global powers of retailing 2018

Perspectives

Global Powers of Retailing 2018

Transformative change, reinvigorated commerce

It is a transformative time in retail. The shopper is clearly in the driver’s seat, enabled by technology to remain constantly connected and more empowered than ever before to drive changes in shopping behaviour.

This year's report focuses on the theme of “Transformative change, reinvigorated commerce,” which looks at the latest retail trends and the future of retailing through the lens of young consumers. To mark this 21st edition, there will also be a retrospective which looks at how the Top 250 has changed over the last 15 years.

Global Powers of Retailing Top 250

For the first time, Australia is represented by three retailers in the Deloitte Global Powers of Retailing report. Now in its 21st year, this annual report identifies the 250 largest retailers globally by revenue and examines current global trend and economic prospects in retail.

There are now 38 Top 250 global retailers operating in Australia – one lower than last year. While there are two new additions with JB Hi-Fi and UK department store Marks and Spencer (now established with a dedicated online Australian business), this increase is offset by Debenhams and Abercrombie & Fitch falling out of the Top 250. The third is Lowe’s Inc, which exited their operations in Australia with the closure of Masters Home Improvement.

Key takeaways for the Australian market

Australia is facing a number of potential disruptors which could have a significant impact on the retail landscape, including:

  • The expected impact of Amazon as it builds out its infrastructure and services in Australia
  • The potential new international entrants to the Australian market, in particular the discount supermarket operator Lidl, owned by the fourth largest retailer in the world The Schwarz Group
  • The opportunities arising for Australian companies by partnering with the growing presence of Chinese-owned retailers and e-commerce providers in Australia seeking to sell Australian products to the Chinese market.
Transformative change, reinvigorated commerce

The rules of retailing are being rewritten in this time of transformative change. Innovation, collaboration, consolidation, integration, and automation will likely be required to reinvigorate commerce, profoundly impacting the way retailers do business now, and in the future. Across the retail industry, disruption of traditional business models has given way to unprecedented and transformative change—change required online and offline to better serve more demanding shoppers and redefining customer experience.

The four trends identified in the report are:

  • Building top-notch digital capabilities
  • Combining bricks and clicks makes up for lost time
  • Creating unique and compelling in-store experiences
  • Reinventing retail with the latest technologies
  • The 50 fastest-growing retailers grew revenue, on average, four times faster than the Top 250 group as a whole, recording a 20.9% composite compound annual growth rate from FY2011 to FY2016.

Global Powers of Retailing 2018

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