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Global Powers of Retailing 2013 Retail Beyond
Retail perspectives from Deloitte.
Retail Globalisation: Navigating the maze The realities of going global
Sustainability in Consumer Business: A story of growth Placing sustainability at the core of what you do
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Introduction Global economic outlook Australian economic outlook The Future of Retail Global Powers of Retailing Top 250 highlights Global Powers of Retailing geographical analysis Global Powers of Retailing product sector analysis Top 250 newcomers Emerging markets fuel Fastest 50 Globilisation of the Australian Retail Market Q ratio analysis for Global Powers Navigating potential pitfalls for retailers Study methodology and data sources Deloitte Retail, Wholesale and Distribution Group Consumer Business contacts G4 G5 G9 G10 G12 G14 G18 G28 G29 G32 G35 G37 G38 G39 G40
Introduction Achieving growth in challenging conditions
Welcome to Deloitte’s 16th annual Global Powers of Retailing Report in conjunction with STORES Media. The Report identifies the 250 largest retailers around the world based on publicly available data for fiscal 2011 (encompassing companies’ fiscal years ended June 2012) and provides various analysis of these companies based on market segment, growth rates and other various trends. The Report also provides an outlook for the global and Australian retail environment for 2013 and beyond, considers the globalisation of the Australian retail market and analyses some of the current risks facing retailers. Highlights Despite difficult economic conditions, the global retail industry continued to grow, building on the rebound in growth that started in 2010. Sales-weighted, currency-adjusted retail revenue rose 5.1% to US$4.271 trillion for the world’s Top 250 retailers in fiscal 2011, building on the previous year’s 5.3% growth. More than 80% of the Top 250 retailers (204 companies) posted an increase in retail revenue with most of the companies experiencing declining total sales being due to business sales or restructuring rather than a deterioration of their core business. The Top 250 maintained a healthy 3.8% composite net profit margin in 2011, matching the industry’s 2010 result. Nearly all of the companies that disclosed their bottom-line results (181 of 194 reporting companies) operated at a profit in 2011. However, fewer companies saw an increase in their net profit margin in 2011 following 2010’s improvement in profitability. Composite return on assets was up slightly to 5.9% from 5.8% in 2010. The average size of the Top 250 in 2011, as measured by retail revenue, topped US$17 billion. The threshold to join the Top 250 in 2011 was US$3.7 billion. In terms of Australian retailers, whilst Woolworths and Wesfarmers continue to be the only representatives, they are both impressively in the Top 20 retailers, at 17th and 18th respectively. Wesfarmers continues to top the list of the 50 fastest growing retailers for the five year period from 2006-2011, but this is predominately driven by its acquisition of Coles in November 2007 rather than through organic growth.
Global expansion As a group, the Top 10 retailers have a much larger geographic footprint than the Top 250 overall. These large retailers operated on average in 16.7 countries, nearly twice as many as the average for the entire group. Revenue from foreign operations accounted for nearly one-third of the total Top 10 retail revenue. With many retailers facing challenging economic conditions in local markets, there has been a clear drive to seek growth opportunities overseas in countries with stronger economic conditions and growth prospects. This has been particularly evident in Australia where the influx of overseas retailers over the past two or three years has been significant and looks set to continue. Outlook From a global perspective, in the past year we have seen the economies of the United States, China, Japan, India and Brazil slow down as the impact of the European crisis has reached across the globe. There continues to be significant uncertainty in these economies as we head into 2013. This has had knock on effects on many other economies including Australia. For Australian retailers, 2013 looks set to continue to be a challenging trading environment. In a recent Deloitte survey1, 69% of Australian retailers questioned expected consumer confidence to remain the same in 2013. Interest rates remain low and may be reduced further, whilst there is some evidence of increasing house prices. However, the labour market remains relatively weak with little sign of any significant change in the near future. With further overseas expansion and new entrants into the Australian market in 2013, competition will be stronger than ever. There are certainly many opportunities for Australian retailers to grow and prosper in 2013; developing and executing on an appropriate strategy will be critical in these challenging global economic times. David White National Leader – Australia Retail, Wholesale & Distribution Group
eloitte Christmas Retailers’ Survey A Time for Christmas Cheer?, D November 2012
structural changes are underway that will influence the path of the global economy. some mechanism will be needed to assure sovereign debt repayment that is not overly onerous for member countries.deloitte. thus leading to reduced tax revenue and still large fiscal deficits. Third. Portugal. some form of fiscal and political union will probably be needed. thereby having a negative impact on many of the world’s leading economies. many economies in East Asia have been negatively influenced by the slowdown in China. what happens in Europe in the coming year will likely have a significant impact on the rest of the world. the huge uncertainty about the economic future of Europe has led businesses to curtail capital spending. that wrench has been the crisis in the Eurozone. In the past year we have seen the economies of the United States. In both economies. This means that lenders require a risk premium in order to provide credit in countries perceived as being at risk. the impact is to discourage private credit market activity. China has avoided a hard landing through a combination of monetary and fiscal stimulus. larger than the United States and of great importance to global commerce. If Eurozone debt could be consolidated. as are those who believe that the fate of emerging economies is no longer tied to that of developed economies. However. It is often forgotten that the EU remains the world’s largest economy–indeed. shared or replaced by Eurobonds.com/consumerbusiness STORES/January 2013 G5 . which will have a modest positive impact on global growth. which has a negative impact on economic activity. Second. the EU has compelled banks to recapitalise through reductions in lending and the sale of assets. India and Brazil decelerate as the long arm of the European crisis has reached across the globe. such debt consolidation would be a bottomless pit. European demand for imported goods has declined. the Eurozone must be fixed–but how? The consensus view is that the Eurozone requires three forms of integration to succeed. Barring a fiscal convulsion. the U. Yet Europe has a few years at most to achieve this goal before the whole enterprise unravels. however. opponents fear that without a central authority with the power to enforce fiscal probity. repayment would be far easier – especially if a dedicated stream of revenue could be secured to fund debt servicing. what happens in the United States and China will also be of great importance. the slowdown in these critical economies influenced economic performance in their neighbourhoods. This results from several factors. Japan. Finally. In the past year. efforts at fiscal consolidation are backfiring in that they are suppressing economic activity. www. Thus.Global economic outlook The economic situation for retailers Each time it appears that the global economy is about to accelerate. nearly every country on the continent is cutting its fiscal deficit through tax increases and spending reductions. Moreover. Finally. much of Western Europe is in recession. Likewise. Again. there needs to be a banking union with a central authority to supervise and recapitalise banks. and EU leadership hopes to achieve a banking union in 2013. including Spain. Observers who speak of the end of globalisation are wrong.S. Currently. economy is likely to accelerate in the coming year. The result is a decline in credit market activity in these countries. Italy and Greece. negotiations continue on the best path forward for the Eurozone. the fear that the Eurozone will fail has led to a perception of currency risk within the Eurozone. Meanwhile. For example. Second. Western Europe As of this writing. First. Negotiations have been underway among EU members to achieve this goal. China. There is general agreement that failure would entail huge and unacceptable costs in the form of a severe economic downturn. With much of Europe in recession. Thus. The problem is that such a move is politically difficult and would likely take decades to evolve. First. making the Eurozone more like a single national entity rather than simply a fragmented monetary union. something happens to throw a wrench into the wheels of growth. and stronger growth is likely in 2013.
In addition. In addition. Indeed. major decisions may be put on hold until the new leaders have time to assess the situation. the European Central Bank has promised to undertake unlimited purchases of sovereign debt from countries that submit to conditional bailouts from Europe’s new bailout facility. China will have to privatise state-run banks and companies. the government has taken a variety of actions. leading to increased competitiveness on the part of European exports. After all. One effect of the weakening industrial sector is a decline in Chinese company profitability. failure is the only real alternative to further integration. The worry was that the muchanticipated soft landing would turn into a hard landing. One such government. China faces some serious challenges: • First. with Europe as the main culprit. Failure to grow could ultimately lead voters to reject political parties that favour the continuation of the Eurozone. Bank lending has increased. This accounts for 48 percent of GDP. To deal with the slowdown in economic activity. perhaps as a result of declining profitability of Chinese companies and pessimism about the Chinese economy. ultimately. office buildings and highways. Yet such a situation cannot last indefinitely. But many observers doubt the deal is sustainable and believe that. the printing of new currencies. liberalise credit markets. Second. partly due to declining commodity prices. Such an event would have a contagious and negative impact on financial markets. Longer term. Normal. resulting in large losses for state-run banks. at that point. First. The ECB program has drastically reduced the risk of imminent failure.What is the alternative? For the time being. Greece has obtained the latest tranche of bailout money after promising to reform labour markets. This would probably lead to a seizing of credit markets. The rise in credit market activity is very likely due to the recent cuts in interest rates and the reduction in banks’ required reserves. Such investment fails to boost growth and represents a serious imbalance in the economy. although not as much as had been hoped. It bears noting that there are some positive things happening in Europe today.7 percent from a year earlier. the modest recession in which Europe now finds itself has already slowed economic growth in such important economies as the United States and China. the weakness in the industrial sector had a negative impact on investment into China. thereby boosting bank lending. sustainable growth will come from shifting resources away from investment and toward consumer spending. many problems remain. G6 STORES/January 2013 www. with slow economic growth and continued economic uncertainty. allow more currency appreciation and further increases in labour compensation and provide a greater safety net in order to discourage high saving. it would be to simply muddle along from one crisis to another.com/consumerbusiness . Chinese imports were down as well. The question now is whether the government will choose to take further actions aimed at stimulating the economy. exports to the EU were down 12. wage restraints combined with productivity improvements in Southern Europe have helped to restore some of the lost competitiveness that was at the heart of the crisis in the first place. the value of the euro has fallen significantly in the past few years. With a change of leadership in late 2012. This would lead to the exit of the defaulting country from the Eurozone and its inability to tap ECB funding or other forms of external finance. but export-oriented companies are struggling to maintain sales by cutting prices. The main problem was exports. which has not yet been implemented. has been sufficient to significantly lower sovereign bond yields for countries like Spain and Italy. the EU failed to quickly integrate. the government has increased public investment in infrastructure. To accomplish this goal. it is likely that other sovereign defaults would take place. Nevertheless. Investors moved money out of China. Industrial production was up a relatively modest amount in 2012. If. By mid-2012. In the long run. Meanwhile. The central bank has cut the benchmark interest rate and has reduced banks’ required reserves. shopping centres. there is concern about Spain’s ability to roll over existing debts and fund troubled banks and regional governments. China’s economy appeared to be turning the corner following a rough year of decelerating growth. too much of China’s economic activity has taken the form of investment in fixed assets like factories. Meanwhile. Greece will require significant forgiveness from sovereign holders of its debt. Moreover. apartment complexes. The result of these measures has been positive. China By late 2012. but also reflecting weakening demand in China. Corporate revenue continues to increase. which now appears unlikely. a deeper recession in Europe would surely have a significant negative impact on the global economy. now threatens to secede from Spain if it doesn’t obtain a better fiscal deal from the central government. Catalonia. an increase in inflation and a sharp drop in economic activity across Europe. A severe recession would ensue. The result is weak profitability. What would the failure entail? The collapse of the Eurozone would likely begin with a sovereign default. As of this writing. possibly leading to the exhaustion of existing bailout facilities as other countries find it difficult to tap into capital markets. This meant that China’s economy became weaker than had been expected. thereby buying time for Europe to engage in longer-term solutions. the broad money supply has accelerated as well.deloitte. Just the existence of this promise. Much investment has had negative returns.
exports to Europe and. with upper-end sellers focused on offering clearly differentiated. 2012 saw significant negative factors as well.S.S. with the goal of stabilising the U. accelerating employment growth and steady. income growth. The stage is already set. much increased confidence as measured by the leading indices of consumer confidence. China’s next phase of growth will require better human capital. Assuming that the U. improved labour and productivity.S. Second. declining relative energy prices. • Third.S. manufacturers. Finally.S. inflation should remain subdued and the policy environment might even be less rancorous following the surprisingly decisive nature of the November elections. We are already witnessing a bifurcation of the consumer market. U. the wage differential with Mexico for manufacturing workers has nearly disappeared. concerns about Europe and uncertainty about its future caused U. The economy will probably grow a bit faster than it did in 2012. high-quality goods in the context of a superior customer experience while other sellers focus on offering the lowest price. Moreover. negotiations were under way to avoid the socalled “fiscal cliff” which involves large automatic tax increases and spending cuts. Assuming this scenario plays out. it will be politically difficult. to a sharp slowdown in the growth of industrial output. In addition. renewed fears of a double-dip recession. thereby significantly improving consumer cash flow. Rather. but an imbalance in the labour market between the skills demanded and those supplied is the principal culprit. with increasing supply and reduced prices of natural gas. thus boosting wages–indeed. and. and higher taxes on the wealthy will do little to offset this trend. Consequently. The result is hugely important for retailers and their suppliers.S. As such. Finally. If the United States was to go over that cliff. the housing market has gone from severe negative influence on economic growth to modest positive influence. despite the headwinds from Europe.deloitte. consequently. the United States is expected to become the world’s largest producer of hydrocarbons by the end of the decade and a net exporter of energy. consumer spending is likely to decline as a share of GDP while exports and business investment boost their share. Exports not directed at Europe are performing well. debt-to-GDP ratio over time. Most analysts expect that the cliff will be avoided and that a longer-term budget deal will be reached in early 2013. companies that sell or distribute consumer goods and services now recognise that their future growth depends on going global. much has been written about the continued skewing of income distribution in the United States.com/consumerbusiness STORES/January 2013 G7 . It will also create a shortage of labour. energy-intensive companies are becoming even more competitive. manufacturing competitiveness.S. if very modest. Now. increased wealth through good performance of the equity market. By late 2012. and assuming that the Eurozone does not collapse and does not experience a severe economic downturn. as consumers continue to deleverage and banks continue their effort to restore healthy balance sheets. It is expected that such a deal will entail some revenue increases and some spending reductions. Labour force growth is slowing. investment in energy will boost employment significantly.S. Third. indeed. this is already happening. These attributes will require economic and political reforms that will challenge the perks of China’s elite. and along with it the cost advantage for global manufacturers. fiscal cliff is avoided. although it remains far below the levels reached during the last economic expansion. many manufacturers are shifting export-oriented production out of China and into countries like Mexico and Vietnam. Second.S. U. it was apparent that U. The recession in Europe led to a decline in U. The result is that China’s vast pool of cheap labour is dwindling. www. a recession would almost surely ensue. it seems unlikely that consumer spending can again grow as fast as it did in recent years. Activity in the housing market has turned around. the switch from coal to natural gas will significantly reduce carbon emissions. the result of a weak dollar and improved competitiveness on the part of U.S.S. then it seems likely that 2013 will be a moderately good year for the U. This is not how the recovery began in 2009 and is certainly not what one should expect going forward. construction has accelerated and turnover among new and existing homes has increased – all creating the conditions for more spending on things related to the home. economy is likely to perform in 2013. Consumer spending remains an unusually–and probably unsustainably–high share of GDP following the debt-fueled boom of the last decade. U. a very positive aspect to the U. Among these are a substantially reduced level of debt and debt service payments. Of course. This will have several implications. They are increasingly focused on emerging markets due to the expectation that these markets will account for a disproportionate share of global growth in the coming decade. finally. manufacturers are already more competitive due to a declining dollar. Due to a massive increase in production of natural gas and oil through new technologies. consumer spending and the housing market were showing signs of modest improvement.• Second. Growth should pick up.S. more efficient capital markets and freer flow of information. First. Moreover. there will be a sizable improvement in the trade balance. The result was a slowdown in the growth of economic activity in mid-2012 and. companies to cut back on capital spending. outlook concerns energy.S. Home prices have risen. A shortage of skilled labour is boosting compensation for the highly educated while a surplus of unskilled workers is suppressing compensation for everyone else. But what can retailers and their suppliers expect longer term from the U. All of this conspired to create modest growth of consumer spending. economic environment? First. economy. In fact. Moreover. The causes are many. China’s demographics are changing rapidly.S. low energy prices will boost U. phased in over several years. Consumers have experienced several positive factors lately. which will result in slower economic growth. especially on automobiles. It continues apace. the growth in 2012 came largely from consumers rather than exporters. here is how the U. Yet it appears as of this writing that the economy is doing better. United States As of early December.
the central bank decided to stabilise interest rates and wait for inflation to decelerate before implementing further stimulus. In addition. they are immensely attractive to the world’s top retailers. led to a substantial slowdown in growth in 2011 and 2012. Japan’s major automotive company sales in China have fallen sharply. Meanwhile. but not all. the government proposed a series of major reforms aimed at boosting productivity. but high inflation led the central bank to raise interest rates. have limited modern retailing and are likely to see an expansion of the middle class which drives modern retail. which remains a serious problem in Japan. the economy continues to grow modestly. As of this writing. For retailers. with total wages to workers in Japan in mid-2012 only marginally higher than in 1991. Consequently. these regions stand to benefit. that unit labour costs are declining. even at the cost of delaying economic recovery. Therefore. The result is expected to be a pickup in growth in 2013.com/consumerbusiness . some parts of the world have managed to grow strongly. many indicators suggest that the health of the Japanese economy is not improving. the political dispute between Japan and China over a group of islands is having a real impact on the economy. In India. declining wages contribute to declining purchasing power and stagnant consumer spending. The well-known Tankan survey. Despite the weakness in the BRIC economies. On the other hand. the slowdown in exports to Europe and China. the government began a process of fiscal stimulus in 2012 that entailed tax cuts and spending increases. many of their parts are made in Japan. Japan remains a very affluent society. industrial production fell and purchasing managers’ indices for both manufacturing and services were down. it will take time for them to work their way through to consumer behaviour. the economy suffered in 2012 from the impact of a global slowdown as well as the effect of weak business confidence.5 percent growth rate in the first quarter of 2012. In Russia. Japan faces challenging demographics. emerging markets. For global retailers looking to tap into fat wallets. the benchmark interest rate was cut by more than 500 basis points. Emerging markets The slowdown in the global economy has taken a toll on many. The only problem is that this stimulatory policy was implemented even as inflation remained higher than desired. While the vehicles are mostly assembled in China. despite the increased government spending on reconstruction following the earthquake and tsunami of 2011. resulting in the lowest rate ever recorded. thereby creating some inflation. which measures confidence among manufacturers. if this dispute results in a sustained decline in Chinese demand for Japanese products. thus reducing the risk that manufactured exports would become less competitive. As for Brazil’s consumer market. the Bank of Japan has engaged in quantitative easing. In all. compensation continues to decline. Elections must take place no later than 2014. To combat deflation. As the global economy ultimately recovers. the radical reduction in the benchmark rate helped to keep the currency from rising too far. Moreover.deloitte. This means. awaiting a drop in inflation. This is because they are likely to experience strong growth. but that is largely offset by the negative impact of a highly valued yen. To restore confidence and set the stage for faster growth in the future. Although there have been periodic bursts of economic activity like the 5. government incentives for consumer spending have expired as the government seeks to reduce its deficit. in November. retailers should not expect much strength of demand in 2013. Yet prices continue to decline despite a more aggressive monetary policy. growth has mostly been disappointing. Therefore. G8 STORES/January 2013 www. continued deflation or low inflation and a lack of economic reforms that would improve the efficiency of the distribution system. Even if there are changes in economic policy. Thus the outlook for economic growth is modest at best. Still. a continued strong yen. retailers in Japan are likely to seek growth outside of the home market. combined with the lagged effect of monetary policy tightening. of course. it could have real consequences for Japan’s already troubled industrial sector. In addition. Other goals include keeping market interest rates low and putting downward pressure on the value of the yen. For the past year. Much to the chagrin of the government and many businesses. Among these was liberalisation of foreign investment in retailing.Japan Japan’s economy has been mostly sluggish for some time. the policy has yet to result in any inflation. At a time when the Japanese economy hardly needs bad news. it is not clear whether the government will be successful in implementing its reform agenda. Japan will remain an attractive if slow-growing market. growth declined in 2012 as well. India’s central bank has remained focused on inflation. These include the Andean countries of South America. In addition. To combat this. In addition. exports declined. the central bank has kept the benchmark interest rate relatively high. whereby the Bank purchases assets like government bonds in order to inject liquidity into the economy. In Brazil. declined throughout much of 2012. thereby improving the competitiveness of Japanese products. The biggest risk comes from a relatively high level of consumer debt. Meanwhile. the economic situation in Japan suggests continued weak sales growth and declining prices. and they may help to clarify the direction of policy. including Indonesia and the Philippines. much of sub-Saharan Africa and some countries in Southeast Asia. It also contributes to deflation. the Bank of Japan has set a formal inflation target of 1 percent. The idea is to boost the money supply. However. This raises a question as to whether the amount of quantitative easing is sufficient. External weakness has been offset by strong domestic demand. but higher interest rates may hurt domestically driven growth – especially business investment and interest sensitive consumer spending. Longer term. it remains reasonably healthy. Brazil’s central bank began a process of aggressive interest rate cuts starting in late 2011 and continuing through the autumn of 2012. Thus. Yet unlike in Brazil. In addition.
while food retailers are maintaining solid sales growth. both from online sales and new bricks and mortar challengers. with sales continuing to boom in WA. www. Retail conditions are also divergent across the states. Retail conditions are strongest in Australia’s mining jurisdictions. there has been a welcome lift in sales for household goods retailers of late. there were some encouraging signs in 2012. but perhaps not enough to maintain short-term momentum. Interest rates are low and possibly heading lower while house prices are showing signs of life. Looking ahead. SA.deloitte.com/consumerbusiness STORES/January 2013 G9 . However. Across 2010 and 2011 Australian retailers failed to maintain their level of sales on a real per capita basis. retail conditions have improved of late in NSW. Interest rate cuts have been the prime driver of an improved level of spending rather than underlying capacity to spend (with jobs growth in Australia remaining anaemic). it’s likely to be back to the reality of a hard slog for retailers in 2013. and Tasmania. The labour market is weak and there is no immediate fillip to support employment growth (though an expected decline in the $A may help over time). while consumer confidence is broadly neutral but remains volatile from month to month (many consumers still hold concerns over the security of their own jobs – not a healthy environment for spending). In contrast. For retailers it’s all still a far cry from the pre-GFC days. Seeing broader market sales growth is no doubt a welcome change for retailers but it’s hardly a perfect set of circumstances.Australian economic outlook The retail environment in Australia has been a bleak one for a number of years. as sales growth picked up (supported in part by carbon tax compensation and other government handouts in the first half of the year). but the macro reality is that income growth is modest and these days consumers are taking a more measured approach to borrowing and spending than they have in the past. Clothing retailers have experienced an improvement in sales but only after some horrid results not so long ago. but are still quite weak in Victoria. In the meantime. Competition also remains high. Across the non-mining states. real wages growth may moderate as inflation picks up further from its recent cyclical lows. so there are some supports. followed by reasonably strong rates of growth in the NT and Queensland. Sales at department stores have been particularly weak over the past year. aided by lower interest rates.
such as playbooks to operationalise the omni-channel strategy. the number of smartphone users in the United States will rise to 159 million by 2015 from just 82 million in 2010. retailers must respond to new competition by enabling digital experiences that improve both the store and virtual experience for the customer. As one industry observer has noted. many retailers are falling behind in the race to offer a unique and comprehensive experience with their brand that keeps pace with customers’ ever-evolving attitudes and expectations. training and tools necessary to facilitate a shopping experience that engages customers across a variety of channels and extends beyond the traditional shopping experience. they are neglecting to make appropriate investments in technology. processes. In fact. the aesthetics of the iPad and all the social sharing surrounding online shopping today are now shifting that advantage to online retailers. retailers must develop an integrated strategy that aligns talent. New competitors are disrupting the market and capturing valuable market share through innovative business models. “While physical stores may have once enjoyed the advantage of crafting cool shopping experiences. Instead. To stay competitive in this ever-evolving landscape. digital media and tablets equipped with shopping apps.com/2012/09/29/ the-next-big-e-commerce-wave-vertically-integrated-commerce/ 4 http://techcrunch. Many companies are now seeking to become vertically integrated by controlling the whole supply chain. The customer revolution and the future of retail have arrived. Equally important. employees often lack the knowledge.com/consumerbusiness . Retailers’ technology can be disparate and fragmented.”3 However. The traditional bricks-and-mortar retail store is no longer the dominant medium for purchasing goods.The Future of Retail Retail Beyond The retail industry is in the midst of a customer revolution. Further. Retail’s Path to Relevance Adopt a single strategy and vision across channels Today’s consumer is increasingly connected to both the physical and digital space and able to interact with retailers through multiple channels simultaneously. Retailers must respond now or risk facing obsolescence. Create a Relevant Customer Experience The transformation of the retail store begins with a deep understanding of the customer and a strategy to personalise the experience at every point of interaction. Failure to deliver puts retailers at risk of becoming irrelevant.internetretailer. and multiple physical locations can drive an unsustainable cost structure that is not flexible and often underperforms. marketing and merchandising to meet consumer demands. A robust retail strategy must include: • A strong vision of the experience the customer desires across all channels • A nimble operating model that can adapt as the retail environment changes • A deep understanding of how to support the vision through inventive digital solutions and retail technologies. They must make shopping across all channels a more stimulating and satisfying experience. The key drivers of this customer revolution are the rapid adoption of mobile devices. rather than simply a way to find the lowest price for a particular product. The Future of Retail Has Arrived The retail paradigm has shifted from a single physical connection point with customers to a multi-pronged approach that crosses both physical and digital channels. Retailers are faced with the challenge of engaging customers on more than just price. operations and talent that would better equip them for seizing control of these channels. it is imperative for retailers to deliver a seamless customer experience across all channels and provide the right services and products at the right time. a new generation of e-commerce players is bringing high-quality products from the warehouse directly to consumers at significantly lower prices. and expect retailers to deliver this experience. they must find a path to success that not only addresses the needs of their customers today but is also flexible enough to continually evolve with customer interests and expectations.com/2012/09/29/ the-next-big-e-commerce-wave-vertically-integrated-commerce/ 2 G10 STORES/January 2013 www. The most appropriate technologies should be leveraged to enhance the experience in both the physical store and digital world.com/mobile/2012/03/01/ smartphone-adoption-soars-46-february 3 http://techcrunch. As a result. Consumers are seeking an integrated shopping experience across all channels. The collision of the virtual and physical worlds is fundamentally changing consumers’ purchasing behaviours. many retailers are struggling to take advantage of the increasing number of channels available to them for connecting with customers.deloitte. Additionally.4 Hence. physical space. As a result of a vertically integrated value chain. http://www.2 Traditional retailers must find opportunities to seamlessly embed the virtual world into their retail strategy by developing in-store and online technologies that allow them to create and maintain meaningful and sincere connections with customers across all channels. This strategy should be supported by emerging technologies and continually adapted to remain relevant to the customer of tomorrow. Specifically. it serves as one of many potential connection points between customers and a retailer’s brand.
however. Thorough collection and analysis of customer data will give retailers the best chance to understand. anticipate and adapt to the continuous change that comes with the connected consumer. retailers that invest early in flexibility and in aligning their business around the customer. A flexible IT infrastructure needs to integrate existing and emerging applications and devices. With 60 percent of smartphone owners reporting their use in in-store shopping.7 The most successful retailers will maintain locally relevant Facebook. • Embrace technology and be an early adopter.1 percent of total retail sales and will increase exponentially to reach 17–21 percent ($628-$752 billion) of total sales by 2016.Mobile commerce is an important channel for many retailers. • Enhance the customer experience and support sales associates in delivering desired service models. rather than the channel. The key is flexibility. Retailers must commit to making change the “new normal” in their operating model. its application can and should be extended from merely an online sales alternative to a tool that drives meaningful connections between the brand and the consumer. Mobile currently contributes 5.com/consumerbusiness STORES/January 2013 G11 . the future leaders of retail will be those who can quickly embrace operational changes brought about by new technologies and anticipate integration of emerging solutions that have not yet been invented. and should be channel-agnostic. 2011 http://www. • Empower them to use Twitter. Deloitte Digital.6 Social commerce is another critical part of the customer experience and digitally savvy retailers will devote taskforces to supporting their social media strategy. • Embrace the virtual environment as a connection point to your brand from anywhere and at any time. Facebook or text messaging to connect with customers. To keep customers engaged. and this means continual evaluation and analysis of their business to determine if they are delivering on the customer experience. • Transform the physical space to a compelling customer experience instead of a place to transact. can become leaders in an environment in which it is becoming increasingly harder to play catch-up.8 Innovate It is time for retailers to push the boundaries in delivering a connected customer experience. Proper management of Facebook. How Do Retailers Prepare? Invest in the Core Addressing today’s connected consumers may require structural changes to the retail organisation in order to deliver a seamless experience across channels and drive competitive differentiation for your brand. • Evaluate your real estate strategy as the need for large physical spaces may be minimised by the influence of virtual.com/research/specialty-retail-2011/ 8 Mobile Retailing POV: “The Dawn of Mobile Influence” 5 6 www. Twitter and other social media pages. With the increasing occurrence of channel overlap and the pace at which new applications and devices are brought to market. and provide them with leading indicators of the experience desired by the constantly evolving connected consumer. Twitter and other media is vital.l2thinktank. Information is king.5 Moreover. retailers should also consider including a social element in their mobile apps. and they can start with three key areas: Figure 1 New talent strategies • Position your talent as brand ambassadors. • Equip them with smartphones and train them to be technology savvy.” L2 Think Tank. • Use real-time data to provide relevant real-time promotions to further personalise the shopping experience. and the use of predictive analytics can help retailers gain deeper insight into the value that is being generated for their customers through their own operating model. customers who access a retailer’s app while shopping have a 21 percent higher conversion rate. The Dawn of Mobile Influence Deloitte Digital. and will also look to the next big development in social media. Change the physical space Emerging solutions Continually evaluate performance There is no silver bullet or single solution. August 23.deloitte. The Dawn of Mobile Influence 7 “L2 Specialty Retail Digital IQ Index. • Evolve the physical space as a primary point of brand contact to one of many points of contact.
8 percent composite net profit margin in 2011. The average size of the Top 250 in 2011. In the United States. irrespective of their actual revenue growth.. This change reflects the growing complexity of the operating model of many of the world’s largest retail companies. building on the previous year’s 5. 2011 • $4. for the first time. by a change in methodology that impacted some of the companies. A disproportionate share of the companies that experienced a decline in revenue were Japanese retailers whose revenue drops can be attributed in large part to the economic impact of the earthquake. they are employing multiple market entry strategies including franchising.com/consumerbusiness . not just retail sales. this change in methodology resulted in some upward movement in these companies’ Top 250 ranking in 2011. Governments across the continent cut spending and raised taxes. The consumer sector. hurting equity prices and employment creation. Fearful of a hard landing.8 percent in 2010. Despite a stumbling global economy. Not surprisingly. perhaps.1 percent for the world’s Top 250 retailers in fiscal 2011. The threshold to join the Top 250 in 2011 was $3. By the first half of 2012. as measured by retail revenue.1%–composite year-over-year retail revenue growth • 5.0–average number of countries in which Top 250 companies have retail operations G12 STORES/January 2013 www. Composite return on assets ticked up slightly to 5. inflationary economy. companies were ranked by total retail revenue.g. For a detailed definition of retail revenue. as Europe slowed. Top 250 quick stats. Readers of this report who monitor the Top 250 rankings year-over-year should note that as more revenue was considered “retail” for companies with more diverse operating structures. Nearly all of the companies that disclosed their bottom-line results (181 of 194 reporting companies) operated at a profit in 2011. In China. Yet. As retailers in mature markets ramp up their efforts in foreign markets in search of more attractive growth rates. however.S. By 2012. By 2012. More than 80 percent of the Top 250 (204 companies) posted an increase in retail revenue. This milestone was achieved. But the failure of the government to agree on a path toward fiscal rectitude– leading to the first-ever downgrade of the U. licensing and joint ventures in addition to owned expansion.S. currency-adjusted retail revenue rose 5. see the Study Methodology section at the end of this report. the aggregate retail revenue of the Top 250 topped $4 trillion.8%–composite net profit margin • 5. the Chinese authorities reversed course by late 2011 and began loosening monetary and fiscal policy. the euro crisis led to the tightening of credit markets. The Top 250 maintained a healthy 3.721 billion–minimum retail revenue required to be among Top 250 • 5. Yet the U. economy began to slow down as export growth trailed off. Chinese export growth decelerated at the same time that tight monetary policy began to have a negative impact on domestic demand. In Japan. Those with declining sales could often point to restructuring activities and divestments of non-core assets rather than deterioration of the core business.271 trillion–aggregate retail revenue of Top 250 • $17. consumers continued to spend in 2011 and the retail industry kept rolling–extending the rebound that began in 2010. in part. remained fairly robust.3 percent growth. 2011 was an awful year following the devastating earthquake and tsunami.Global Powers of Retailing Top 250 highlights Retail industry rebound continues as global economy stumbles The global economy decelerated in 2011 in many of the world’s leading markets. the U. retail revenue includes royalties and franchising/licensing fees as well as wholesale sales to affiliated/ member stores or other “controlled wholesale space” operations (e.7 billion. in-store shops or identity corners). topped $17 billion. monetary policy was tightened in 2011 in order to restrain an overheated. For purposes of this analysis. For the first time.S. government’s credit rating–wreaked havoc on investor confidence. consumer sector continued to grow at a modest pace. This year.8%–percent of Top 250 retail revenue from foreign operations • 9. the region was heading toward the recession that it is now experiencing.4%–2006-2011 composite compound annual growth rate in retail revenue • 3.085 billion–average size of Top 250 retailers • $3.9 percent from 5. Sales-weighted. China was facing a moderate slowdown in growth. matching the industry’s 2010 result. 2011 offered modest but improved growth as the manufacturing sector recovered and exports performed well. In Europe. fewer companies saw an increase in their net profit margin in 2011 following 2010’s improvement in profitability.deloitte. which weakened economies and further undermined consumer confidence. with European and Chinese growth decelerating.9%–composite return on assets • 23.
0% 55.374 88.4% 56.0% 14.4 percent was moderated by Carrefour’s 9. 2011 % retail revenue from foreign operations 28.8% n/a n/a 9. currency-adjusted composites ** Average Source: Published company data and Planet Retail Wal-Mart exceeds 10% of Top 250 revenue The world’s 10 largest retailers remained unchanged from 2010.950 113.9% 3. Germany Germany U.8% 5.4% 1.8% 3.841 73. By comparison.5% 2.8% 5.7% 34.5% 61. In part.5% 11.0% -9. this reflects the composition of the top 10.1% 0.8% 10.1% 0. 2 position despite a sales decline resulting from the spinoff of its Dia hard discount chain in July 2011. retail giant Wal-Mart increased its lead over Carrefour.2% 5.1% Net profit margin 3.197 101. the top 10 have a much larger geographic footprint than the Top 250 overall. U. while Aldi overtook both Walgreen and The Home Depot on the back of a stronger euro against the U.8 percent).5% 5. The composite year-over-year revenue growth for the top 10 of 4.0% 27.271. dollar in 2011.395 1. top 10 retailers. on average.9% 23.S. falling to 29 percent in 2011 from a high of 30.237.com/consumerbusiness STORES/January 2013 G13 .7 countries.1% 5. France U. Wal-Mart.2% 2. Germany U.710 4. Retail revenue (US$mil) 446. The French retailer maintained its No. which consists primarily of retailers in the lower-margin fast-moving consumer goods sector.4% 32.S.5% 0.171 29. The profitability of the top 10 (2.S. its biggest deal in more than a decade.deloitte.9% 9.K. the leader group’s share of total Top 250 revenue continued to slide.7% 7.S. With 6 percent revenue growth.1% 1. the Top 250 posted composite revenue growth of 5. This will allow Wal-Mart to widen its lead over its top 10 rivals in the future. nearly twice as many as the average for the entire group. These big retailers operated in 16.9 percent) also lagged that of the Top 250 group as a whole (3. acquired South Africa’s Massmart in June 2011.184 70. U.574 92.8% Return on assets 8.S.0% Retail revenue growth 6.8% 5. Metro hung onto fourth place.5% 2.915 87.8% Top 250 rank 1 2 3 4 5 6 7 8 9 10 Top 10* Top 250* Name of company Wal-Mart Carrefour Tesco Metro Kroger Costco Schwarz Aldi Walgreen The Home Depot Country of origin U.7% n/a n/a 3. Robust growth boosted Costco ahead of Schwarz. As a group.1 percent.Top 10 retailers worldwide.5% 4.1% 3.5% 4.7% 0.7% 1.2 percent in 2008.6% 6.9% # countries of operation 28 33 13 33 1 9 26 17 2 5 16.S.375e 72.905 90. This compares with less than one-quarter of the larger group’s combined retail revenue. Revenue from foreign operations accounted for nearly one-third of total top 10 retail revenue. the biggest European retailers were much more likely to pursue growth outside their domestic borders than were U. although its revenue fell slightly. www.0** Top 10 share of Top 250 * Sales-weighted.4% 5.8 percent sales decline.S.8% 57.8% -0.7** 9. As a result. That said. which accounted for more than 10 percent of total Top 250 revenue.
youthful populations and sizable foreign direct investment. composite retail revenue soared for companies based in Africa/Middle East.4% 7. 100 percent of each company’s retail revenue is accounted for within that company’s region. On the other hand.0% 30.S. which may not always coincide with where they derive the majority of their sales.2% 5. Somewhat greater pricing flexibility in these markets also resulted in above-average profitability for retailers in these regions. companies are assigned to a region based on their headquarters location.3% 40.9% 1.K.0% 2. Canada Share of Top 250 retail revenue by region/country. Japan’s share of Top 250 companies and revenue increased owing to the exchange rate effect of a stronger yen relative to the U. As a result.4% 10.com/consumerbusiness .2% 7. Other Europe Latin America U. The performance of North American retailers improved in 2011.0% 6.deloitte. the revenue drop for many of these retailers was due to the earthquake disaster and resulting impact on the country’s economic environment. 2011 2. with above-average revenue growth and profitability. dollar in 2011.0% 9.S. Nevertheless.S.Global Powers of Retailing geographical analysis For purposes of geographical analysis. there was considerable pent-up demand. Growth continued to be fueled by burgeoning middle classes. was also well above average. Canada G14 STORES/January 2013 www. as measured by return on assets. Emerging markets see continued high growth in retail demand Despite the economic slowdown in 2011. their willingness to take on new debt increased. This group’s strong results are a bit surprising given the various negative influences faced by U.8% 16.1% 9.4% 6.S.8% Africa/Middle East Japan Other Asia/Paciﬁc France Germany U. consumption regained much of the vigor lost during the recession.0% 16. Latin America and Asia/Pacific (excluding Japan). Japanese retailers suffered a composite revenue decline in 2011.K. consumers in 2011.2% Africa/Middle East Japan Other Asia/Paciﬁc France Germany U. Productivity. Although many companies derive revenue from outside their region. outperforming all other regions. Other Europe Latin America U. and even though consumers remained price sensitive. However.2% 4.5% 6. As previously noted. Unemployment remained uncomfortably high and real disposable incomes continued to decline.2% 2. 2011 4. Share of Top 250 retail companies by region/country.4% 12.
Asia/Paciﬁc Top 250 2006-2011 retail revenue CAGR** 2011 retail revenue growth 2011 net proﬁt margin France 2011 ROA Results reﬂect Top 250 companies headquartered in each region/country * Sales-weighted.1 3. only 15 percent of the North American region’s retail revenue came from foreign operations.3 8.1 3. it remained a low-margin place to do business.3 3.3 4.1 3. (It should be noted that these statistics are not strictly comparable year-over-year as the composition of the Top 250 retailers fluctuates.) And the share of Top 250 retailers that continued to operate only within their domestic borders dropped to 38 percent from 40 percent in 2010.3 4. Composite revenue growth for the French retailers fell to just 1. by 2011. The historically sluggish German retail market saw the pace of growth pick up over the past two years.4 percent and composite return on assets of 0. doing business with consumers in 176 countries.6 -1.2 15. did all the French retailers. 23.2 3.7 10 5 0 -5 5.0 4.4 3.6 percent.4 8. www. However. (This does not include Dell. Many U.9 1. as most of the countries comprising this region are too small to sustain large retail organisations. All the Africa/Middle East Top 250 retailers operated outside their national borders.1 16.8 5.6 6.Sales growth and proﬁtability by region/country* (%) 29.9 4.5 Germany Japan 4.1 5. retailers have made their first international foray close to home–moving into Canada. too.8 21.5 3.0 30 25 20 15 20. the composite net profit margin of 0.0 3. with just 11 percent remaining as single-country operators. currency-adjusted composites ** Compound annual growth rate Revenue growth and profitability deteriorated in the European region in 2011.com/consumerbusiness STORES/January 2013 U. German retailers were also very likely to operate internationally.3 3. up slightly from 23. As a result. That is because 11 of the 18 German Top 250 companies are private and did not disclose their profitability. Top 250 retailers operated in an average of nine countries compared with 8.9 Latin America Other Asia/Paciﬁc Africa/ Middle East North America Europe U.8 percent of Top 250 composite retail revenue was generated in foreign markets.2 0.6 3.2 5.2 3. who struggle to achieve growth domestically.6 7.2 in 2010. for the first time.) In 2011.3 4. which is truly global in scope. Almost one-quarter of Top 250 revenue from foreign operations Growth opportunities for many of the world’s largest retailers continue to be driven by global expansion in an attempt to make up for slow-growing or stagnant domestic markets.4 5.deloitte.7 2. Still.S.2 4. 4.6 5.2 6.0 6.6 4. though this result can be attributed primarily to Carrefour’s spinoff of Dia. as these figures are based on a small sample size.1 11.7 6. the share of North American Top 250 retailers that remained single-country operators fell to less than half.S.9 percent may not be truly representative.9 1.3 4.4 G15 . The French and German retailers turned to international markets for more than 40 percent of their combined revenue in 2011. and the profitability of German retailers continued to lag. driven by limited international expansion of the Japanese companies.6 3.4 0. Nevertheless. Mexico or Puerto Rico.K.7 2.4 percent in 2010. So. Asia/ Pacific was the only region with a lower percentage of foreign revenue.
8% 44.2% 42. licensed and joint venture operations in addition to corporate-owned channels of distribution. Japanese retailers had the smallest international presence.0 14. for many retailers.1% 20.3% 0.977 18.5% 48.685 30. This group generated19.7% # companies Top 250* Africa/Middle East Asia/Pacific Japan Other Asia/Pacific Europe France Germany U. the number of countries reflects non-store sales channels.504 22. less than 20 percent of Top 250 retailers operated exclusively within their national borders in 2011.* 250 7 58 40 18 88 13 18 15 11 86 76 Results reflect Top 250 retailers headquartered in each region/country * Average number of countries excludes Dell (U.9% 11.320 8. Meanwhile. 60 percent remained single-country operators in 2011.0% 51. specific information about non-store activity was not available.deloitte.4 8.6 percent of composite retail revenue.6% 19. on average.0 10.474 11. They derived 38 percent of total revenue from foreign operations.0% 54. as well as store locations. Where information was available.0% 11.8% 26.). more than half have not yet ventured beyond their home country’s borders.6 17.7% 60. such as consumeroriented e-commerce sites. Top 250 retailers based in Japan did business in just 3. the other Asia/Pacific retailers were much more likely to move beyond their national borders.3% 19.2 percent of combined retail revenue from foreign operations and averaged 8.K.0 3.5 countries with retail operations.124 18. Latin America North America* U.S. whose near-global coverage would skew the average For the European region overall.3% 15. G16 STORES/January 2013 www. the fast-growing markets of Latin America continued to sustain domestic retailers.555 24.608 14.2% 43.8 % single-country operators 38.0% 33. and foreign operations accounted for a meager 6.1 2.0 30. far more than any other region.0 6.2 6.3 5.6% 6.4 countries. However.3% Average # countries 9. catalogs and TV shopping programs.518 21. It should be noted that the average number of countries with retail operations includes the location of franchised. 2011 Average retail revenue (US$mil) 17.713 % retail revenue from foreign operations 23.009 9.Region/country profiles.085 6.5 15.0% 0.2% 38.0% 17. Excluding Japan from the analysis.9% 23.com/consumerbusiness .8% 15.S.
Acquisitions accounted for 23 new market entries. Perhaps not surprisingly. with a combined total of 107 new market entries (up from 88 in 2010) involving 72 different countries (57 in 2010). They also reflect new “bricks-and-mortar” retail activity only. Retailers that entered Western European countries for the first time in 2011 did so mostly through organic growth (11 of 15 times). franchising was the predominant method employed in 2011.. Franchising was the market entry method used for most of the other activity in the African sub-region. giving the world’s largest retailer entry into South Africa. Europe and Africa/Middle East showed the highest levels of activity. no country was entered for the first time by more than three of the Top 250 retailers in 2011. the most of any sub-region in 2011. as well as 11 other African nations.. saturated markets: the United States (15).Central Europe and Africa/Middle East primary targets for new market entry The Top 250 continued to extend their global reach in 2011.e. Europe and Africa/Middle East showed the highest level of activity. Much of this activity. primarily through organic growth. no country was entered for the first time by more than three of the Top 250 retailers in 2011. A disproportionate share of new market entries took place in Central Europe. Sixty-two percent (155) of the Top 250 retailers operated in more than one country in 2011. Of the four methods of market entry tracked for this analysis. viewing it as a fast. Top 250 new market entries by sub-region.deloitte. Most pursued a franchise strategy. and their retail activity in each sub-region was tracked. lower-risk way to expand internationally. however. licensed and other partnership or distribution arrangements Excludes companies entering a new country through e-commerce or other non-store methods. Joint ventures were established as the market entry method on only three occasions. low capital. Organic growth was the next most frequent market entry method (38 times). except for companies that operate primarily as non-store retailers Source: Published company data www. as was also the case in 2010. No one country emerged as the hottest new market for retail expansion–i. except for companies that are primarily non-store retailers. Franchising accounted for 40 percent of the activity (43 of 107 new market entries). Africa was the destination for 21 new market entries. Forty of the Top 250 retailers began operations in a new country in 2011 (the same number as in 2010). companies were assigned to one of 12 sub-regions based on their headquarters location. These numbers are based on the information available and may not capture all activity. 80 percent of the retailers that entered a new market in 2011 (32 of 40 companies) were from mature. the continent’s biggest economy.e. Almost half of the new market entries involved fashion retailers looking to extend their brands around the globe. To better analyse the geographic footprint and expansion activities of the Top 250 Global Powers of Retailing. All of the retailers that entered a Middle Eastern country for the first time in 2011 used a franchising model. and 82 percent of those retailers (127 of 155) operated in more than one sub-region. Japan (5) or one of the big three European economies (12). Joint venture * Includes franchised.com/consumerbusiness STORES/January 2013 G17 . involved a single player–Wal-Mart’s acquisition of Massmart. 2011 Central Europe Western Europe 1 Eastern Europe East Asia Southeast Asia Central Asia 3 2 4 4 1 5 1 2 11 5 11 10 3 5 Oceania 1 2 1 Central America & Caribbean South America Africa Middle East North America 1 Franchising/licensing* Acquisition Organic growth 2 4 7 10 3 2 1 2 12 No one country emerged as the hottest new market for retail expansion–i.
0% 54. Fashion retailers continued to be the most profitable. 2011 8.6% 22.com/consumerbusiness . it is considered to be diversified. If none of the three specific product sectors account for at least 50 percent of a company’s revenue. The slow-growing Diversified group remained the least profitable. Share of Top 250 retail companies by product sector. compared with 9 countries for the Top 250 as a whole.0% Fashion FMCG Hardlines & leisure Diversiﬁed Share of Top 250 retail revenue by product sector. 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. A notable change from 2010. was that retailers of Fast-Moving Consumer Goods outpaced Fashion and Hardlines retailers.5% 67. accounting for more than half of all Top 250 retailers and more than two-thirds of Top 250 revenue in 2011. averaging more than $21 billion in retail revenue.deloitte. they are the least global: In 2011. FMCG sector outpaces specialty retailers in 2011 The three specific product-oriented sectors–Fast-Moving Consumer Goods. Hardlines & Leisure Goods and Diversified.4% 15.Global Powers of Retailing product sector analysis The Global Powers of Retailing analyses retail performance by primary retail product sector as well as by geography. and Fashion Goods–recorded similar rates of growth in 2011. posting 5. however. nearly half operated only within their domestic borders.6 percent revenue growth. all within a half percentage point of the 5.8% Fashion FMCG Hardlines & leisure Diversiﬁed G18 STORES/January 2013 www.6% 8. suggesting that retailers operating too many concepts or formats can experience diseconomies of scale and increased operational and marketing complexity that can impact both top-line and bottom-line performance. Retailers of Fast-Moving Consumer Goods (FMCG) represent the largest product sector.1 percent Top 250 composite growth rate. 2011 8. Hardlines & Leisure Goods. Although the companies comprising this sector are large. they operated in an average of 4. Four sectors are used for analysis: Fast-Moving Consumer Goods.0% 15. Fashion Goods.9 countries. As a group.
nearly 80 percent operated outside their home country.6% 22. In 2011. AS Watson and hard discounters Schwarz and Aldi.3 Diversiﬁed 38. truly global operators like Carrefour.0 4.464 % retail Average revenue # countries from foreign operations 23.0 4. the result of several large.8 percent in 2011 from 7. 2011 # companies Average retail revenue (US$mil) 17.com/consumerbusiness STORES/January 2013 2.3 countries.0 21.4. 2. Overall performance was hampered slightly by the sector’s home improvement retailers as the housing market remained troubled in 2011.6% G19 4 3.6% 9.085 8.1 * Average number of countries excludes Dell (Hardlines). These retailers continued to be the most global of the product groups.5% 9.6 2. the sector generated nearly 23 percent of its total retail revenue from operations in foreign countries.4% 30.5% 47.5 percent) than the other product sectors.1 6. The Hardlines & Leisure Goods sector posted good profitability and solid gains in revenue in 2011.4 percent in 2010.3 percent.9 % singlecountry operators Top 250* Fashion Goods Fast-Moving Consumer Goods Hardlines & Leisure Goods* Diversified 250 39 135 55 21 12. Yet.8% 29.6 5.7 2 0 Top 250 Fashion Goods Fast-Moving Consumer Goods Hardlines & Leisure Goods 2006-2011 retail revenue CAGR** 2011 net proﬁt margin 2011 retail revenue growth 2011 ROA * Sales-weighted.5% 22. though not quite as robust as in 2010 when this sector staged a strong comeback following two years of depressed sales.8 4.2 percent increase in revenue and a composite net profit margin of 4.1 6.8 Revenue growth for Fashion Goods retailers cooled to 4.deloitte.9% 28.3 5. the home improvement subgroup still turned in a respectable 4.577 26. they derived a larger share of sales from foreign operations (29.3 4.6 6 5. each of which generated more than half of its revenue from foreign operations.813 21.8 10 8 8.0 . Sales growth and proﬁtability by product sector* (%) 9.4 5.2 5. currency-adjusted composites ** Compound annual growth rate Source: Published company data and Planet Retail Product sector profiles. Not surprisingly.2 9. engaging consumers in an average of 21.6 10.8 2.013 17.2 1. whose near-global coverage would skew the average www.9 Nevertheless.0% 20.
Brazil ** ** 31.804 ** ** 66.300 27.549 n/a 518 1.905 90. Woolworths Limited Wesfarmers Limited Rewe Combine Best Buy Co.070 ** ** 29.395 69. Centres Distributeurs E.375 73. Germany Japan Australia Australia Germany U. Casino Guichard-Perrachon S.300 27.7% 0.107 47..K. Inc.9% 8.K.K.567 e** g** 51.415 28.331 50. France U.184 70.123 51.1% -2.3% 3.197 101.491 e** 1.1% 1..4% 7.050 35. Inc. Inc.515 72.535 37.758 43.5% 8.) Netherlands Loblaw Companies Limited Delhaize Group SA Wm Morrison Supermarkets PLC Grupo Pão de Açúcar Canada Belgium U.S.457 n/a 1.277 103.0% 59.865 61. CVS Caremark Corp.014 60. ITM Développement International (Intermarché ) J Sainsbury plc Country of origin U.0% 5.988 28.600 34.971 The IKEA Group (INGKA Holding B.3% 2. Amazon..905 90.929 1.134 778 662 1.4% 1.9% 34.208 e** 50.077 59. Edeka Zentrale AG & Co.V Sears Holdings Corp. Koninklijke Ahold N.966 54.com/consumerbusiness .841 2011 group net income¹ (US$m) 16.877 2.705 50. Inc. U.deloitte. Tesco PLC Metro AG The Kroger Co.841 2011 group revenue¹ (US$m) 446.2% 6.1% 6.2% 27.988 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 G20 STORES/January 2013 www.5% 8.1% 0.839 Dominant operational format 2011 Hypermarket/Supercenter/ Superstore Hypermarket/Supercenter/ Superstore Hypermarket/Supercenter/ Superstore Cash & Carry/Warehouse Club Supermarket Cash & Carry/Warehouse Club Discount Store Discount Store Drug Store/Pharmacy Home Improvement Discount Department Store Hypermarket/Supercenter/ Superstore Hypermarket/Supercenter/ Superstore Drug Store/Pharmacy Supermarket Convenience/Forecourt Store Supermarket Supermarket Supermarket Electronics Specialty Home Improvement Hypermarket/Supercenter/ Superstore Non-Store Hypermarket/Supercenter/ Superstore Supermarket Supermarket Department Store Supermarket Supermarket Other Specialty Hypermarket/Supercenter/ Superstore Supermarket Supermarket Electronics Specialty # countries 2006-2011 of retail operation revenue 2011 CAGR² 28 33 13 33 1 9 26 17 2 5 1 12 9 2 1 18 2 2 11 13 4 26 10 7 3 11 3 8 1 39 1 11 1 1 5. France U.8% 5.407 56.033 631 48.2% 5. Leclerc Safeway Inc.614 52.163 41.980 ** ** 56.2% 5.158 59.com.950 113.542 n/a n/a 2.208 57.2% 6.714 3. Germany Germany U.883 2.S.Top 250 global retailers 2011 Retail revenue rank (FY11) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Name of company Wal-Mart Stores.374 88.314 35.4% 4.460 63.624 31. Lowe’s Companies.567 42.163 41.915 87.5% 8.S.7% 7.415 29. Ltd. Inc.417 -3.599 107. Carrefour S. U. Netherlands U. U.387 563 4.147 3. France U.S.196 371 22 1.502 1.782 1.S. 2011 retail revenue (US$m) 446.208 ** 47.8% 1.705 50.A.S.1% 8.V. France U.A.106 432 e ** 42.630 42.S.4% 1. KG Seven & i Holdings Co.8% -2.077 g** 45.7% 3.244 92. The Home Depot.4% 8.574 92. Germany U.194 1.S.7% 1.915 87.032 596 1.S. Costco Wholesale Corporation Schwarz Unternehmens Treuhand KG Aldi Einkauf GmbH & Co. oHG Walgreen Co. Ltd.9% 7.S.600 34.395 68.5% -4.4% e e 73.184 70.859 46.466 60.458 ** ** 60. France Japan U.691 57.374 88. U. Target Corporation Groupe Auchan SA Aeon Co.100 ** ** 59.S.375 72.S.950 115.147 n/a 955 4.
Spain Sweden Italy France Canada China U.974 20. Isetan Mitsukoshi Holdings Ltd.0% 22.167 n/a n/a 1.809 e e 14.8% 29.455 15. Rite Aid Corporation Migros-Genossenschafts Bund Yamada Denki Co. El Corte Inglés.0% 40. Lotte Shopping Co.0% 11.A.549 e 14.7% 4.K. Inc. Macy’s. Meijer.1% 3.760 e ** 20.100 Dominant operational format 2011 Supermarket Supermarket Department Store Drug Store/Pharmacy Supermarket Electronics Specialty Supermarket Apparel/Footwear Specialty Convenience/Forecourt Store Supermarket Other Specialty Supermarket Apparel/Footwear Specialty Hypermarket/Supercenter/ Superstore Department Store Drug Store/Pharmacy Supermarket Home Improvement Department Store Department Store Apparel/Footwear Specialty Supermarket Home Improvement Supermarket Supermarket Department Store Discount Store Department Store Supermarket Other Specialty Electronics Specialty Hypermarket/Supercenter/ Superstore Discount Store Apparel/Footwear Specialty Electronics Specialty Hypermarket/Supercenter/ Superstore # countries 2006-2011 of retail operation revenue 2011 CAGR² 1 1 3 1 3 2 3 7 10 1 87 5 87 5 1 36 2 8 2 4 43 1 13 1 1 40 2 9 5 14 3 6 1 41 3 1 -0.9% 13.910 23.7% ne 20.5% -0.com/consumerbusiness STORES/January 2013 G21 .S. U.744 n/a 782 302 755 621 984 n/a n/a 767 e 25.496 458 660 4. Inc.S..163 ** ** 19.6% 4.S.8% -2.598 17.1% -1.807 ** 14.2% 5.S.143 16. Centrale Nationale The TJX Companies.863 15. Russia Japan Chile U.7% 7.826 570 2. Ltd.492 ** Retail revenue rank (FY11) 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 Name of company SuperValu Inc. S. China U.179 ** 2011 group revenue¹ (US$m) ** 36.354 17.K.316 23. Butt Grocery Company Kingfisher plc J. Inc. U. China Belgium U.9% 7.400 14.250 18.549 e 833 757 14.444 17.953 20. H & M Hennes & Mauritz AB Coop Italia Groupe Adeo SA Empire Company Limited/Sobeys Bailian (Brilliance) Group Marks & Spencer Group Plc X5 Retail Group N.5% 10.S.246 16.403 23.998 22.5% -2. Inc.352 28.157 16.906 27.260 17. U.deloitte. Staples.121 ** 25. LVMH Moët HennessyLouis Vuitton S.317 15. Mercadona. Ltd. Inc.974 e 18.4% 8.923 14.373 14. Alimentation Couche-Tard Inc.A.9% 11. Hong Kong SAR U.V.191 22. Country of origin U.065 30. Suning Appliance Co.S.024 -152 291 2.046 14.2% 1.146 23.040 1.Top 250 global retailers 2011 2011 group net income¹ (US$m) -1.483 23. Kohl’s Corporation AS Watson & Company.157 19.441 n/a n/a 354 e** g** 29.S.354 17.483 750 738 n/a 1.549 14.710 15.930 18. H. Canada Spain France Switzerland Spain S.863 15.179 26.S.0% 2.4% 1. Ltd. S.121 e** 1. C.804 18.966 e g 17.3% 5.400 n/a ¹R evenue and net income for the parent company or group may include results from non-retail operations ² Compound annual growth rate e = estimate g = gross turnover as reported by company n/a = not available ne = not in existence (created by merger or divestiture) * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales www.405 26.6% 4.549 14.598 17.A. Penney Company. Dollar General Corporation The Gap. U.787 16.7% 6.S.1% 10.S.1% 4.S.135 e 16.8% 27.807 ** 14. Coop Group Inditex..444 17.702 921 1.3% 11.455 15.860 16. Inc.0% 17.1% 6. U.804 18.4% 3. Système U. 2011 retail revenue (US$m) 27.405 26.998 22.E. Ltd.910 e 32. Gome Home Appliance Group Louis Delhaize S.022 14.809 14. Korea U.967 15. U.A.157 19. Inc.A. Switzerland Japan France U. Publix Super Markets.0% 4.256 -369 26. Cencosud S.330 g 15.191 22.A.077 18.S.157 16.8% 11. S.7% 5.260 21.
Germany Spain Portugal Japan Italy U.492 392 419 n/a n/a 1.241 11.909 13.028 10.S. UNY Co.859 10. Fast Retailing Co.7% 5.109 10.639 13.S.115 10. Otto (GmbH & Co KG) Distribuidora Internacional de Alimentación.1% 4.584 10.S. Finland U. Inc.467 e** g** 13.6% -2. Japan Norway Japan U.329 14.A./Apple Stores Toys “R” Us. Front Retailing Co.616 9. Inc.621 13.595 11.K.782 13. Inc.7% ne 18.5% 0. Inc.9% -16.4% 4.5% ne 16.903 ** 108.7% 5. Ltd. Finland U.551 9.060 15.8% 9.5% 12.087 14.482 10.6% 1. Limited Whole Foods Market. S.144 9. SGPS.395 14.3% 12.9% -10. NorgesGruppen ASA Beisia Group Co.1% 33. Ltd. U.3% 18. Shoppers Drug Mart Corporation Nordstrom. Open Joint Stock Company “Magnit” Tengelmann Warenhandelsgesellschaft KG BJ’s Wholesale Club. Shoprite Holdings Ltd.S.364 10.3% 1. Canada Russia Germany U.423 ** g 11..5% -3.937 10. Africa Canada U.616 e** ** 13..843 10.551 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 G22 STORES/January 2013 www.108 ** 850 991 145 343 10. Ltd.K. Liberty Interactive Corporation (formerly Liberty Media Corporation) Kesko Corporation GameStop Corp.633 12.840 690 280 n/a 965 274 339 9.7% 8. PPR S.308 ** 13. The Daiei. Metro Inc.S.6% 5.907 g** 13.130 e** 19.431 36. Conad Consorzio Nazionale.A. France Japan Japan S.Top 250 global retailers 2011 2011 group net income¹ (US$m) 215 25.584 10.606 9.l.3% 6.. a.300 11.S.431 12.249 13.1% 5. Inc.207 13.497 ** 17.909 17.6% 0.703 131 498 157 n/a 334 ** ** 13.7% 1.300 11.A. Switzerland U.9% 35.015 e e 11.420 e 11.717 10.) Jerónimo Martins.877 ** 10.963 12. S.115 10. Country of origin Sweden U. (Dia.108 ** 10.456 -144 246 394 621 683 11.384 15..r.025 11. Limited Brands.127 13.A. Coop. 2011 retail revenue (US$m) 2011 group revenue¹ (US$m) Dominant operational format 2011 Supermarket Electronics Specialty Other Specialty Non-Store Discount Store Discount Store Hypermarket/Supercenter/ Superstore Supermarket Supermarket Supermarket Electronics Specialty Supermarket Supermarket Drug Store/Pharmacy Non-Store Supermarket Convenience/Forecourt Store Home Improvement Cash & Carry/Warehouse Club Other Specialty Hypermarket/Supercenter/ Superstore Department Store Supermarket Drug Store/Pharmacy Department Store Apparel/Footwear Specialty Discount Store Department Store Supermarket Apparel/Footwear Specialty Supermarket Home Improvement Non-Store Supermarket Other Specialty # countries 2006-2011 of retail operation revenue 2011 CAGR² 5 11 37 51 8 2 2 2 1 7 28 5 3 17 n/a 1 1 14 1 90 1 1 17 1 1 50 5 3 3 20 1 1 8 8 18 7.S.016 e e 10.com/consumerbusiness .4% ** ** 14.7% 0.922 151 32 ** Retail revenue rank (FY11) 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 Name of company ICA AB Apple Inc. Co-operative Group Ltd. Dansk Supermarked A/S Takashimaya Company.717 10. Dettaglianti Soc.684 13.2% -0.060 12.9% 6.9% 5. U.900 ** n/a -260 375 218 13. J.S. Inc. SPAR Österreichische WarenhandelsAG Dixons Retail plc S Group John Lewis Partnership plc Alliance Boots GmbH Dell Inc.249 10. S.741 ** ** 62. Denmark Japan U.K.364 10.S.6% -3.3% 12. Austria U. Ltd.690 14.deloitte.595 11.057 ** ** 10.3% 1.071 ** 913 3.177 9.031 ** 11.508 13.881 10.
Family Dollar Stores.0% 2.560 ** 152 112 n/a n/a 287 74 n/a 7./Makro Home Retail Group plc Grupo Eroski Menard..139 ** 8.420 9. Africa Japan Germany U. Globus Holding GmbH & Co.S.S.184 10.500 Dominant operational format 2011 Other Specialty Other Specialty Supermarket Electronics Specialty Hypermarket/Supercenter/ Superstore Home Improvement Electronics Specialty Supermarket Electronics Specialty Other Specialty Hypermarket/Supercenter/ Superstore Cash & Carry/Warehouse Club Other Specialty Supermarket Home Improvement Apparel/Footwear Specialty Drug Store/Pharmacy Apparel/Footwear Specialty Discount Store Hypermarket/Supercenter/ Superstore Supermarket Other Specialty Convenience/Forecourt Store Other Specialty Discount Store Hypermarket/Supercenter/ Superstore Department Store Other Specialty Drug Store/Pharmacy Supermarket Electronics Specialty Hypermarket/Supercenter/ Superstore Supermarket Hypermarket/Supercenter/ Superstore Supermarket Drug Store/Pharmacy # countries 2006-2011 of retail operation revenue 2011 CAGR² 4 1 1 1 35 4 1 10 1 19 2 6 3 2 1 20 1 1 1 1 3 19 1 3 4 1 1 18 11 9 1 4 1 1 1 6 7.3% 17.475 9.090 9.S.S. Etn.139 ** 8.I.931 8.090 9. C&A Europe Katz Group Canada Ltd. de C.0% 8.0% 7.Top 250 global retailers 2011 2011 group net income¹ (US$m) 990 473 n/a 301 278 973 ** Retail revenue rank (FY11) 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 Name of company Bed Bath and Beyond Inc.145 e** 9.5% 0.5% 11.617 9.6% -0.660 7. Inc.184 9.800 8.420 e** e** 9. Limited Giant Eagle.500 2011 group revenue¹ (US$m) 9.0% 16.S. Reitan Group Organización Soriana.1% ** ** 10.131 ¹R evenue and net income for the parent company or group may include results from non-retail operations ² Compound annual growth rate e = estimate g = gross turnover as reported by company n/a = not available ne = not in existence (created by merger or divestiture) * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales www. Fr.K. Inc.A. Chile Japan Hong Kong SAR Japan France Hong Kong SAR Netherlands U.608 8. Norway Mexico China S. Oxylane Groupe China Resources Enterprise. Colruyt N.134 9. Inc.0% 0.397 7.V.062 8.B.946 8. Ltd.800 8.931 9.235 8.020 7.1% 6.5% ne ne 13.505 e g 8.2% 28.614 ** 7.0% 7.A. Dalian Dashang Group Steinhoff International Holdings Ltd. U. Africa Germany S. Inc.221 70 485 n/a n/a 497 1.153 24.136 9.9% 11.9% 3.8% 4.S.6% 9.com/consumerbusiness STORES/January 2013 G23 .182 8.421 e g e 8.062 14.548 e g 9.266 7.511 9.548 8. Italy Belgium U.0% 6.134 9.228 11.7% 11. Inc.C. dm-drogerie markt GmbH + Co.490 8.762 9.7% 45. Spain U.945 8.820 8. Ross Stores.046 7. E-MART Co.S.V.A. Coop Danmark A/S Dirk Rossmann GmbH Country of origin U. The Pantry. Japan U.268 e ** 10. KG Hy-Vee.257 7.6% 6.1% 5.761 e ** 10.608 8.934 17. Inc. Office Depot.V. Falabella Edion Corporation Dairy Farm International Holdings Limited Yodobashi Camera Co. Belgium/ Germany Canada U.6% 3.760 8.929 9.2% -4.131 7.6% 16.p.468 8.090 116 -50 n/a n/a n/a 657 388 292 473 96 10 e e 8.992 8.S. Canadian Tire Corporation.199 9. U. Canada U.0% 3.0% 9. S. Esselunga S. K’s Holdings Corporation Army and Air Force Exchange Service (AAFES) S.S. Inc.deloitte.266 7.1% 5.5% 12. KG Pick n Pay Stores Limited Bic Camera Inc.052 9.710 e 8.6% 10.073 8.432 7. Inc. Ltd.419 g 7.5% 4. South Korea Denmark Germany 2011 retail revenue (US$m) 9. AutoZone.945 849 250 247 n/a 783 n/a e** ** 7. U.6% 6.306 7.183 7. Limited SHV Holdings N..4% 6.199 9.073 8.710 8.S.109 7.560 7.257 ** ** 7.
Defense Commissary Agency (DeCA) H2O Retailing Corporation Shimamura Co. Ltd.513 ** ** 5. Inc. Ltd.030 5.468 5. Big Lots.335 6.145 5.4% 17.1% 15.A.197 n/a 65 79 ¹R evenue 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 G24 STORES/January 2013 www.7% ne ne 9.6% 5. Inc. Life Corporation Tokyu Corporation Lojas Americanas S.S.9% 14.800 10.533 5.9% 7. Inc. de C.000 e e ** ** 5.200 5.916 5.K.S..992 5.S.170 5..789 5. Dillard’s. Ltd.4% 4.202 e 5.958 6. Japan Japan Brazil U.5% n/a -0. Japan Mexico U.958 5.A. Japan U.692 395 n/a 508 245 278 5. Ltd. Don Quijote Co.212 5.226 7. Inc. SA Wegmans Food Markets.S. Japan U.607 5. Bauhaus GmbH & Co.631 6.988 Dominant operational format 2011 Convenience/Forecourt Store Supermarket Discount Store Discount Department Store Other Specialty Other Specialty Hypermarket/Supercenter/ Superstore Supermarket Department Store Supermarket Department Store Discount Department Store Other Specialty Hypermarket/Supercenter/ Superstore Convenience/Forecourt Store Supermarket Department Store Apparel/Footwear Specialty Other Specialty Convenience/Forecourt Store Other Specialty Convenience/Forecourt Store Apparel/Footwear Specialty Supermarket Home Improvement Home Improvement Electronics Specialty Drug Store/Pharmacy Apparel/Footwear Specialty Hypermarket/Supercenter/ Superstore Supermarket Convenience/Forecourt Store Other Specialty Discount Store Supermarket Department Store Electronics Specialty # countries 2006-2011 of retail operation revenue 2011 CAGR² 1 1 2 2 1 55 6 1 1 1 1 1 3 1 2 13 1 2 2 1 1 4 30 6 1 15 9 1 68 1 1 1 1 2 1 5 1 11.601 5.597 6. Inc. Switzerland Portugal U.052 6.3% 1. S.903 ** ** ** ** 5.885 6.212 5. The Great Atlantic & Pacific Tea Company. Ltd.607 5. Inc.1% 10.346 ** 5.506 5.1% 4.S.378 5. PetSmart. Japan Japan U.113 6. U.789 e 6. U.30 5.0% -4.420 6.7% ne 7. Ltd. KG Darty plc (formerly Kesa Electricals plc) MatsumotoKiyoshi Holdings Co.com/consumerbusiness .533 5.182 6.S.129 ** 12.202 e 5. The SPAR Group Limited DCM Holdings Co.9% ne 3.988 2011 group revenue¹ (US$m) 6.382 6.700 6.992 5. Africa Japan Germany U. SGPS.113 e 6..541 5.0% -9.700e 6.S.406 5. Dollar Tree.631 6. Advance Auto Parts.335 6.6% 18.509 5. Taiwan U.7% -5.914 5.469 5. Compagnie Financière Richemont SA Sonae.754 ** ** ** ** 5.4% 10.6% 3.864 6. FEMSA Comercio. Barnes & Noble. France Japan 2011 retail revenue (US$m) 6.5% 6.S.S.V. U..258 5.123 194 107 464 52 470 204 290 180 n/a n/a 13 320 ** Retail revenue rank (FY11) 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 Name of company Casey’s General Stores.S. U.Top 250 global retailers 2011 2011 group net income¹ (US$m) 117 n/a 488 264 -69 2. President Chain Store Corp.0% -0.9% 1.354 5. the Group CP ALL Public Company Limited Dick’s Sporting Goods.7% e 6.2% 9.8% 1.164 6.S. Sweden Norway Thailand U.deloitte.914 ** 5..618 6.S.8% 12.379 13.S. U. U.S.200 5. Country of origin U.623 * 5. Izumi Co.194 6. U.S. Inc.7% -0. Inc.K. Foot Locker.877 ** 7. Inc. QuikTrip Corporation O’Reilly Automotive.509 ** ** 5. Inc.400 6.1% 3.603 138 103 n/a -430 129 761 -148 31 265 264 207 e e 5.9% 21.191 6.128 6. Inc. Inc. S.. WinCo Foods LLC Groupe Galeries Lafayette SA Joshin Denki Co.5% 6.128 6.992 6. Next plc KF Gruppen Coop Norge.3% 8.7% 20.623 * 5.
Save Mart Supermarkets Landmark Group Karstadt Warenhaus GmbH Jumbo Supermarkten B. Ltd.073 4. Grupo Comercial Chedraui.485 4.9% 14. Douglas Holding AG Heiwado Co.292 4.602 4.2% 5.503 4. de C.202 4.233 4.Top 250 global retailers 2011 2011 group net income¹ (US$m) 1.286 4..3% 29.727 3. Ltd.1% 13. Associated British Foods plc/Primark RONA Inc..1% -6.304 3. S. Mexico e e 4.B.7% 7.304 4.3% 4.A.A. BİM Birleşik Mağazalar A.0% 35.415 4.019 2011 group revenue¹ (US$m) 32.458 Emke Group/Lulu Group International UAE Tractor Supply Company El Puerto de Liverpool.7% -1.3% 8. Ltd.9% -1. Inc.715 4.0% -1.4% 5.A.5% 30.693 4.K.485 4.8% 1. Japan 2011 retail revenue (US$m) 5.503 4.S.742 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 www.378 e e 4.0% 9. Ltd..862 4.940 e 7.250 4.233 4.1% 13.V. de C.286 4.K.378 4.V. Japan U.889 4. RadioShack Corporation XXXLutz Group Arcadia Group Limited Debenhams plc Wu-Mart Group Ruddick Corporation/Harris Teeter Izumiya Co.862 4. SUNDRUG Co.400 n/a 4.4% 1. U. Ltd. U.299 4.600 4.S.S.6% 8.072 5.262 4. Canada U. Inc.972 4.5% 12.V. de C.2% 7.600 4.V.941 6.S.942 ** 5.318 4.715 4. Kojima Co.491 4.000 5.400 4.777 325 179 159 927 -76 442 n/a 71 121 62 38 6 123 n/a n/a n/a n/a n/a 657 -773 n/a 169 72 n/a n/a 188 n/a 91 9 n/a 223 529 ** ** 4.6% 8..S. Japan Mexico U.433 e 4.9% 8. Ltd. Country of origin Japan U. Arcs Co.B.9% -5.121 4.907 4.083 Dominant operational format 2011 Convenience/Forecourt Store Convenience/Forecourt Store Apparel/Footwear Specialty Drug Store/Pharmacy Supermarket Convenience/Forecourt Store Discount Store Drug Store/Pharmacy Apparel/Footwear Specialty Home Improvement Home Improvement Convenience/Forecourt Store Hypermarket/Supercenter/ Superstore Other Specialty Hypermarket/Supercenter/ Superstore Other Specialty Electronics Specialty Hypermarket/Supercenter/ Superstore Supermarket Apparel/Footwear Specialty Department Store Supermarket Apparel/Footwear Specialty Apparel/Footwear Specialty Home Improvement Convenience/Forecourt Store Supermarket Electronics Specialty Other Specialty Apparel/Footwear Specialty Department Store Hypermarket/Supercenter/ Superstore Supermarket Hypermarket/Supercenter/ Superstore Hypermarket/Supercenter/ Superstore Other Specialty Department Store # countries 2006-2011 of retail operation revenue 2011 CAGR² 1 1 22 9 1 3 2 1 7 1 7 1 1 18 2 6 1 2 1 11 1 1 55 3 10 1 1 31 9 41 28 1 1 2 9 1 1 -0.0% 23.232 4.545 e** e** 4.5% 4. Deichmann SE Celesio AG Valor Co.907 4.766 e ** n/a 4. U. The Sherwin-Williams Company Wawa.760 4. Germany Germany Japan Japan Turkey Japan U.6% e e 5.292 4.518 4. UAE Germany Netherlands France Hong Kong SAR Germany U.2% -2.7% 18.S.000 4.901 4.B.780 8.505 4..1% 39. S. Controladora Comercial Mexicana S. China U. Mexico Germany Japan U.505 4. OfficeMax Inc.K.deloitte.972 4.S.491 4.9% 8.318 4.8% 7. Groupe Vivarte Belle International Holdings Limited Praktiker AG RaceTrac Petroleum Inc.1% -0.3% 4.752 g ** 32. Austria U.Ş.433 4.S.com/consumerbusiness STORES/January 2013 G25 .389 n/a n/a 8 91 ** Retail revenue rank (FY11) 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 Name of company East Japan Railway Company Sheetz.9% 0.8% 14.670 4. Inc.700 e e 4. Lawson.250 4.672 4.648 e e 4.692 4.539 e 4.4% 27.901 ** 17.S..
V. Liquor Control Board of Ontario Blokker Holding N. Ltd.053 4. Michaels Stores.S.721 ¹R evenue 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 G26 STORES/January 2013 www. Inc.150 4. Country of origin U.098 g** 4. U.218 4. Inc.0% 3. U.232 e 2011 group revenue¹ (US$m) ** 4.117 4.809 e 3.748 ** ** 3. LLC Norma Lebensmittelfilialbetrieb Stiftung & Co.900 3.7% 2. HORNBACH-Baumarkt-AG Group Sugi Holdings Co.842 3.0% ** ** 3.6% 4. Germany 2011 retail revenue (US$m) 4.Video” Central Retail Corporation Ltd.4% 3.0% -13.749 5.0% 8. Japan U. Germany Japan Japan Croatia Japan Slovenia Japan Japan U. KG Hudson’s Bay Company Burlington Coat Factory Investments Holdings. Ltd.210 ** 5. Bass Pro Shops..735 3. The Maruetsu. FamilyMart Co.687 3.881 3.900 3.1% -4.888 1.141 4.370 ** n/a 123 324 138 105 237 5.5% 11.7% 4.6% 8.4% -0. Inc.809 3.076 ** ** 4.S.464 -6 112 48 115 n/a ** Department Store Department Store Apparel/Footwear Specialty Supermarket Electronics Specialty Department Store Other Specialty Other Specialty Other Specialty Hypermarket/Supercenter/ Superstore Home Improvement Other Specialty Supermarket Other Specialty Other Specialty 2 2 72 1 1 3 1 11 1 1 1 3 1 32 7 ne 2.0% 1.808 4.1% 4.158 4.881 3.671 178 25 3.157 4. Ltd.750 3. Inc.327 4. TSURUHA Holdings.900 3.3% 5. Daiso Sangyo Inc.5% 0.768 e 3. Ltd..752 4..944 3. Esprit Holdings Limited Roundy’s.174 4.com/consumerbusiness .759 4.d. Inc.024 4. Ltd.225 4.5% 0.158 231 n/a 128 107 145 425 37 135 33 12 ** ** 4. Systembolaget AB Nonggongshang Supermarket Group Co.889 3.768 g 3.749 3.1% 11.825 3.150 4. Neiman Marcus.7% -0. Inc.039 603 67 176 ** Retail revenue rank (FY11) 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 Name of company Coach.S. 3.0% 4.953 3. Inc. Poslovni sistem Mercator. Nitori Holdings Co.6% 1. Russia Thailand Canada Netherlands Sweden China Japan Bermuda Sweden France U.S.763 g Dominant operational format 2011 Other Specialty Department Store Department Store Other Specialty Convenience/Forecourt Store Supermarket Apparel/Footwear Specialty Home Improvement Drug Store/Pharmacy Other Specialty Supermarket Drug Store/Pharmacy Supermarket Supermarket Discount Department Store Department Store Other Specialty Hypermarket/Supercenter/ Superstore Supermarket Discount Store # countries 2006-2011 of retail operation revenue 2011 CAGR² 10 1 2 2 7 5 17 9 1 2 3 1 7 1 26 1 2 1 1 4 15. Albertsons.1% 8.d.076 4.5% 0.002 4.792 1. Signet Jewelers Limited Axfood AB Lagardère Services SA Williams-Sonoma. OJSC “Company M.945 e e 3.1% 7.. Coppel SA de CV Marui Group Co.197 5.1% 1. d.2% 0. Mexico Japan U.1% 13. Inc.792 3. Ltd.0% 2.0% 14.825 3.S.000 3.174 4.079 4.000 4.050 e** 4.3% 4. Hong Kong SAR U.K.174 4.Top 250 global retailers 2011 2011 group net income¹ (US$m) 1.454 4.158 4.S.741 3.721 3. Komeri Co.S.9% 10. Fuji Co.888 3.210 4.2% 28.187 3. Agrokor d.S.842 3.4% 1. Iceland Foods Group Limited Abercrombie & Fitch Co.900 e e 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 Canada U.S.220 4. Ltd. Inc.deloitte.002 n/a 32 n/a 13 n/a n/a e** e** 4.889 3. Japan U.9% 16.174 4.
Top 250 global retailers 2011 alphabetical listing Abercrombie & Fitch Co. Ltd. OJSC “Company M.d.. Controladora Comercial Mexicana S. K’s Holdings Corporation Lagardère Services SA Landmark Group Lawson. KG Dollar General Corporation Dollar Tree. Inc. (Dia.. Gap. Ltd.. Front Retailing Co.V... Inc.A. S. Seven & i Holdings Co. Beisia Group Co. Ltd. Save Mart Supermarkets Schwarz Unternehmens Treuhand KG Sears Holdings Corp. UNY Co. Inc.A.. Falabella Safeway Inc. SA SPAR Group Limited SPAR Österreichische WarenhandelsAG Staples. PPR S. Inc. Coop Danmark A/S Coop Group Coop Italia Coop Norge. Inc. S. Foot Locker. Army and Air Force Exchange Service (AAFES) AS Watson & Company..A.deloitte.. Yodobashi Camera Co. Inc. Ltd. Isetan Mitsukoshi Holdings Ltd.V.V.p. Lotte Shopping Co. Inc. Inc. Nordstrom.A. Next plc Nitori Holdings Co. XXXLutz Group Yamada Denki Co.A. Ltd. Sheetz. Ltd. Ruddick Corporation/Harris Teeter S Group S. Albertsons. Inc. Inc.. Williams-Sonoma..I. Roundy’s. Fuji Co.. FEMSA Comercio. Migros-Genossenschafts Bund Neiman Marcus. Debenhams plc Defense Commissary Agency (DeCA) 222 160 13 226 234 8 43 84 23 72 208 205 110 50 187 129 248 59 146 232 167 106 102 202 20 136 175 185 89 243 237 121 107 2 142 22 182 63 241 24 116 216 147 78 191 140 46 56 172 79 217 6 173 14 91 113 230 132 97 168 166 209 157 Deichmann SE Delhaize Group SA Dell Inc. Inc.. Tractor Supply Company TSURUHA Holdings. Inc. Bic Camera Inc. Coppel SA de CV Costco Wholesale Corporation CP ALL Public Company Limited CVS Caremark Corp. MatsumotoKiyoshi Holdings Co. Centrale Nationale Takashimaya Company. Inc.. 181 32 85 174 150 141 75 81 134 67 144 145 192 179 15 112 54 215 139 213 58 238 125 126 124 220 100 156 164 233 105 68 108 137 65 143 57 12 177 201 196 119 34 55 51 158 193 10 118 223 236 138 71 221 30 47 62 28 155 212 29 53 92 76 John Lewis Partnership plc Joshin Denki Co. Inc. d. Inc. Apple Inc. Home Retail Group plc HORNBACH-Baumarkt-AG Group Hudson’s Bay Company Hy-Vee. Suning Appliance Co. Mercadona. Inc.A. Ltd. Ltd. SGPS. de C. S. Limited Coach. Koninklijke Ahold N. Marui Group Co... LVMH Moët HennessyLouis Vuitton S. Inc. Home Depot. Agrokor d. Wesfarmers Limited Whole Foods Market. S. WinCo Foods LLC Wm Morrison Supermarkets PLC Woolworths Limited Wu-Mart Group X5 Retail Group N. E-MART Co. Dairy Farm International Holdings Limited Daiso Sangyo Inc.. Metro AG Metro Inc. Alliance Boots GmbH Amazon. Ltd.A. ITM Développement International (Intermarché ) Izumi Co.Ş. Dick’s Sporting Goods.A.V. Ltd. KG Bed Bath and Beyond Inc. Dettaglianti Soc.V Kroger Co.V.V. Liquor Control Board of Ontario Loblaw Companies Limited Lojas Americanas S. Inc. de C. Shoppers Drug Mart Corporation Shoprite Holdings Ltd. Lowe’s Companies. S. Blokker Holding N. Centres Distributeurs E. Fast Retailing Co. Michaels Stores. Inc. KG Office Depot. Inc. Ltd. Axfood AB Bailian (Brilliance) Group Barnes & Noble. Menard. OfficeMax Inc. Ltd. Big Lots. Ltd. Limited Carrefour S. Inc.A.V. Ltd. Sugi Holdings Co. Globus Holding GmbH & Co. S. Grupo Eroski Grupo Pão de Açúcar H & M Hennes & Mauritz AB H.B. Inc. Inc. Etn.A. Ltd. Ltd.B. Praktiker AG President Chain Store Corp.) Dixons Retail plc dm-drogerie markt GmbH + Co. Inc. Wal-Mart Stores. Inc. Ltd. Inc. 83 178 200 199 122 104 171 52 49 195 246 26 5 109 249 198 184 103 151 96 242 31 153 48 66 21 45 37 60 229 218 169 70 120 44 4 86 219 39 231 170 225 245 95 101 235 127 194 240 87 162 131 74 115 128 154 135 228 90 203 163 36 161 204 RadioShack Corporation Reitan Group Rewe Combine Rite Aid Corporation RONA Inc. Ltd.. QuikTrip Corporation RaceTrac Petroleum Inc. Organización Soriana. Ltd.A. Dillard’s.r. Don Quijote Co.d. Limited Target Corporation Tengelmann Warenhandelsgesellschaft KG Tesco PLC TJX Companies. Dalian Dashang Group Dansk Supermarked A/S Darty plc (formerly Kesa Electricals plc) DCM Holdings Co. Inc. Central Retail Corporation Ltd. KG Gome Home Appliance Group Great Atlantic & Pacific Tea Company. Macy’s.A.. C. Tokyu Corporation Toys “R” Us.B. FamilyMart Co. Inc. Advance Auto Parts. Pick n Pay Stores Limited Poslovni sistem Mercator. ICA AB Iceland Foods Group Limited IKEA Group (INGKA Holding B. J Sainsbury plc J. Kesko Corporation KF Gruppen Kingfisher plc Kohl’s Corporation Kojima Co. Associated British Foods plc/Primark AutoZone.V. Inc. Inc.. a.A. Inc. Komeri Co. Penney Company. Inc. Inc. Marks & Spencer Group Plc Maruetsu.V. Aeon Co.V. Compagnie Financière Richemont SA Conad Consorzio Nazionale.. Valor Co. Bass Pro Shops. C&A Europe Canadian Tire Corporation. Ltd.A. Meijer. Emke Group/Lulu Group International Empire Company Limited/Sobeys Esprit Holdings Limited Esselunga S. de C..E.com/consumerbusiness STORES/January 2013 G27 . Inc. Inc.A. S. S. Inc. Inc. Jerónimo Martins. PetSmart. Dirk Rossmann GmbH Distribuidora Internacional de Alimentación. Ltd. de C. Giant Eagle. S. Ltd.com..Video” Open Joint Stock Company “Magnit” O’Reilly Automotive.. Ltd. Walgreen Co. Ross Stores.. Inc. Inc. Publix Super Markets. Casino Guichard-Perrachon S. SUNDRUG Co. Karstadt Warenhaus GmbH Katz Group Canada Ltd. Fr. Celesio AG Cencosud S. Ltd..B. Systembolaget AB Système U.l.) Inditex. Otto (GmbH & Co KG) Oxylane Groupe Pantry. S. Colruyt N. Butt Grocery Company H2O Retailing Corporation Heiwado Co. Sherwin-Williams Company Shimamura Co. Wegmans Food Markets.A. Ltd. Ltd. Bauhaus GmbH & Co. Leclerc China Resources Enterprise. Ltd. the Group Co-operative Group Ltd. Coop. Ltd. SuperValu Inc. Ltd. Inc. Inc. El Puerto de Liverpool. Inc. Inc. BİM Birleşik Mağazalar A. Louis Delhaize S. Inc.. NorgesGruppen ASA Norma Lebensmittelfilialbetrieb Stiftung & Co./Makro Signet Jewelers Limited Sonae. Ltd. Jumbo Supermarkten B. J. LLC Aldi Einkauf GmbH & Co. Casey’s General Stores.. Belle International Holdings Limited Best Buy Co. SHV Holdings N. Burlington Coat Factory Investments Holdings.A. Family Dollar Stores. Groupe Adeo SA Groupe Auchan SA Groupe Galeries Lafayette SA Groupe Vivarte Grupo Comercial Chedraui.A. Inc.A. Inc. BJ’s Wholesale Club. Steinhoff International Holdings Ltd. de C. Nonggongshang Supermarket Group Co.V. Wawa. GameStop Corp. Izumiya Co.A. SGPS./Apple Stores Arcadia Group Limited Arcs Co. Douglas Holding AG East Japan Railway Company Edeka Zentrale AG & Co. oHG Alimentation Couche-Tard Inc. Inc. Daiei. KG Edion Corporation El Corte Inglés. Liberty Interactive Corporation (formerly Liberty Media Corporation) Life Corporation Limited Brands. Inc. Inc. 206 130 19 38 188 123 239 211 82 111 25 197 7 27 16 180 189 159 94 93 117 247 148 165 80 64 133 224 186 69 35 244 41 98 11 88 3 42 152 73 214 227 77 183 9 1 190 149 18 99 250 176 33 17 210 61 207 40 114 www. Ltd.C. Inc.
0% -10. As would be expected. Esprit Holdings Limited OJSC “Company M. joining the Top 250 by virtue of superior growth. Lawson. Mexico and Russia complete the list.. (Dia.Video” Central Retail Corporation Ltd.4% 213 Emke Group/ Lulu Group International Coppel SA de CV FamilyMart Co. all but one– Japan’s Daiso Sangyo–for the first time. following the spinoff from Carrefour.1% 210 94.7% 29. Ltd. most debuted near the bottom of the list. However. mostly from the Asia/Pacific region. Country of origin Spain Dominant format Discount Store 139 South Korea Japan UAE Hong Kong China Hypermarket/ Supercenter/ Superstore Convenience/ Forecourt Store Apparel/Footwear Specialty Apparel/Footwear Specialty Hypermarket/ Supercenter/ Superstore Hypermarket/ Supercenter/ Superstore Department Store Convenience/ Forecourt Store Discount Department Store Apparel/Footwear Specialty Electronics Specialty Department Store ne 184 198 202 Lawson. Daiso Sangyo Inc..1% 217 220 230 238 240 241 Mexico Japan Japan Hong Kong Russia Thailand 18.6% 18.” All the newcomers except for Dia (Spain) and three based in Japan are emerging market retailers. FamilyMart and Esprit were launched into the Top 250 as a result of the new methodology that now includes franchise fees and affiliated wholesale sales as part of “retail revenue.8% ne = not in existence as a separate entity prior to fiscal 2011 Source: Published company data and Planet Retail G28 STORES/January 2013 www.7% 2. UAE 52.A.9% 0. S. Top 250 newcomers. S. Retailers based in the UAE. Landmark Group Belle International Holdings Limited Wu-Mart Group 10.5% 22. Inc. 2011 2011 retail revenue growth ne Top 250 rank 75 Name of company Distribuidora Internacional de Alimentación.deloitte. and E-MART. Ltd.7% 22. the two highest-ranking newcomers are “new” companies that were separated from their former parent in 2011: Dia.Top 250 newcomers Thirteen retailers joined the ranks of the Top 250 in 2011.) E-MART Co. a South Korean hypermarket retailer spun off from Shinsegae in May 2011.A.com/consumerbusiness .
Wu-Mart Group Country of origin Australia S. most of the retailers on the list maintained their aggressive growth in 2011. U. 9) • Company M. 4) • Belle International. 32 of the Fastest 50 were also among the 50 fastest-growing retailers in 2011. Six of seven Top 250 retailers headquartered in the Africa/Middle East region also are on the list.0% n/a 5 6 7 8 87 202 23 72 Open Joint Stock Company “Magnit” Belle International Holdings Limited Amazon. 12) • Landmark Group. 16) • Coppel.455 e** 4.9% 2011 retail revenue growth 5.4% 2011 net profit margin 3.7% 39.3% 23.7% 14. composite retail revenue for the Fastest 50 rose nearly 20 percent yearover-year.9% 34.4 percent was more than double the Top 250’s 3. too. growth was nearly four times faster than that for the Top 250 as a whole.0% 37. Companies in this elite group are designated in bold type on the list. Seven of 11 Top 250 retailers based in China (including Hong Kong) are among the Fastest 50. the group’s composite net profit margin of 8.9% 35. are seven of 11 from South America and Mexico. the number one women’s shoe retailer in China (No.S. 35) Altogether. While the Fastest 50 is based on revenue growth over a five-year period.7% 7. The Fastest 50 did not sacrifice margin for sales.127 35.V.com. another Middle Eastern retailer with a portfolio of fashion and home brands (No. emerging markets accounted for almost half (24) of the 50 fastest-growing companies and nearly two-thirds (21) of the “elite 32. In both cases.2% 3.S.5% 2. Chinese and Russian retailers are well-represented among the Fastest 50.Video. X5 Retail Group N. a highly profitable Mexican department store retailer (No. as are all three of the Russian companies. supermarkets and department stores across the Middle East (No.0% 94.8% 44.761 15.9% Companies in bold type were also among the 50 fastest-growing retailers in 2011.292 Growth rank 1 2 3 4 Top 250 rank 18 133 61 210 Name of company Wesfarmers Limited Steinhoff International Holdings Ltd. In 2011.6% 1. So. a Chinese operator of hypermarkets and convenience stores (growth rank No. ¹Compound annual growth rate e = estimate * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales www.3% 46.208 7.8% 33. as are retailers from Africa/Middle East and Latin America. one of Russia’s biggest consumer electronics retail chains (No.8 percent. Apple Inc.9% 22. Africa Russia China Dominant operational format Supermarket Other Specialty Discount Store Hypermarket/ Supercenter/ Superstore Convenience/ Forecourt Store Apparel/Footwear Specialty Non-Store Electronics Specialty 2006-2011 retail revenue CAGR¹ 59.com/consumerbusiness STORES/January 2013 G29 .deloitte. 11.” 50 fastest-growing retailers 2006-2011 2011 retail revenue (US$mil) 52. Six of the Fastest 50 were newcomers to the Top 250 in 2011: • Wu-Mart./Apple Stores Russia Hong Kong U. Inc. 6) • Lulu Group International.2% 45. the retail division of Emke Group based in the UAE.485 46.1% 39. operating hypermarkets. Indeed.420 4.Emerging markets fuel Fastest 50 Retail revenue for the 50 fastest-growing retailers increased at a compound annual rate of 22 percent between 2006 and 2011.5% 40.491 14.0% 132.
Cencosud S.8% 7.3% 13.889 6. Landmark Group Gome Home Appliance Group Lojas Americanas S. Associated British Foods plc/Primark Compagnie Financière Richemont SA Reitan Group The SPAR Group Limited Lotte Shopping Co.789 14. Country of origin UAE 2011 retail revenue (US$mil) e 4.Growth rank 9 Top 250 rank 213 Name of company Emke Group/Lulu Group International BİM Birleşik Mağazalar A.7% 3.5% 34. Inc. O’Reilly Automotive.1% -2.3% 17.907 14. Switzerland Norway S.117 5.5% 16.2% 11.3% 12.A.7% 7.5% 20.Ş.3% 16.130 13.988 4.5% 18.4% 3.128 ** 5.9% 15.S.7% n/a 21. Coppel SA de CV China Chile S.7% 10.6% 24.C.7% 14.250 Dominant operational format Hypermarket/ Supercenter/ Superstore Discount Store Electronics Specialty Electronics Specialty Hypermarket/ Supercenter/ Superstore Electronics Specialty Supermarket Apparel/Footwear Specialty Electronics Specialty Discount Department Store Other Specialty Supermarket Supermarket Discount Store Apparel/Footwear Specialty Other Specialty Discount Store Supermarket Hypermarket/ Supercenter/ Superstore Department Store Home Improvement Supermarket Supermarket Convenience/ Forecourt Store Other Specialty Drug Store/ Pharmacy Department Store 2006-2011 retail revenue CAGR¹ 30.d.2% 22.967 13.2% 17.A.825 8.503 4. Coach.7% 5.7% n/a 9.5% 2011 retail revenue growth 52.K. Korea 27.1% 3.145 e 10.7% 14.A. Agrokor d. Africa S.4% 9. Limited Grupo Pão de Açúcar Jumbo Supermarkten B.7% 9. S.992 29.2% 28.717 4. Suning Appliance Co.A.0% 16.deloitte.992 4. Africa Croatia Mexico U.9% 18.3% 8.6% 18.9% 20.0% 3. Ltd.923 27.I. Ltd. Ltd.232 4.518 e 14.3% 29.7% 3.2% 3. Jerónimo Martins.0% 22.9% 17.7% 17. S.com/consumerbusiness . Falabella Shoprite Holdings Ltd.020 * 5.8% 3.8% 3.6% 27. Portugal U.4% 21.V.7% 0.4% 27. OJSC “Company M. Chile U. SUNDRUG Co.5% 19. Co-operative Group Ltd.0% 18.4% 18.901 e 4.607 19.5% 4.934 16. Inc.1% 2011 net profit margin n/a 10 11 12 13 185 69 240 116 Turkey China Russia Hong Kong 4. ¹Compound annual growth rate e = estimate Source: Published company data and Planet Retail * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales G30 STORES/January 2013 www.1% 2.8% 29.1% 19.508 4.077 28 29 30 31 32 33 34 35 132 111 93 226 156 216 186 217 Dalian Dashang Group S. Japan Mexico e** 7.8% 11.5% 14 15 16 17 18 19 20 21 22 23 24 25 26 27 34 200 198 65 153 162 63 79 76 187 147 130 165 48 Brazil Netherlands UAE China Brazil U.1% 45.9% 1.9% 17.A.1% 15.5% n/a n/a n/a 3. SGPS.4% 17.0% 14.220 Companies in bold type were also among the 50 fastest-growing retailers in 2011.6% 6.S.K.3% 8..V.2% -8.3% 18.9% 28.. de C.1% 22.Video” China Resources Enterprise.420 8.549 3.2% 1.7% 16.0% 24. FEMSA Comercio.6% 5.2% 23.
Growth rank 36 Top 250 rank 196 Name of company Grupo Comercial Chedraui.3% 19.1% n/a n/a 2. U.S.0% 13. Japan Hong Kong Japan France e 5.9% 3.3% 6. Tractor Supply Company Don Quijote Co. currency-adjusted composite Companies in bold type were also among the 50 fastest-growing retailers in 2011. Country of origin Mexico 2011 retail revenue (US$mil) 4.076 7.4% 12.141 20.602 Dominant operational format Hypermarket/ Supercenter/ Superstore Supermarket Convenience/ Forecourt Store Convenience/ Forecourt Store Drug Store/ Pharmacy Drug Store/ Pharmacy Supermarket Apparel/Footwear Specialty Supermarket Other Specialty Other Specialty Discount Department Store Supermarket Other Specialty 2006-2011 retail revenue CAGR¹ 14.B.8% 16.1% 20. Whole Foods Market.0% 3.551 4. Japan U.3% n/a n/a 6. S.5% 12.1% 14.134 4.400 e 22.6% 14.8% 4.5% 5. de C.2% 0. Inc.6% 8.1% 2011 retail revenue growth 8.200 14.1% 12.6% 12.7% 22. TSURUHA Holdings.0% 11. Canada Japan Germany U.3% 12.1% 5.com/consumerbusiness STORES/January 2013 G31 .131 e 4.S.0% 12.S.2% 0.S. Ltd.4% 10. U.A. ¹Compound annual growth rate e = estimate Source: Published company data and Planet Retail * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales www.600 ** 10. Dairy Farm International Holdings Limited Nitori Holdings Co.1% 13. Dirk Rossmann GmbH Save Mart Supermarkets Fast Retailing Co.3% 3.760 e Other Specialty Fastest 50 sales-weighted. currency-adjusted composite Top 250 sales-weighted. Inc.4% 3.3% 7.9% 11..4% 4.6% -4.3% 10.. WinCo Foods LLC RaceTrac Petroleum Inc.618 9.9% 5.3% 21. Ltd.V.108 9.028 10.8% 5.9% 13.233 6.6% 37 38 39 40 41 42 43 44 45 46 47 48 49 50 176 204 43 227 141 197 100 99 105 214 145 113 225 45 U.1% 13. LVMH Moët HennessyLouis Vuitton S.0% 7.7% 13.S. U.8% 12.A.4% 3.. GameStop Corp. Ltd.9% 2011 net profit margin 2.deloitte.S. Alimentation CoucheTard Inc.998 4.6% 5.
623 5. U. Of the Top 250 retailers.826 2. S.672 4.226 5.S. Netherlands France Spain U. Apple Inc.077 59. Groupe Vivarte Arcadia Group Limited Daiso Sangyo Inc.304 4. The IKEA Group (INGKA Holding B.364 9.134 4.S. Inc.157 25.542 n/a 1.456 850 339 783 2. Germany France U.157 14. Esprit Holdings Limited Lagardère Services SA Global ranking 2011 6 8 16 17 18 21 30 45 47 64 68 72 73 74 90 96 105 133 147 164 170 194 201 208 230 238 249 Global ranking 2010 7 10 14 18 21 20 30 56 49 61 62 95 65 67 60 96 97 218 185 163 167 182 198 195 NEW NEW 245 Country of origin U.491 4.915 73.735 2011 group revenue (US$m) 88.623 5.877 2. S.A.614 52.S.782 1. France U.024 3.378 4. Inc.304 4. Japan Hong Kong France 2011 retail revenue (US$m) 88.549 108.) LVMH Moët Hennessy-Louis Vuitton S.S.K.375 57.127 13.691 57. the relative strength of the Australian economy has tempted many overseas retailers to consider entering the Australia market.761 6.760 19. Compagnie Financière Richemont SA Foot Locker.966 54.839 4.Globalisation of the Australian Retail Market One of the key trends of the Top 250 global retailers is the expansion into overseas markets to maintain growth and earnings. 23. / Apple Stores Toys “R” Us. U.549 14.S. Inc. GameStop Corp. U. U. Otto (GmbH & Co KG) PPR S. Next plc OfficeMax Inc.375 60. The following tables illustrate the top 250 global retailers currently operating in Australia and those with plans to enter in Australia in 2013 or beyond: Top 250 Global Retailers Currently Operating in Australia Name Costco Wholesale Corporation Aldi Einkauf GmbH & Co.491 4.deloitte. Inc.S.308 17.S. By 2011.702 984 833 25.022 14.A.420 5.953 19.121 4.966 14.com/consumerbusiness .551 7. with a combined total of 107 new market entries (up from 88 in 2010) involving 72 different countries (57 in 2010). Woolworths Limited Wesfarmers Limited Lowe’s Companies.922 151 32 1.513 7. Inc. U.123 278 761 38 n/a n/a n/a 112 105 # countries of operation 2011 9 17 18 2 2 4 39 87 87 14 41 11 37 51 90 50 18 18 55 30 68 6 55 41 26 72 32 G32 STORES/January 2013 www.419 12.196 1.S.971 32.V. With domestic growth prospects stalling for many retailers in North America and Europe.S. oHG Seven & i Holdings Co.364 9.208 34.031 10. Inc. 49 began operations in a new country in 2011.8% of the Top 250 composite retail revenue was generated in foreign markets. Limited Brands.881 5. Staples. U.K.314 20.551 10. Steinhoff International Holdings Ltd.249 10.187 2011 group net income (US$m) 1. Africa Switzerland U.249 13.S.327 3.208 34.A. Ltd. Inditex.903 11.881 3.980 50. The Gap.915 73..208 50.909 17.909 13. Germany Japan Australia Australia U.
com.028 4. Arcadia Group Limited Daiso Sangyo Inc.702 n/a n/a Top 250 Global Retailers Expected To Trade Directly From Australia in 2013 # countries of operation 2011 7 20 17 Name Williams-Sonoma. Japan U. Brand Williams-Sonoma. Therefore we can likely expect to see further expansion into the Australian market in the future by other major global retailers. West Elm Uniqlo Hollister Global ranking 250 100 222 Country of origin U. Inc. Spain U.158 2011 group revenue (US$m) 3.157 4. U. Pottery Barn.A. River Island (UK) and Brooks Brothers (U.158 2011 group net income (US$m) 237 690 128 Top 250 Global Retailers – Expansion Plans in Australia Name The IKEA Group (INGKA Holding B. Abercrombie & Fitch Co. Point Zero (Canada). Ltd. H&M Hennes & Mauritz AB Brand IKEA Costco Amazon.S.208 19.721 10.S.S.V.S. including the likes of Agent Provocateur (UK).) to name but a few.208 19. As can be seen in the table above.327 2011 group net income (US$m) 1. S.304 4. Inc.com H&M Global ranking 30 7 23 55 Country of origin Netherlands U. Brand Masters Home Improvement Zara Topshop Daiso Global ranking 21 47 208 230 Country of origin U.304 4.) Costco Wholesale Corporation Amazon. there are many overseas retailers outside the Top 250 also reportedly planning to enter the Australian market. Inditex. Inc. 27 of the 250 companies in the Report are currently operating in Australia based on the information disclosed in their financial statements or other publicly available information. www.S.S.721 10.057 4. Pottery Barn Kids. Fast Retailing Co. Sweden Expansion plans Expected to double store footprint over the coming years $140M committed to additional stores Building warehouse to facilitate direct shopping Seeking to identify potential store locations As well as the retailers referred to above.com/consumerbusiness STORES/January 2013 G33 .Recent New Entrants Into Australia # countries of operation 2011 4 87 41 26 Name Lowe’s Companies. Japan 2011 retail revenue (US$m) 50.deloitte. 2011 retail revenue (US$m) 3.024 2011 group revenue (US$m) 50.157 4..839 2.K.
Australia has become of more interest to many global retailers. With the strengthening of the Australian dollar and the increasing use of online as a medium for shopping. Customer experience and customer service are also areas where typically many global retailers are more developed. For Australian retailers to be successful it’s vital that their response to global competition is positive and developed around a well thought out long term strategy. Australia represents a relatively untapped market. Many such retailers are more advanced in terms of vertical integration. This has awakened global retailers to demand for their products from Australian consumers. setting up operations in Australia is a relatively easier prospect doing so in other less developed countries. Its geographical location.9%9 for 2012-13 are relatively modest. It also allows global retailers to use this expansion into Australia as a springboard into the potentially highly lucrative growth economies in Asia. with an advanced economy and stable political and legislative structures. November 2012 G34 STORES/January 2013 www. as we have seen with the new store openings of Zara and Topshop in Australia which have proven to be highly successful. What does this mean for Australian retailers? Undoubtedly. the influx of global retailers to the Australian market has and will continue to increase competition.Why Australia? For many global retailers. opposing seasons to North America and Europe. which allows new products to be brought to consumers quicker. have meant that Australia has remained somewhat sheltered from many international competitors. there are naturally potential economies of scale which can be used to bring products to Australian shores at cheaper prices. an established customer base. have invested significantly in building their brand equity. and prime store locations. but it can only have limited success against a retailer with a global presence and potential greater economies of scale.deloitte. Australian retailers need to have a long term strategy which addresses globalisation and which ensures they have a point of difference. be it through product or customer innovation. with many economies in Europe and North America experiencing significantly declines in growth. However. we shouldn’t forget that Australian retailers still have a number of advantages including a greater knowledge of the local market. speed to market or customer experience. Therefore it will be vital to differentiate and adapt. Global retailers also have a number of potential competitive advantages over local Australian retailers. Such brands are highly attractive to many consumers. many more Australian retailers will be competing and potentially succeeding against some of the biggest retailers in the world. Whilst forecast retail growth rates in Australia of 2. customers and seasons. smaller critical mass and more attractive growth opportunities in domestic markets in Europe and the U. 9 Deloitte Access Economics Retail Forecasts. In doing so. Being price competitive will always be an important part of a retailer’s strategy. many Australians have taken to purchasing products from overseas. With operations globally.S. However.com/consumerbusiness . sales channels. more conveniently and at a lower price. branding. they are still higher than many growth rates in North America and Europe. particularly in the fashion retail space. With some of the largest global retailers entering the market it’s an opportunity for Australian retailers to step up to the challenge. It has also given them vital information on what Australian consumers want which is a significant benefit when setting up business in Australia. Many global retailers. Similarly.
innovation. Russia U. Indeed.K. Japan U. Taiwan Mexico U. Inc.S. de C. Inc.07 2. customer experience.73 3. U. S. The company with the highest Q ratio is BIM. distinctive store formats and designs and superior customer experience. Its high Q ratio thus makes an important contribution to the overall Q ratio– especially to the composite Q ratio of electronics retailers. another emerging market company. The composite Q ratio for all companies was 1.S. consequently. Coach. U. it suggests an arbitrage opportunity: If a company’s Q ratio is less than one. S. The goal is to have a sufficiently unique position in the market to generate pricing power and.43 2.98 3.A. Family Dollar Stores. Inc. Inc.86 2. Third on the list is Swedish fashion retailer H&M.17 2.13 4. Moreover. Open Joint Stock Company “Magnit” AutoZone. just before the start of the global financial crisis.S.Q ratio analysis for Global Powers For the last eight years. Inc.57 recorded in 2008. customer loyalty and skillful execution. CP ALL Public Company Limited H & M Hennes & Mauritz AB Inditex. theoretically a company could be purchased through equity markets and the tangible assets could then be sold at a profit.S.26 4. Belle International Holdings Limited Whole Foods Market.B.03 3. That means having strong brand identity. Tractor Supply Company Dollar Tree. Hong Kong SAR U. the world’s leading retailers face intense competition. it is likely to be rewarded by the financial markets.64 3. This is unchanged from last year. Country Turkey Thailand Sweden Spain U. Inc. and for the first time. The higher the Q ratio. the hard discount retailer from Turkey.98 2.S.S. yet they cannot raise their prices in line with cost increases as consumers will not accept them. S.85 3.39 2.09 2.S. it means that financial market participants believe that part of a company’s value comes from its non-tangible assets. A Q ratio of less than one.91 3. indicates failure to generate value on the basis of non-tangible assets–that the financial markets view a retailer’s strategy as unable to generate a sufficient return on physical assets. The Gap.com/consumerbusiness STORES/January 2013 G35 .06 2. the highest Q ratio is held by a retailer based in an emerging market (Turkey).. Limited Brands. Shoprite Holdings Ltd.06 www.49 6. What is the Q ratio–and why do we care? In the business environment of the early 21st century. Inc.Ş. Ltd. Yet this year’s composite Q remains well below the 1. strong profitability. U. Inc. U.15 4.S.S. U. on the other hand. Next plc The Sherwin-Williams Company PetSmart. it is also a significant retailer. Inc. Africa U. Compagnie Financière Richemont SA The Home Depot. If a publicly traded retailer has these characteristics. Top retailers by Q ratio Name of Company BİM Birleşik Mağazalar A./Apple Stores Dairy Farm International Holdings Limited Amazon. U. Williams-Sonoma. The latter can entail exclusive merchandise offerings including private brands. Inc. market dominance.41 3. U.115. Inc. Notably.com. offering consumers a superior shopping experience and being clearly differentiated from competitors.S. Fast Retailing Co.S.31 2.25 2. Ross Stores.98 4. All of this implies that. in order for retailers to succeed. The TJX Companies.S.S.deloitte. El Puerto de Liverpool. Apple Inc.71 2. they will have to find ways to distinguish themselves from competitors. U. There are 157 publicly traded retail companies in this analysis. Inc.39 2. That is where the Q ratio comes in. Hong Kong SAR U. These can include such things as brand equity. Q ratio 6. This is the first time that an emerging market retailer has topped the list.S.47 5. Another interesting aspect of this year’s analysis is the huge role of Apple. differentiation. The Q ratio–also known as “Tobin’s Q” after economist James Tobin–is the ratio of a publicly traded company’s market capitalisation to the value of its tangible assets. The Q ratios for this year are slightly higher than last year as global equity prices have. on balance. If this ratio is greater than one. U. Which companies have high Qs? This year we analysed the financial results of 157 publicly traded companies on our list of the world’s top 250 retailers. Switzerland U. Although Apple is a supplier of electronic products and services. It is the most valuable company in the world based on market capitalisation and accounts for 20 percent of the market value of all 157 companies on the list. the greater share of a company’s value that stems from such non-tangibles. Inc.56 2. Inc.006 last year and higher than in each of the past three years.78 3. Bed Bath and Beyond Inc. the second-highest Q ratio is held by CP of Thailand. U.17 2. volatile input prices and slow growth in major developed markets.V.S. President Chain Store Corp.S. up from 1. this report has included an analysis of the Q ratios of publicly traded retailers from our Top 250 list.S.5 5. increased.A.
654.769.856) which includes electronics.106. Inc.com/consumerbusiness .82 1. Mexico Russia South Africa Canada U.: While the industry has a composite Q ratio of 2. furniture and the like.K. Hong Kong and Mexico are relatively high. is excluded. Similarly. while the Q ratios for the United States.06 0.1 0.11 1. Q ratio by dominant format Q ratio by dominant format Apparel/Footwear Electronic specialty Discount store Home improvement Non-store Other specialty Discount dept store Supermarket Drugstore/pharm Hypermarket Convenience/Forecourt Department store Electronic less Apple Q ratio by primary retail sector Hardlines Fashion Hardlines less Apple FMCG Diversified Q ratio by country Hong Kong U.59 1. The weakest composite Q ratios are those of Japan and Europe. The discounters with the highest Q ratios are BIM and Dollar Tree of the United States.62 0.88 0.76 0.55 3.Highlights The retail formats with the highest composite Q ratios are apparel/ footwear and electronics specialty.21 1. when Apple is excluded its Q ratio is a mere 0. the hardlines composite Q ratio falls to 1.83 0.420.05 2.46 1.61 1.65 1.584).S.58 0. Japan-based fashion retailer Fast Retailing has a very high ratio once again. the discount store industry does much better. The electronics specialty industry is dominated by Apple. The Q ratio of apparel retailers (3. Apparel retailers have become extremely important global players. with a combined market capitalisation nearly four times higher than the department store industry.4 0.92 0.15 0.618.11 1.84 0. Yet when Apple. there are exceptions to every rule. Inc. France Japan Germany Q ratio by region Africa/ ME Asia Pac less Japan Latin America Europe Emerging markets Developed markets 1.69 1. Geographically.08 1. home improvement.14 1.79 0. two of the top four retailers on our Q ratio list are European: H&M and Inditex of Spain. Of the four merchandise categories.deloitte.3 1.19 0. Although retailers that focus on fast-moving consumer goods (FMCG) have a composite Q ratio of 0.6 0.42 G36 STORES/January 2013 www.85 1.6 0. the one with the highest composite Q ratio is hardlines (1.055) is nearly six times higher than that of the department store industry (0.47 1.65 1. retailers in emerging and developed markets have roughly similar Q ratios on average.63 0. Of course. with a composite Q ratio of 1.
financial and operational talent. Those retailers at higher risk are typically the small to medium sized private retailers as opposed to the well-resourced larger or listed retailers. landlord negotiations. In 2013. is again expected to make retail trading conditions challenging. merchandise. on supply chain. Some of the priority issues and potential pitfalls for successful retailers to manage through in 2013 include: • Effective management of the sustained A$ – means lower product costs for some but increased overseas competition (from both online and multinationals) driving down sales and margin for others • Greater in-store consumer experiences – requires good products and good people • Consumers will be value focused – means pressure on margins. Diligent execution will require experienced and capable retail. however some key themes and early warning signs to watch for can provide useful lessons for others.e. new products. www. as well as how best to respond to new entrants • Seasonal cash and working capital management remains fundamental – apart from pressures of converting stock to cash. cash flow and working capital management remain critical to making timely and informed decisions – i.Navigating potential pitfalls for retailers Australian retail trading conditions were challenging in 2012 with a number of high profile and long established retailers failing. quarterly tax payers enjoy the month grace each December so can lodge at the end of February instead of January. new markets.com/consumerbusiness STORES/January 2013 G37 . or price increases. focus on cost structures and online strategy • Sound digital strategies – are required to engage with consumers and respond to a changing business environment • Access to capital to fund initiatives to respond to the rapidly changing business environment – will make it important to secure returns from online and technology investments • Growth strategy requires diligent execution – whether it is from new stores. These include: • High turnover of key senior management is a leading indicator of problems which in turn can lead to unclear strategy and capacity to execute • Changing business models can generate short term cash flow but mask underperformance • Poor financial forecasts and information systems make responding to changing conditions with accuracy and speed more challenging • Poor documentation can be costly when things go wrong • Poor inventory management often translates to unnecessary cash lock up • Lack of a clearly defined digital strategy is making some retailers uncompetitive • Restricted access to funding and ineffective cash flow management • Poor management of stakeholder expectations. inventory investment. but then quickly again in April – cash is king • Those with a clear strategy and the talent to execute and engage the consumer will prosper – those that don’t will find it more difficult to stay in control of their own destiny. For example. logistics and warehousing decisions. growth from increased store numbers under flat economic conditions will need very careful investment decision making processes – use of deep data analytics can prove insightful • Financial. including financiers. property.deloitte. Causes of underperformance and failure of Australian retailers are varied. risk ongoing support. online. a flat local economic outlook combined with uncertain global economic conditions.
Frankfurt. To be included on the list. Much of the data for non-U. Although a company may have restated prioryear results to reflect a change in its operations or as a result of an accounting change. a leading provider of global intelligence. Therefore.000 retail operations across 211 markets. dollars. For more information. companies were converted to U. A number of sources were consulted to develop the Top 250 list. Retail Revenue includes wholesale sales to affiliated/member stores but excludes traditional wholesale or other business-to-business revenue (except where such revenue is derived from retail stores) where it is possible to break them out. installation. Exchange rates. This study is not an accounting report. As a result of these factors.com/consumerbusiness . Group Revenue includes wholesale sales to such networked operations–both member stores and other supplied stores. As a result. 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. so long as its retailing activity is large enough to qualify.S. were calculated in each company’s local currency. they may reflect adjustments to reported revenue figures to exclude non-retail operations. results of larger companies contribute more to the composite than do results of smaller companies.” Revenue figures do not include operations in which a company has only a minority interest. whether or not that company itself is primarily a retailer. Revenue figures do not include the retail banner sales of franchised. such restatements are not reflected in this data. they provide better representative values for benchmarking purposes. Group financial results are based only on companies with data. dollars. Group financial results This report uses sales-weighted composites rather than simple arithmetic averages as the primary measure for understanding group financial results. The Retail Revenue figures in this report reflect only the retail portion of the company’s consolidated net revenue. It is intended to provide an accurate reflection of market dynamics and their impact on the structure of the retailing industry over a period of time. growth rates for individual companies may not correspond to other published results. Not all data elements were available for all companies.planetretail. Group Revenue reflects the consolidated net revenue of a retailer’s parent company. this figure is used and footnoted accordingly as “g. 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. have an impact on the results. While these composite results generally behave in a similar fashion to arithmetic averages. please visit www. a company does not have to derive the majority of its revenue from retailing. retailers came from Planet Retail.S.net. Similarly. The 2011 year-over-year growth rate and the 2006-2011 compound annual growth rate (CAGR) for Retail Revenue. Because the data has been converted to U. such as alterations. they do include royalties and franchising or licensing fees. analysis. Planet Retail has offices in London. fiscal year 2011 revenue (and profits) for non-U. fuel sales and membership fees. maintenance. The principal data sources for financial and other company information were annual reports.deloitte.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 U. SEC filings and information found in company press releases and fact sheets or on their websites. dollars for ranking purposes and to facilitate comparison among groups.S. In order to provide a common base from which to rank companies by their Retail Revenue results.S. Chicago.S. Retail Revenue also includes sales of services related to the company’s retail activities. news and data covering more than 10. other public-domain sources were used. G38 STORES/January 2013 www. OANDA. composite growth rates also have been adjusted to correct for currency movement. however. If company-issued information was not available. including trade journal estimates. the income/loss figure also reflects the consolidated results of the parent organisation. repair.Study methodology and data sources Companies were included in the Top 250 Global Powers of Retailing list based on their non-auto retail revenue for fiscal year 2011 (encompasses fiscal years ended through June 2012). but excludes separate foodservice/restaurant operations. China. If a privately held company reports gross turnover only. Tokyo and Qingdao. therefore. licensed or independent cooperative member stores. industry analyst reports and various business information databases.
corporate re-organisation and corporate finance.Deloitte Retail.au Katherine Milesi Deloitte Digital Sydney Tel: +61 2 9322 7030 Email: kmilesi@deloitte. tax.com.com. or our service capability to the retail industry.au Leanne Karamfiles Consumer Business Perth Tel: +61 8 9365 7234 Email: lkaramfiles@deloitte. Wholesale and Distribution Group at Deloitte has extensive experience throughout the industry.com. and is focused on providing innovative.au www.au Andrew Griffiths Consumer Business Sydney Tel: +61 2 9322 7035 Email: email@example.com Stephen Harvey Consumer Business Adelaide Tel: +61 8 8407 7204 Email: firstname.lastname@example.org Richard Wanstall Consumer Business Brisbane Tel: +61 7 3308 7179 Email: email@example.com Tim Norman Deloitte Restructuring Services Melbourne Tel: +61 3 9671 6679 firstname.lastname@example.org Rachel Smith Consumer Business Melbourne Tel: +61 3 9671 7794 Email: rfsmith@deloitte. If you would like further information about any of the topics in this report. Wholesale & Distribution National Leader Sydney Tel: +61 2 9322 5228 Email: email@example.com David White Retail. consulting.com.com/consumerbusiness STORES/January 2013 G39 . Wholesale and Distribution Group Deloitte specialists in the retail sector The Retail.au David Rumbens Deloitte Access Economics Barton Tel: +61 2 6175 2088 firstname.lastname@example.org. please contact one of our key leaders below. Simon Cook Consumer Business and Transportation National Leader Sydney Tel: +61 2 9322 7739 Email: simcook@deloitte. industry-specific solutions to retailers and their suppliers across audit.
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