Global Powers of Retailing 2023
Revenue growth and continued focus on sustainability
The Global Powers of Retailing 2023 report shows the top 250 companies posting 8.5% year-on-year growth in retail revenue for FY2021, up from 5.2% in FY2020. Growth was very strong for Richemont, who jumped ahead 25 positions among the world’s 250 largest retailers with its FY2021 performance making it one of the top 50 fastest-growing global retailers FY2016-2021. Two of Switzerland’s largest retailers Migros and Coop, each dropped a few positions in the Global Powers of Retailing 2023 rankings.
Deloitte’s Global Powers of Retailing 2023 report reviews the global economic scenario and its impact on the retailing industry. The report identifies the 250 largest retailers around the world based on publicly available data for FY2021 (financial years ending within the 12 months from 1 July 2021 to 30 June 2022) and analyses their performance across geographies and product sectors. It also provides a global economic outlook, looks at the fastest-growing retailers, and highlights new entrants to the Top 250. This year’s report also offers an assessment of retailers’ rising sustainability efforts.
Gobal Powers of Retailing 2023
Download the report
Majority of top-10 retailers boost their digital capabilities
Walmart again leads the world’s global retailers, but we do see some changes in the top 10. China’s online retail specialist JD.com, for example, entered the top 10 at position 9 last year. This year they climbed to position 7 as a result of their 25.1% growth in retail revenue, also making them the fastest-growing top-10 retailer. For a second consecutive year, Latin American retailers recorded the largest composite five-year Compound Annual Growth Rate and year-on-year retail revenue growth.
Digital retailers benefitted from the shift towards digital shopping, during and after the pandemic. In fact, the majority of the top-10 retailers have actively boosted their digital capabilities through either the implementation of in-store technologies or through enhancing their omni-channel offerings.
Focus on sustainability remains, but type of investment is shifting
As many retailers continue to invest in sustainability initiatives, we see four focal points in their efforts. These are:
- the resale market
- the need to embed sustainability practises across supply chain operations
- the role of technology in sustainability
- the adherence to ESG-related regulations and frameworks
Lululemon’s like new program for example enables customers to buy and sell their slightly used products. In an interview, Ahold Delhaize shared how they work on reducing scope 3 emissions on a group level and at a local level in their retail store. Read more about sustainability strategies of the world’s leading retailers.
Explore the full analysis in the report
The full Deloitte’s Global Powers of Retailing 2023 report identifies the 250 largest retailers around the world based on publicly available data for FY2021, and analyzes their performance across geographies and product sectors. It also zooms in on the top 10, looks at the fastest growers and the new entrants, and investigates what retailers are doing in the field of sustainability and creating the future of the store.