblaw.ca/English/Media-Centre/news-releases/
news-release-details/2014/Loblaw-Companies-Limited-Completes-Acquisition-of-
Shoppers-Drug-Mart-Corporation/default.aspx
o. The Agrokor Group. (2014, June 27). Agrokor successfully closes Mercator
acquisition process [Press release]. Retrieved from http://www.agrokor.hr/en/
news/agrokor-successfully-closes-mercator-acquisition-process/
p. Aeon Co Ltd announces result for tender offer for acquire shares of WELCIA
HOLDINGS CO., LTD. (2014, November 21). Retrieved from http://in.reuters.com/
finance/stocks/3141.T/key-developments/article/3111055
q. Office Depot, Inc. (2013, November 5). Office Depot and OfficeMax Complete
Merger [Press release]. Retrieved from http://news.officedepot.com/press-release/
corporatefinancial-news/office-depot-and-officemax-complete-merger
r. Advance Auto Parts, Inc. (2014, January 2). Advance Auto Parts Announces
Closing of Acquisition of General Parts International [Press release]. Retrieved
from http://www.businesswire.com/news/home/20140102005983/en/Advance-
Auto-Parts-Announces-Closing-Acquisition-General
s. Dixons Carphone plc. (2014, August 7). Completion of all-share merger (the
“Merger”) of Carphone Warehouse and Dixons Retail [Press release]. Retrieved
from http://www.dixonscarphone.com/media-centre/press-releases/completion-
all-share-merger-%E2%80%9Cmerger%E2%80%9D-carphone-warehouse-and-
dixons
t. Steinhoff International. (2015, June 30). Audited Results for the Year Ended 30
June 2015 – Corporate Activity. Retrieved from http://www.steinhoffinternational.
com/downloads/2015/audited_results_for_the_year_ended_30_June_2015.pdf
u. DIXY Group. (2011, June 20). DIXY Group has completed the deal on the
acquisition of Victoria Group [Press release]. Retrieved from http://www.
dixygroup.ru/~/media/Files/D/Dixy/press-release/2011/pr2011-06-20-dixy-release-
eng-dixy%20group%20has%20completed%20the%20deal.pdf
v. DIXY Group (2015, January 23). DIXY Group demonstrates 33.3% total revenue
growth in December 2014 [Press release]. Retrieved from http://www.dixygroup.
ru/~/media/Files/D/Dixy/operational-results/en/2014/DIXY%20Group%20
Sales%20December_2014%20ENG.pdf
w. Lenta Group (2015, January 29). Lenta Sales and Operating Highlights for the
Fourth Quarter and Full Year Ended 31 December 2014 [Press release]. Retrieved
from http://www.lentainvestor.com/en/investors/rns-article/id/734
x. AB Acquisition LLC (2013, January 10). Albertson’s LLC Announces Definitive
Agreement for Purchase of 877 Stores from SUPERVALU [Press release]. Retrieved
from http://www.albertsons.com/our-company/newsroom/albertsons-llc-
announces-definitive-agreement-for-purchase-of-877-stores-from-supervalu/
y. AB Acquisition LLC. (2015, January 30). Albertsons and Safeway Complete
Merger Transaction [Press release]. Retrieved from http://www.albertsons.com/
albertsons-and-safeway-complete-merger-transaction
z. CP All gets green light to buy Siam Makro (2013, June 14). Retrieved from http://
www.financeasia.com/News/346659,cp-all-gets-green-light-to-buy-siam-makro.
aspx
aa. RFS Holland Holding B.V. (2015, July 3). Funds advised by Apax Partners to invest
in Wehkamp, a leading online Lifestyle Department Store in the Netherlands
[Press release]. Retrieved from http://www.apax.com/news/apax-news/2015/july/
funds-advised-by-apax-partners-to-invest-in-wehkamp,-a-leading-online-lifestyle-
department-store
bb. Global Fashion Group S.A. (2014, September 4). Kinnevik Rocket to Create
Global Fashion e-Commerce Group [Press release]. Retrieved from http://global-
fashion-group.com/press-post-1
cc. Tencent Holdings Limited (2014, March 10). JD.com and Tencent form strategic
partnership to transform eCommerce industry in China [Press release]. Retrieved
from http://www.tencent.com/en-us/content/at/2014/attachments/20140310.
pdf
dd. Did Amazon Just Replace the Public Library? (2015, November 3). Retrieved from
http://www.theatlantic.com/entertainment/archive/2015/11/did-amazon-just-
replace-the-public-library/413941
ee. Warby Parker. (n.d.) Company website - Retail Locations. Retrieved on January 13,
2016 from https://www.warbyparker.com/retail
ff. Gap Inc. (2015, February 26). Gap Inc. Reports Fourth Quarter and Fiscal Year
2014 Results [Press release]. Retrieved from http://www.businesswire.com/news/
home/20150226006507/en/Gap-Reports-Fourth-Quarter-Fiscal-Year-2014
gg. Bonobos, Inc. (n.d.). Company website - Guideshops. Retrieved on January 13,
2016 from https://bonobos.com/guideshop
hh. Bonobos, Inc. (2012, April 12). Bonobos and Nordstrom Announce Partnership
[Press release]. Retrieved from http://press.nordstrom.com/phoenix.
zhtml?c=211996p=irol-newsarticleID=1682596
ii. Bonobos Heads South and Offline in Another Retail Pact (2014, February 24).
Retrieved from http://www.bloomberg.com/bw/articles/2014-02-24/bonobos-
heads-south-and-offline-in-another-retail-pact
jj. Online Jewelry Startup Baublebar to Open Retail Stores (2015, June 24). Retrieved
from http://www.forbes.com/sites/clareoconnor/2015/06/24/online-jewelry-
startup-baublebar-to-open-retail-stores/#2715e4857a0b3502aef03617
kk. Rent the Runway. (n.d.). Company website - Visit our Stores. Retrieved on January
13, 2016 from https://www.renttherunway.com/stories/stores
ll. From Clicks to Bricks: L.L.Bean’s Embrace of Omnichannel Retail (2015, July 20).
Retrieved from http://urbanland.uli.org/economy-markets-trends/clicks-bricks-l-l-
beans-embrace-omnichannel-retail
mm.Zalora Group. (n.d.). Company website – Zalora pop-up store. Retrieved on
January 13, 2016 from http://www.zalora.com.my/pop-up-store
nn. Alibaba Group. (2015, August 10). Alibaba and Suning Commerce Enter
Into Strategic Alliance [Press release]. Retrieved from http://alibaba.newshq.
businesswire.com/press-release/alibaba-and-suning-commerce-enter-strategic-
alliance
oo. JD.com, Inc. (2015, August 7). JD.com Announces Second Quarter 2015 Results
[Press release]. Retrieved from http://ir.jd.com/phoenix.zhtml?c=253315p=irol-
newsArticleID=2078036

Contacts
Global
Deloitte Global Leader, Retail
Vicky Eng
veng@deloitte.com
Chief Global Economist
Ira Kalish
ikalish@deloitte.com
Retail Marketing
Bryna Lee
brynalee@deloitte.com
North America
Canada
Stephen Brown
stephenbrown@deloitte.ca
United States
Rod Sides
rsides@deloitte.com
Europe, Middle East and Africa
(EMEA)
Belgium
Eric Desomer
edesomer@deloitte.com
Central Europe
Aaron Martin
aamartin@deloittece.com
Czech Republic
Martin Tesař
mtesar@deloittece.com
Denmark
Jesper Povlsen
jepovlsen@deloitte.dk
East Africa
Rodger George
rogeorge@deloitte.co.za
Finland
Jussi Sairanen
jussi.sairanen@deloitte.fi
France
Stephane Rimbeuf
srimbeuf@deloitte.fr
Germany
Karsten Hollasch
khollasch@deloitte.de
Greece
Maria Trakadi
atrakadi@deloitte.gr
Ireland
Kevin Sheehan
kesheehan@deloitte.ie
Israel
Israel Nakel
inakel@deloitte.co.il
Italy
Dario Righetti
drighetti@deloitte.it
Middle East
Herve Ballantyne
hballantyne@deloitte.com
Netherlands
Marije Staman
mstaman@deloitte.nl
Norway
Jonathan Farnell
jfarnell@deloitte.no
Poland
Dariusz Kraszewski
dkraszewski@deloittece.com
Portugal
Luís Belo
lbelo@deloitte.pt
Russia/CIS
Vladimir Biryukov
vbiryukov@deloitte.ru
South Africa
Andre Dennis
adennis@deloitte.co.za
Spain
Fernando Pasamon
fpasamon@deloitte.es
Sweden
Joakim Torbjorn
jtorbjorn@deloitte.se
Switzerland
Howard da Silva
hdasilva@deloitte.ch
Turkey
Ozgur Yalta
oyalta@deloitte.com
United Kingdom
Ian Geddes
igeddes@deloitte.co.uk
West Africa
Alain Penanguer
apenanguer@deloitte.fr
Latin America
Argentina/LATCO
Daniel Varde
dvarde@deloitte.com
Brazil
Reynaldo Saad
rsaad@deloitte.com
Chile
Omar Mata
omata@deloitte.com
Colombia
Juan Sanchez
jsancheznino@deloitte.com
Mexico
Erick Calvillo
ecalvillo@deloittemx.com
Omar Camacho
ocamacho@deloittemx.com
Peru
Francisco Revelo
frevelo@deloitte.com
Venezuela
Ignacio Rodriguez
igrodriguez@deloitte.com
Asia Pacific
Australia
David White
davidwhite@deloitte.com.au
China
David Lung
dalung@deloitte.com.cn
India
Anil Talreja
atalreja@deloitte.com
Indonesia
Jose Sabater
josabater@deloitte.com
Japan
Yoshio Matsushita
yomatsushita@tohmatsu.co.jp
Korea
Jae Hoon Lee
jaehoolee@deloitte.com
Malaysia
Kavita Rekhraj
krekhraj@deloitte.com
Philippines
Bonifacio Lumacang
blumacang@deloitte.com
SEA Singapore
Eugene Ho
eugeneho@deloitte.com
Taiwan
Jason Ke
jasonke@deloitte.com.tw
Thailand
Manoon Manusook
mmanusook@deloitte.com
Vietnam
Nguyen Vu Duc
nguyenvu@deloitte.co
Retail contacts for Deloitte Touche Tohmatsu Limited (DTTL) and its member firms

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its
network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent
entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for
a more detailed description of DTTL and its member firms.
Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients
spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings
world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex
business challenges. Deloitte’s more than 225,000 professionals are committed to making an impact that matters. Deloitte
serves 4 out 5 Fortune Global 500®
companies.
This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their
related entities (collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services.
Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified
professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who
relies on this publication.
© 2015. For information, contact Deloitte Touche Tohmatsu Limited.

Gr report global_powers_of_retailing_2016

More Related Content

What's hot (16)

Similar to Gr report global_powers_of_retailing_2016 (20)

More from Ethos Media S.A. (20)

Recently uploaded (8)

Gr report global_powers_of_retailing_2016