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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
however. which has a negative impact on economic activity. economy is likely to accelerate in the coming year. nearly every country on the continent is cutting its fiscal deficit through tax increases and spending reductions. In the past year we have seen the economies of the United States. With much of Europe in recession. something happens to throw a wrench into the wheels of growth.S.Global economic outlook The economic situation for retailers Each time it appears that the global economy is about to accelerate. Finally. structural changes are underway that will influence the path of the global economy. that wrench has been the crisis in the Eurozone. Japan. First. the EU has compelled banks to recapitalise through reductions in lending and the sale of assets. what happens in the United States and China will also be of great importance. thereby having a negative impact on many of the world’s leading economies. Negotiations have been underway among EU members to achieve this goal. Observers who speak of the end of globalisation are wrong. the fear that the Eurozone will fail has led to a perception of currency risk within the Eurozone. This means that lenders require a risk premium in order to provide credit in countries perceived as being at risk. China has avoided a hard landing through a combination of monetary and fiscal stimulus. If Eurozone debt could be consolidated. Second. This results from several factors. Western Europe As of this writing. and stronger growth is likely in 2013. Currently.deloitte. which will have a modest positive impact on global growth. larger than the United States and of great importance to global commerce. There is general agreement that failure would entail huge and unacceptable costs in the form of a severe economic downturn. Thus. efforts at fiscal consolidation are backfiring in that they are suppressing economic activity. much of Western Europe is in recession. Finally. the U. some mechanism will be needed to assure sovereign debt repayment that is not overly onerous for member countries. many economies in East Asia have been negatively influenced by the slowdown in China. the impact is to discourage private credit market activity. China. what happens in Europe in the coming year will likely have a significant impact on the rest of the world. Meanwhile. European demand for imported goods has declined. including Spain. Yet Europe has a few years at most to achieve this goal before the whole enterprise unravels. Thus. shared or replaced by Eurobonds. Portugal. thus leading to reduced tax revenue and still large fiscal deficits. repayment would be far easier – especially if a dedicated stream of revenue could be secured to fund debt servicing. Barring a fiscal convulsion. First. and EU leadership hopes to achieve a banking union in 2013. In the past year. opponents fear that without a central authority with the power to enforce fiscal probity. www. The result is a decline in credit market activity in these countries. Again. the slowdown in these critical economies influenced economic performance in their neighbourhoods. Likewise. India and Brazil decelerate as the long arm of the European crisis has reached across the globe. Third. there needs to be a banking union with a central authority to supervise and recapitalise banks.com/consumerbusiness STORES/January 2013 G5 . For example. In both economies. as are those who believe that the fate of emerging economies is no longer tied to that of developed economies. Second. The problem is that such a move is politically difficult and would likely take decades to evolve. negotiations continue on the best path forward for the Eurozone. Moreover. the Eurozone must be fixed–but how? The consensus view is that the Eurozone requires three forms of integration to succeed. However. making the Eurozone more like a single national entity rather than simply a fragmented monetary union. such debt consolidation would be a bottomless pit. It is often forgotten that the EU remains the world’s largest economy–indeed. some form of fiscal and political union will probably be needed. Italy and Greece. the huge uncertainty about the economic future of Europe has led businesses to curtail capital spending.
thereby boosting bank lending. the EU failed to quickly integrate. there is concern about Spain’s ability to roll over existing debts and fund troubled banks and regional governments.What is the alternative? For the time being. failure is the only real alternative to further integration. In addition. at that point.com/consumerbusiness . The central bank has cut the benchmark interest rate and has reduced banks’ required reserves. 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. A severe recession would ensue. but also reflecting weakening demand in China. apartment complexes. China faces some serious challenges: • First. Chinese imports were down as well. After all. Industrial production was up a relatively modest amount in 2012. To accomplish this goal. Much investment has had negative returns. a deeper recession in Europe would surely have a significant negative impact on the global economy. Bank lending has increased. thereby buying time for Europe to engage in longer-term solutions. One such government. The result of these measures has been positive. the printing of new currencies. although not as much as had been hoped. The worry was that the muchanticipated soft landing would turn into a hard landing. exports to the EU were down 12. it is likely that other sovereign defaults would take place. ultimately. which now appears unlikely. Just the existence of this promise. What would the failure entail? The collapse of the Eurozone would likely begin with a sovereign default. it would be to simply muddle along from one crisis to another. If. But many observers doubt the deal is sustainable and believe that. office buildings and highways. the modest recession in which Europe now finds itself has already slowed economic growth in such important economies as the United States and China.deloitte. With a change of leadership in late 2012. This accounts for 48 percent of GDP. China will have to privatise state-run banks and companies. has been sufficient to significantly lower sovereign bond yields for countries like Spain and Italy. but export-oriented companies are struggling to maintain sales by cutting prices. The ECB program has drastically reduced the risk of imminent failure. To deal with the slowdown in economic activity. sustainable growth will come from shifting resources away from investment and toward consumer spending. The rise in credit market activity is very likely due to the recent cuts in interest rates and the reduction in banks’ required reserves. Indeed. Failure to grow could ultimately lead voters to reject political parties that favour the continuation of the Eurozone. the weakness in the industrial sector had a negative impact on investment into China. perhaps as a result of declining profitability of Chinese companies and pessimism about the Chinese economy. Nevertheless. shopping centres. Yet such a situation cannot last indefinitely. Greece will require significant forgiveness from sovereign holders of its debt. First. One effect of the weakening industrial sector is a decline in Chinese company profitability. China By late 2012. 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. leading to increased competitiveness on the part of European exports. with Europe as the main culprit. the value of the euro has fallen significantly in the past few years. many problems remain. now threatens to secede from Spain if it doesn’t obtain a better fiscal deal from the central government. Longer term. allow more currency appreciation and further increases in labour compensation and provide a greater safety net in order to discourage high saving. It bears noting that there are some positive things happening in Europe today. which has not yet been implemented. Corporate revenue continues to increase. G6 STORES/January 2013 www. This would probably lead to a seizing of credit markets. possibly leading to the exhaustion of existing bailout facilities as other countries find it difficult to tap into capital markets. Such an event would have a contagious and negative impact on financial markets. By mid-2012. The result is weak profitability. with slow economic growth and continued economic uncertainty. the government has increased public investment in infrastructure. The main problem was exports. This meant that China’s economy became weaker than had been expected. Meanwhile. an increase in inflation and a sharp drop in economic activity across Europe. resulting in large losses for state-run banks. 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. In the long run. Investors moved money out of China. As of this writing. In addition. partly due to declining commodity prices. 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. Such investment fails to boost growth and represents a serious imbalance in the economy. Second. major decisions may be put on hold until the new leaders have time to assess the situation. Greece has obtained the latest tranche of bailout money after promising to reform labour markets. The question now is whether the government will choose to take further actions aimed at stimulating the economy. Normal.7 percent from a year earlier. Moreover. the government has taken a variety of actions. Catalonia. the broad money supply has accelerated as well. liberalise credit markets.
fiscal cliff is avoided.• Second. Labour force growth is slowing. The result is that China’s vast pool of cheap labour is dwindling. U. This is not how the recovery began in 2009 and is certainly not what one should expect going forward. declining relative energy prices.S. and along with it the cost advantage for global manufacturers. accelerating employment growth and steady. China’s next phase of growth will require better human capital. it seems unlikely that consumer spending can again grow as fast as it did in recent years. thus boosting wages–indeed. a very positive aspect to the U. It continues apace. the switch from coal to natural gas will significantly reduce carbon emissions. inflation should remain subdued and the policy environment might even be less rancorous following the surprisingly decisive nature of the November elections. Exports not directed at Europe are performing well. debt-to-GDP ratio over time.S. companies to cut back on capital spending. Yet it appears as of this writing that the economy is doing better.S.S. if very modest. to a sharp slowdown in the growth of industrial output. the housing market has gone from severe negative influence on economic growth to modest positive influence. Second. concerns about Europe and uncertainty about its future caused U. Activity in the housing market has turned around. with increasing supply and reduced prices of natural gas. the result of a weak dollar and improved competitiveness on the part of U. although it remains far below the levels reached during the last economic expansion. and higher taxes on the wealthy will do little to offset this trend. finally.S. A shortage of skilled labour is boosting compensation for the highly educated while a surplus of unskilled workers is suppressing compensation for everyone else. here is how the U.S. It is expected that such a deal will entail some revenue increases and some spending reductions. We are already witnessing a bifurcation of the consumer market. consumer spending and the housing market were showing signs of modest improvement. and assuming that the Eurozone does not collapse and does not experience a severe economic downturn. companies that sell or distribute consumer goods and services now recognise that their future growth depends on going global. phased in over several years. much increased confidence as measured by the leading indices of consumer confidence. it will be politically difficult.S. These attributes will require economic and political reforms that will challenge the perks of China’s elite. By late 2012. negotiations were under way to avoid the socalled “fiscal cliff” which involves large automatic tax increases and spending cuts. U. with the goal of stabilising the U. As such. This will have several implications. In fact. more efficient capital markets and freer flow of information.S.deloitte.S. income growth.S. Moreover. Home prices have risen. many manufacturers are shifting export-oriented production out of China and into countries like Mexico and Vietnam. Growth should pick up. 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. The result is hugely important for retailers and their suppliers. economic environment? First. exports to Europe and.com/consumerbusiness STORES/January 2013 G7 . consumer spending is likely to decline as a share of GDP while exports and business investment boost their share. Of course.S. it was apparent that U. The causes are many. improved labour and productivity. Among these are a substantially reduced level of debt and debt service payments. www.S. The economy will probably grow a bit faster than it did in 2012. Assuming this scenario plays out. Third. U. United States As of early December. increased wealth through good performance of the equity market. despite the headwinds from Europe. Consumer spending remains an unusually–and probably unsustainably–high share of GDP following the debt-fueled boom of the last decade. the growth in 2012 came largely from consumers rather than exporters. there will be a sizable improvement in the trade balance. • Third. manufacturers.S. It will also create a shortage of labour. but an imbalance in the labour market between the skills demanded and those supplied is the principal culprit. China’s demographics are changing rapidly. high-quality goods in the context of a superior customer experience while other sellers focus on offering the lowest price. economy is likely to perform in 2013.S. The result was a slowdown in the growth of economic activity in mid-2012 and. Consumers have experienced several positive factors lately. especially on automobiles. economy. Finally. this is already happening. If the United States was to go over that cliff. 2012 saw significant negative factors as well. low energy prices will boost U. Second. Due to a massive increase in production of natural gas and oil through new technologies. as consumers continue to deleverage and banks continue their effort to restore healthy balance sheets. outlook concerns energy. The recession in Europe led to a decline in U. manufacturing competitiveness. 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. Moreover. manufacturers are already more competitive due to a declining dollar. All of this conspired to create modest growth of consumer spending. Consequently. much has been written about the continued skewing of income distribution in the United States. which will result in slower economic growth. indeed. the wage differential with Mexico for manufacturing workers has nearly disappeared. The stage is already set. thereby significantly improving consumer cash flow. But what can retailers and their suppliers expect longer term from the U. and. consequently. Assuming that the U. investment in energy will boost employment significantly. then it seems likely that 2013 will be a moderately good year for the U. with upper-end sellers focused on offering clearly differentiated. Rather. 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. energy-intensive companies are becoming even more competitive. renewed fears of a double-dip recession. Finally. Now. a recession would almost surely ensue. Moreover. First. Most analysts expect that the cliff will be avoided and that a longer-term budget deal will be reached in early 2013. In addition.
declining wages contribute to declining purchasing power and stagnant consumer spending. Other goals include keeping market interest rates low and putting downward pressure on the value of the yen. In addition. This means. thereby creating some inflation. As the global economy ultimately recovers. In addition. the Bank of Japan has set a formal inflation target of 1 percent. Elections must take place no later than 2014. These include the Andean countries of South America. thereby improving the competitiveness of Japanese products. India’s central bank has remained focused on inflation.com/consumerbusiness . it remains reasonably healthy. Therefore. This raises a question as to whether the amount of quantitative easing is sufficient. The result is expected to be a pickup in growth in 2013. resulting in the lowest rate ever recorded.5 percent growth rate in the first quarter of 2012. To restore confidence and set the stage for faster growth in the future. The well-known Tankan survey. Emerging markets The slowdown in the global economy has taken a toll on many. Meanwhile. the benchmark interest rate was cut by more than 500 basis points. which measures confidence among manufacturers. emerging markets. it could have real consequences for Japan’s already troubled industrial sector. but not all. the economy suffered in 2012 from the impact of a global slowdown as well as the effect of weak business confidence. At a time when the Japanese economy hardly needs bad news.Japan Japan’s economy has been mostly sluggish for some time. of course. that unit labour costs are declining. Yet prices continue to decline despite a more aggressive monetary policy. In Russia. the government began a process of fiscal stimulus in 2012 that entailed tax cuts and spending increases.deloitte. retailers in Japan are likely to seek growth outside of the home market. Despite the weakness in the BRIC economies. As for Brazil’s consumer market. On the other hand. have limited modern retailing and are likely to see an expansion of the middle class which drives modern retail. the political dispute between Japan and China over a group of islands is having a real impact on the economy. in November. Therefore. combined with the lagged effect of monetary policy tightening. Japan faces challenging demographics. Japan remains a very affluent society. Consequently. Yet unlike in Brazil. the Bank of Japan has engaged in quantitative easing. In Brazil. led to a substantial slowdown in growth in 2011 and 2012. While the vehicles are mostly assembled in China. exports declined. the government proposed a series of major reforms aimed at boosting productivity. the radical reduction in the benchmark rate helped to keep the currency from rising too far. It also contributes to deflation. thus reducing the risk that manufactured exports would become less competitive. the economy continues to grow modestly. much of sub-Saharan Africa and some countries in Southeast Asia. The only problem is that this stimulatory policy was implemented even as inflation remained higher than desired. compensation continues to decline. they are immensely attractive to the world’s top retailers. Even if there are changes in economic policy. with total wages to workers in Japan in mid-2012 only marginally higher than in 1991. including Indonesia and the Philippines. the central bank decided to stabilise interest rates and wait for inflation to decelerate before implementing further stimulus. Japan will remain an attractive if slow-growing market. many of their parts are made in Japan. the policy has yet to result in any inflation. Thus. In India. Longer term. However. growth has mostly been disappointing. but high inflation led the central bank to raise interest rates. but that is largely offset by the negative impact of a highly valued yen. the central bank has kept the benchmark interest rate relatively high. continued deflation or low inflation and a lack of economic reforms that would improve the efficiency of the distribution system. Still. awaiting a drop in inflation. declined throughout much of 2012. In all. it is not clear whether the government will be successful in implementing its reform agenda. Brazil’s central bank began a process of aggressive interest rate cuts starting in late 2011 and continuing through the autumn of 2012. Much to the chagrin of the government and many businesses. The idea is to boost the money supply. To combat this. whereby the Bank purchases assets like government bonds in order to inject liquidity into the economy. a continued strong yen. growth declined in 2012 as well. the economic situation in Japan suggests continued weak sales growth and declining prices. In addition. This is because they are likely to experience strong growth. many indicators suggest that the health of the Japanese economy is not improving. these regions stand to benefit. if this dispute results in a sustained decline in Chinese demand for Japanese products. For global retailers looking to tap into fat wallets. government incentives for consumer spending have expired as the government seeks to reduce its deficit. Among these was liberalisation of foreign investment in retailing. Meanwhile. The biggest risk comes from a relatively high level of consumer debt. even at the cost of delaying economic recovery. which remains a serious problem in Japan. but higher interest rates may hurt domestically driven growth – especially business investment and interest sensitive consumer spending. For the past year. To combat deflation. Moreover. As of this writing. Thus the outlook for economic growth is modest at best. Although there have been periodic bursts of economic activity like the 5. External weakness has been offset by strong domestic demand. it will take time for them to work their way through to consumer behaviour. G8 STORES/January 2013 www. In addition. industrial production fell and purchasing managers’ indices for both manufacturing and services were down. Japan’s major automotive company sales in China have fallen sharply. For retailers. and they may help to clarify the direction of policy. despite the increased government spending on reconstruction following the earthquake and tsunami of 2011. the slowdown in exports to Europe and China. retailers should not expect much strength of demand in 2013. some parts of the world have managed to grow strongly. In addition.
Retail conditions are also divergent across the states. Clothing retailers have experienced an improvement in sales but only after some horrid results not so long ago. Looking ahead. as sales growth picked up (supported in part by carbon tax compensation and other government handouts in the first half of the year). 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). 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. aided by lower interest rates.Australian economic outlook The retail environment in Australia has been a bleak one for a number of years.com/consumerbusiness STORES/January 2013 G9 . both from online sales and new bricks and mortar challengers. www. Retail conditions are strongest in Australia’s mining jurisdictions. 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 food retailers are maintaining solid sales growth. but are still quite weak in Victoria. there has been a welcome lift in sales for household goods retailers of late. and Tasmania. followed by reasonably strong rates of growth in the NT and Queensland. so there are some supports. However.deloitte. it’s likely to be back to the reality of a hard slog for retailers in 2013. 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 the meantime. Across the non-mining states. there were some encouraging signs in 2012. real wages growth may moderate as inflation picks up further from its recent cyclical lows. Seeing broader market sales growth is no doubt a welcome change for retailers but it’s hardly a perfect set of circumstances. Sales at department stores have been particularly weak over the past year. In contrast. Competition also remains high. retail conditions have improved of late in NSW. SA. 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. with sales continuing to boom in WA. For retailers it’s all still a far cry from the pre-GFC days. Across 2010 and 2011 Australian retailers failed to maintain their level of sales on a real per capita basis.
the number of smartphone users in the United States will rise to 159 million by 2015 from just 82 million in 2010. processes. training and tools necessary to facilitate a shopping experience that engages customers across a variety of channels and extends beyond the traditional shopping experience. Retailers’ technology can be disparate and fragmented. To stay competitive in this ever-evolving landscape. They must make shopping across all channels a more stimulating and satisfying experience. such as playbooks to operationalise the omni-channel strategy. Retailers are faced with the challenge of engaging customers on more than just price. 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. and expect retailers to deliver this experience.com/2012/09/29/ the-next-big-e-commerce-wave-vertically-integrated-commerce/ 4 http://techcrunch. Equally important. they are neglecting to make appropriate investments in technology. In fact. 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. http://www.com/mobile/2012/03/01/ smartphone-adoption-soars-46-february 3 http://techcrunch. physical space. Specifically. As a result of a vertically integrated value chain. Failure to deliver puts retailers at risk of becoming irrelevant.”3 However. and multiple physical locations can drive an unsustainable cost structure that is not flexible and often underperforms. rather than simply a way to find the lowest price for a particular product. The traditional bricks-and-mortar retail store is no longer the dominant medium for purchasing goods. operations and talent that would better equip them for seizing control of these channels.deloitte. The most appropriate technologies should be leveraged to enhance the experience in both the physical store and digital world. marketing and merchandising to meet consumer demands.com/2012/09/29/ the-next-big-e-commerce-wave-vertically-integrated-commerce/ 2 G10 STORES/January 2013 www.4 Hence.internetretailer. 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. Instead. 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. it serves as one of many potential connection points between customers and a retailer’s brand. a new generation of e-commerce players is bringing high-quality products from the warehouse directly to consumers at significantly lower prices. “While physical stores may have once enjoyed the advantage of crafting cool shopping experiences.The Future of Retail Retail Beyond The retail industry is in the midst of a customer revolution. Additionally. As one industry observer has noted. Consumers are seeking an integrated shopping experience across all channels.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. 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.com/consumerbusiness . This strategy should be supported by emerging technologies and continually adapted to remain relevant to the customer of tomorrow. retailers must respond to new competition by enabling digital experiences that improve both the store and virtual experience for the customer. 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. 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. New competitors are disrupting the market and capturing valuable market share through innovative business models. digital media and tablets equipped with shopping apps. As a result. The key drivers of this customer revolution are the rapid adoption of mobile devices. Further. employees often lack the knowledge. The collision of the virtual and physical worlds is fundamentally changing consumers’ purchasing behaviours. Retailers must respond now or risk facing obsolescence. many retailers are struggling to take advantage of the increasing number of channels available to them for connecting with customers. retailers must develop an integrated strategy that aligns talent. The customer revolution and the future of retail have arrived. the aesthetics of the iPad and all the social sharing surrounding online shopping today are now shifting that advantage to online retailers. Many companies are now seeking to become vertically integrated by controlling the whole supply chain.
rather than the channel.5 Moreover. • Equip them with smartphones and train them to be technology savvy.7 The most successful retailers will maintain locally relevant Facebook. Thorough collection and analysis of customer data will give retailers the best chance to understand. • Embrace the virtual environment as a connection point to your brand from anywhere and at any time. and provide them with leading indicators of the experience desired by the constantly evolving connected consumer.deloitte. 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.l2thinktank. Retailers must commit to making change the “new normal” in their operating model. • 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. retailers should also consider including a social element in their mobile apps. Deloitte Digital. can become leaders in an environment in which it is becoming increasingly harder to play catch-up. The Dawn of Mobile Influence Deloitte Digital. and this means continual evaluation and analysis of their business to determine if they are delivering on the customer experience. Change the physical space Emerging solutions Continually evaluate performance There is no silver bullet or single solution. Mobile currently contributes 5. With the increasing occurrence of channel overlap and the pace at which new applications and devices are brought to market. 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. With 60 percent of smartphone owners reporting their use in in-store shopping. August 23. Proper management of Facebook. anticipate and adapt to the continuous change that comes with the connected consumer. Twitter and other media is vital. Information is king. • Empower them to use Twitter. retailers that invest early in flexibility and in aligning their business around the customer. however. Facebook or text messaging to connect with customers. A flexible IT infrastructure needs to integrate existing and emerging applications and devices. customers who access a retailer’s app while shopping have a 21 percent higher conversion rate. The Dawn of Mobile Influence 7 “L2 Specialty Retail Digital IQ Index.6 Social commerce is another critical part of the customer experience and digitally savvy retailers will devote taskforces to supporting their social media strategy. To keep customers engaged.8 Innovate It is time for retailers to push the boundaries in delivering a connected customer experience.com/research/specialty-retail-2011/ 8 Mobile Retailing POV: “The Dawn of Mobile Influence” 5 6 www. • Enhance the customer experience and support sales associates in delivering desired service models.1 percent of total retail sales and will increase exponentially to reach 17–21 percent ($628-$752 billion) of total sales by 2016.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. • Evolve the physical space as a primary point of brand contact to one of many points of contact. and should be channel-agnostic. • Embrace technology and be an early adopter. The key is flexibility. Twitter and other social media pages.Mobile commerce is an important channel for many retailers. and they can start with three key areas: Figure 1 New talent strategies • Position your talent as brand ambassadors. and will also look to the next big development in social media. 2011 http://www.” L2 Think Tank. • Transform the physical space to a compelling customer experience instead of a place to transact. • Evaluate your real estate strategy as the need for large physical spaces may be minimised by the influence of virtual.
the region was heading toward the recession that it is now experiencing.. by a change in methodology that impacted some of the companies.1 percent for the world’s Top 250 retailers in fiscal 2011.0–average number of countries in which Top 250 companies have retail operations G12 STORES/January 2013 www. This milestone was achieved. the aggregate retail revenue of the Top 250 topped $4 trillion. companies were ranked by total retail revenue. 2011 offered modest but improved growth as the manufacturing sector recovered and exports performed well. The consumer sector. In the United States. For purposes of this analysis. Governments across the continent cut spending and raised taxes. the U. matching the industry’s 2010 result. consumers continued to spend in 2011 and the retail industry kept rolling–extending the rebound that began in 2010.9%–composite return on assets • 23. with European and Chinese growth decelerating. By 2012. in part. in-store shops or identity corners). 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. 2011 was an awful year following the devastating earthquake and tsunami.8%–composite net profit margin • 5. monetary policy was tightened in 2011 in order to restrain an overheated. as measured by retail revenue. Those with declining sales could often point to restructuring activities and divestments of non-core assets rather than deterioration of the core business.g. 2011 • $4. Nearly all of the companies that disclosed their bottom-line results (181 of 194 reporting companies) operated at a profit in 2011. For a detailed definition of retail revenue. see the Study Methodology section at the end of this report. they are employing multiple market entry strategies including franchising.8 percent composite net profit margin in 2011. topped $17 billion. currency-adjusted retail revenue rose 5. as Europe slowed. irrespective of their actual revenue growth. Top 250 quick stats.S.271 trillion–aggregate retail revenue of Top 250 • $17. This change reflects the growing complexity of the operating model of many of the world’s largest retail companies. Fearful of a hard landing. the Chinese authorities reversed course by late 2011 and began loosening monetary and fiscal policy. this change in methodology resulted in some upward movement in these companies’ Top 250 ranking in 2011. government’s credit rating–wreaked havoc on investor confidence. Yet the U. Despite a stumbling global economy. For the first time. not just retail sales. Chinese export growth decelerated at the same time that tight monetary policy began to have a negative impact on domestic demand. The threshold to join the Top 250 in 2011 was $3. The Top 250 maintained a healthy 3. As retailers in mature markets ramp up their efforts in foreign markets in search of more attractive growth rates.721 billion–minimum retail revenue required to be among Top 250 • 5.4%–2006-2011 composite compound annual growth rate in retail revenue • 3. This year. More than 80 percent of the Top 250 (204 companies) posted an increase in retail revenue. hurting equity prices and employment creation.S. Composite return on assets ticked up slightly to 5. The average size of the Top 250 in 2011. In China.085 billion–average size of Top 250 retailers • $3. Yet. consumer sector continued to grow at a modest pace. By the first half of 2012.7 billion.1%–composite year-over-year retail revenue growth • 5.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.3 percent growth. building on the previous year’s 5. remained fairly robust. fewer companies saw an increase in their net profit margin in 2011 following 2010’s improvement in profitability. In Europe.com/consumerbusiness . inflationary economy. But the failure of the government to agree on a path toward fiscal rectitude– leading to the first-ever downgrade of the U. for the first time.8%–percent of Top 250 retail revenue from foreign operations • 9.deloitte. however. perhaps.8 percent in 2010. retail revenue includes royalties and franchising/licensing fees as well as wholesale sales to affiliated/ member stores or other “controlled wholesale space” operations (e.9 percent from 5. which weakened economies and further undermined consumer confidence. China was facing a moderate slowdown in growth. Not surprisingly. By 2012. economy began to slow down as export growth trailed off. 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. licensing and joint ventures in addition to owned expansion. Sales-weighted. In Japan. the euro crisis led to the tightening of credit markets.S.
7% 0. while Aldi overtook both Walgreen and The Home Depot on the back of a stronger euro against the U.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.K.710 4.S. That said.9% # countries of operation 28 33 13 33 1 9 26 17 2 5 16.5% 11.1% 1.8% n/a n/a 9. By comparison.4% 32.2% 2.0% Retail revenue growth 6.184 70.1 percent. the Top 250 posted composite revenue growth of 5.5% 2.2 percent in 2008. U. on average. This compares with less than one-quarter of the larger group’s combined retail revenue.4 percent was moderated by Carrefour’s 9. nearly twice as many as the average for the entire group.7% 7. As a result.7** 9.395 1.S. www. 2011 % retail revenue from foreign operations 28.915 87.8 percent sales decline. which accounted for more than 10 percent of total Top 250 revenue.8% 5.5% 4.5% 2.375e 72.841 73.1% Net profit margin 3. Robust growth boosted Costco ahead of Schwarz.6% 6.8% 3.8% -0.9% 9.7% n/a n/a 3. In part.5% 61. With 6 percent revenue growth.171 29. U. the leader group’s share of total Top 250 revenue continued to slide.7% 34.0** Top 10 share of Top 250 * Sales-weighted. although its revenue fell slightly.9 percent) also lagged that of the Top 250 group as a whole (3.271.0% -9. which consists primarily of retailers in the lower-margin fast-moving consumer goods sector. retail giant Wal-Mart increased its lead over Carrefour. 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 2010.0% 14.8 percent). This will allow Wal-Mart to widen its lead over its top 10 rivals in the future. The composite year-over-year revenue growth for the top 10 of 4.S.1% 0.deloitte.4% 56.8% 10. dollar in 2011.S. As a group.7% 1. These big retailers operated in 16. The profitability of the top 10 (2.8% Return on assets 8.8% 5.0% 27. The French retailer maintained its No.374 88. Germany Germany U.5% 4.5% 0.1% 3.7 countries. falling to 29 percent in 2011 from a high of 30. Wal-Mart. France U.237.4% 5.4% 1.197 101.2% 5.S. its biggest deal in more than a decade.5% 5.9% 23.950 113. Retail revenue (US$mil) 446.9% 3.Top 10 retailers worldwide.574 92. 2 position despite a sales decline resulting from the spinoff of its Dia hard discount chain in July 2011. the biggest European retailers were much more likely to pursue growth outside their domestic borders than were U.8% 57. top 10 retailers.S.905 90. acquired South Africa’s Massmart in June 2011.com/consumerbusiness STORES/January 2013 G13 . Germany U.1% 0. this reflects the composition of the top 10.1% 5. Revenue from foreign operations accounted for nearly one-third of total top 10 retail revenue.0% 55.S.8% 5. the top 10 have a much larger geographic footprint than the Top 250 overall. Metro hung onto fourth place.
3% 40.Global Powers of Retailing geographical analysis For purposes of geographical analysis.4% 10. there was considerable pent-up demand.5% 6. with above-average revenue growth and profitability. companies are assigned to a region based on their headquarters location.2% 2.0% 2. Productivity. As a result. was also well above average. and even though consumers remained price sensitive.9% 1. Although many companies derive revenue from outside their region. Other Europe Latin America U.2% 4. Other Europe Latin America U. Emerging markets see continued high growth in retail demand Despite the economic slowdown in 2011.K.S.2% 7.deloitte.8% Africa/Middle East Japan Other Asia/Paciﬁc France Germany U.4% 12. their willingness to take on new debt increased.1% 9. On the other hand. Canada G14 STORES/January 2013 www. 2011 4. The performance of North American retailers improved in 2011. Nevertheless. Somewhat greater pricing flexibility in these markets also resulted in above-average profitability for retailers in these regions. which may not always coincide with where they derive the majority of their sales. Japanese retailers suffered a composite revenue decline in 2011.S.S.4% 6. 100 percent of each company’s retail revenue is accounted for within that company’s region.0% 16. This group’s strong results are a bit surprising given the various negative influences faced by U. 2011 2.0% 6. Canada Share of Top 250 retail revenue by region/country.2% 5. However.2% Africa/Middle East Japan Other Asia/Paciﬁc France Germany U. composite retail revenue soared for companies based in Africa/Middle East. the revenue drop for many of these retailers was due to the earthquake disaster and resulting impact on the country’s economic environment. consumers in 2011.K. outperforming all other regions. as measured by return on assets.com/consumerbusiness .0% 9. As previously noted. Unemployment remained uncomfortably high and real disposable incomes continued to decline. consumption regained much of the vigor lost during the recession. youthful populations and sizable foreign direct investment.S. dollar in 2011.0% 30. Share of Top 250 retail companies by region/country. Growth continued to be fueled by burgeoning middle classes.8% 16. Latin America and Asia/Pacific (excluding Japan). Japan’s share of Top 250 companies and revenue increased owing to the exchange rate effect of a stronger yen relative to the U.4% 7.
2 3.9 4.7 2.7 10 5 0 -5 5. too. the share of North American Top 250 retailers that remained single-country operators fell to less than half.2 in 2010. However.0 4.S. (This does not include Dell. Asia/ Pacific was the only region with a lower percentage of foreign revenue. driven by limited international expansion of the Japanese companies. German retailers were also very likely to operate internationally.2 0. That is because 11 of the 18 German Top 250 companies are private and did not disclose their profitability.6 6. 4.3 8.9 percent may not be truly representative.1 3.5 Germany Japan 4.3 3. The historically sluggish German retail market saw the pace of growth pick up over the past two years.4 5.7 2. 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. for the first time.4 8. Still. retailers have made their first international foray close to home–moving into Canada.6 5. with just 11 percent remaining as single-country operators.4 percent and composite return on assets of 0.2 15. Mexico or Puerto Rico.K. The French and German retailers turned to international markets for more than 40 percent of their combined revenue in 2011.3 4. Top 250 retailers operated in an average of nine countries compared with 8.) And the share of Top 250 retailers that continued to operate only within their domestic borders dropped to 38 percent from 40 percent in 2010.1 5. Many U. the composite net profit margin of 0. (It should be noted that these statistics are not strictly comparable year-over-year as the composition of the Top 250 retailers fluctuates.2 3.8 percent of Top 250 composite retail revenue was generated in foreign markets.3 3.3 4. doing business with consumers in 176 countries.8 21.9 Latin America Other Asia/Paciﬁc Africa/ Middle East North America Europe U. www.4 G15 .6 7. 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. Composite revenue growth for the French retailers fell to just 1.) In 2011.1 3.0 30 25 20 15 20. which is truly global in scope.9 1.6 4.Sales growth and proﬁtability by region/country* (%) 29.3 4. 23.6 3.4 percent in 2010.0 6.6 3. So. up slightly from 23. only 15 percent of the North American region’s retail revenue came from foreign operations.9 1. who struggle to achieve growth domestically. 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.3 4. as these figures are based on a small sample size. did all the French retailers. and the profitability of German retailers continued to lag.1 16. it remained a low-margin place to do business.1 3.1 11.7 6. though this result can be attributed primarily to Carrefour’s spinoff of Dia.8 5.2 5.4 3.S.6 -1.2 4. currency-adjusted composites ** Compound annual growth rate Revenue growth and profitability deteriorated in the European region in 2011.6 percent. by 2011. Nevertheless. As a result.0 3.deloitte.5 3.4 0.2 6.com/consumerbusiness STORES/January 2013 U.
Region/country profiles.6% 19.518 21.504 22. Latin America North America* U.7% 60.).6 17. Where information was available.0% 0. G16 STORES/January 2013 www. catalogs and TV shopping programs.555 24.0 6. whose near-global coverage would skew the average For the European region overall. on average.977 18.2% 38. licensed and joint venture operations in addition to corporate-owned channels of distribution.0% 51. 2011 Average retail revenue (US$mil) 17.085 6.0 10.S.0 14.3 5. Excluding Japan from the analysis.6 percent of composite retail revenue.2% 42.0% 33.K.5 15.0% 54. It should be noted that the average number of countries with retail operations includes the location of franchised. However. Japanese retailers had the smallest international presence.0% 11.3% 19.0 3.5 countries with retail operations. Top 250 retailers based in Japan did business in just 3.8% 26.0 30.deloitte.685 30.320 8.3% Average # countries 9. the other Asia/Pacific retailers were much more likely to move beyond their national borders. for many retailers.009 9. Meanwhile.3% 15. This group generated19.474 11. far more than any other region.* 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. such as consumeroriented e-commerce sites.608 14. the number of countries reflects non-store sales channels. and foreign operations accounted for a meager 6.S.3% 0.8% 44. They derived 38 percent of total revenue from foreign operations.2 percent of combined retail revenue from foreign operations and averaged 8.713 % retail revenue from foreign operations 23.9% 23.4 countries.4 8.1% 20.2 6.com/consumerbusiness .8% 15. 60 percent remained single-country operators in 2011.6% 6. less than 20 percent of Top 250 retailers operated exclusively within their national borders in 2011.1 2.2% 43.5% 48.9% 11.8 % single-country operators 38.124 18. more than half have not yet ventured beyond their home country’s borders. specific information about non-store activity was not available. as well as store locations.0% 17. the fast-growing markets of Latin America continued to sustain domestic retailers.7% # companies Top 250* Africa/Middle East Asia/Pacific Japan Other Asia/Pacific Europe France Germany U.
e. These numbers are based on the information available and may not capture all activity. Forty of the Top 250 retailers began operations in a new country in 2011 (the same number as in 2010). Most pursued a franchise strategy. Japan (5) or one of the big three European economies (12). franchising was the predominant method employed in 2011. Acquisitions accounted for 23 new market entries. Europe and Africa/Middle East showed the highest levels of activity.. Joint venture * Includes franchised. the continent’s biggest economy.com/consumerbusiness STORES/January 2013 G17 . and 82 percent of those retailers (127 of 155) operated in more than one sub-region. Africa was the destination for 21 new market entries. Of the four methods of market entry tracked for this analysis. as well as 11 other African nations. the most of any sub-region in 2011. with a combined total of 107 new market entries (up from 88 in 2010) involving 72 different countries (57 in 2010). Franchising was the market entry method used for most of the other activity in the African sub-region. except for companies that operate primarily as non-store retailers Source: Published company data www. giving the world’s largest retailer entry into South Africa.. Perhaps not surprisingly. viewing it as a fast.Central Europe and Africa/Middle East primary targets for new market entry The Top 250 continued to extend their global reach in 2011. no country was entered for the first time by more than three of the Top 250 retailers in 2011. All of the retailers that entered a Middle Eastern country for the first time in 2011 used a franchising model. 80 percent of the retailers that entered a new market in 2011 (32 of 40 companies) were from mature. no country was entered for the first time by more than three of the Top 250 retailers in 2011. Joint ventures were established as the market entry method on only three occasions. and their retail activity in each sub-region was tracked. Organic growth was the next most frequent market entry method (38 times). No one country emerged as the hottest new market for retail expansion–i. however. as was also the case in 2010. Europe and Africa/Middle East showed the highest level of activity. Almost half of the new market entries involved fashion retailers looking to extend their brands around the globe. 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. saturated markets: the United States (15). A disproportionate share of new market entries took place in Central Europe. primarily through organic growth. lower-risk way to expand internationally. involved a single player–Wal-Mart’s acquisition of Massmart. Retailers that entered Western European countries for the first time in 2011 did so mostly through organic growth (11 of 15 times). Much of this activity. They also reflect new “bricks-and-mortar” retail activity only. companies were assigned to one of 12 sub-regions based on their headquarters location. Sixty-two percent (155) of the Top 250 retailers operated in more than one country in 2011. licensed and other partnership or distribution arrangements Excludes companies entering a new country through e-commerce or other non-store methods. Franchising accounted for 40 percent of the activity (43 of 107 new market entries). Top 250 new market entries by sub-region. To better analyse the geographic footprint and expansion activities of the Top 250 Global Powers of Retailing.e. low capital. except for companies that are primarily non-store retailers.deloitte.
posting 5. 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. As a group.deloitte. they are the least global: In 2011.6% 8. accounting for more than half of all Top 250 retailers and more than two-thirds of Top 250 revenue in 2011. A notable change from 2010. Four sectors are used for analysis: Fast-Moving Consumer Goods. FMCG sector outpaces specialty retailers in 2011 The three specific product-oriented sectors–Fast-Moving Consumer Goods.4% 15. Retailers of Fast-Moving Consumer Goods (FMCG) represent the largest product sector. If none of the three specific product sectors account for at least 50 percent of a company’s revenue.6% 22. compared with 9 countries for the Top 250 as a whole.0% 54.5% 67.9 countries. Share of Top 250 retail companies by product sector.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. nearly half operated only within their domestic borders.com/consumerbusiness . Fashion retailers continued to be the most profitable. Fashion Goods.0% 15. was that retailers of Fast-Moving Consumer Goods outpaced Fashion and Hardlines retailers.1 percent Top 250 composite growth rate. they operated in an average of 4. Although the companies comprising this sector are large. Hardlines & Leisure Goods. it is considered to be diversified. A company is assigned to one of three specific product sectors if at least half of its retail revenue is derived from that broadly defined product category. The slow-growing Diversified group remained the least profitable. averaging more than $21 billion in retail revenue. however. 2011 8. Hardlines & Leisure Goods and Diversified.0% Fashion FMCG Hardlines & leisure Diversiﬁed Share of Top 250 retail revenue by product sector. all within a half percentage point of the 5.8% Fashion FMCG Hardlines & leisure Diversiﬁed G18 STORES/January 2013 www.6 percent revenue growth. and Fashion Goods–recorded similar rates of growth in 2011. 2011 8.
6% 22.2 1. truly global operators like Carrefour.0% 20.6 10.2 percent increase in revenue and a composite net profit margin of 4. whose near-global coverage would skew the average www.7 2 0 Top 250 Fashion Goods Fast-Moving Consumer Goods Hardlines & Leisure Goods 2006-2011 retail revenue CAGR** 2011 net proﬁt margin 2011 retail revenue growth 2011 ROA * Sales-weighted. the sector generated nearly 23 percent of its total retail revenue from operations in foreign countries.3 countries.0 4.6 5.1 6.9% 28.8 4. These retailers continued to be the most global of the product groups.3 4.4 percent in 2010.4.3 5.6 2.4 5.5 percent) than the other product sectors. In 2011. though not quite as robust as in 2010 when this sector staged a strong comeback following two years of depressed sales.013 17. the result of several large.0 21.0 . they derived a larger share of sales from foreign operations (29.5% 9.085 8.813 21.8 10 8 8. The Hardlines & Leisure Goods sector posted good profitability and solid gains in revenue in 2011.8 percent in 2011 from 7.1 6.5% 22.6 6 5. AS Watson and hard discounters Schwarz and Aldi. engaging consumers in an average of 21.0 4.577 26.deloitte.8% 29. 2.1 * Average number of countries excludes Dell (Hardlines). 2011 # companies Average retail revenue (US$mil) 17. nearly 80 percent operated outside their home country. Not surprisingly. currency-adjusted composites ** Compound annual growth rate Source: Published company data and Planet Retail Product sector profiles. Sales growth and proﬁtability by product sector* (%) 9.4% 30.9 % singlecountry operators Top 250* Fashion Goods Fast-Moving Consumer Goods Hardlines & Leisure Goods* Diversified 250 39 135 55 21 12.6% 9.9 Nevertheless.6% G19 4 3. Overall performance was hampered slightly by the sector’s home improvement retailers as the housing market remained troubled in 2011.2 5.com/consumerbusiness STORES/January 2013 2. each of which generated more than half of its revenue from foreign operations.3 percent.8 2.8 Revenue growth for Fashion Goods retailers cooled to 4. Yet.464 % retail Average revenue # countries from foreign operations 23. the home improvement subgroup still turned in a respectable 4.2 9.5% 47.3 Diversiﬁed 38.
Ltd.S.2% 5. Amazon.com/consumerbusiness . Inc.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.600 34.A.8% 5.415 28.865 61.4% 8.331 50.567 e** g** 51. Inc. Inc.387 563 4. U. Inc.7% 3.277 103.196 371 22 1.123 51.147 3.077 59.9% 8.2% 6.980 ** ** 56.491 e** 1.502 1.417 -3.2% 5.804 ** ** 66.841 2011 group net income¹ (US$m) 16.374 88.691 57.014 60.184 70.S.V Sears Holdings Corp.) Netherlands Loblaw Companies Limited Delhaize Group SA Wm Morrison Supermarkets PLC Grupo Pão de Açúcar Canada Belgium U.S.244 92.859 46.395 69. Casino Guichard-Perrachon S. Brazil ** ** 31.158 59. France U.966 54.208 ** 47.S.714 3.950 115.905 90.deloitte. Germany U. France U.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 5.883 2.208 e** 50. Netherlands U.515 72.S.599 107.S.630 42.905 90.070 ** ** 29. The Home Depot.407 56.600 34.134 778 662 1.415 29. Ltd.163 41. Leclerc Safeway Inc.. Target Corporation Groupe Auchan SA Aeon Co. KG Seven & i Holdings Co.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.971 The IKEA Group (INGKA Holding B.5% -4.574 92.050 35.460 63.929 1.2% 27. Tesco PLC Metro AG The Kroger Co.107 47. Carrefour S.0% 5. Centres Distributeurs E.915 87. Inc. oHG Walgreen Co. France U.375 72.950 113. France Japan U.1% 0.567 42.S. CVS Caremark Corp.5% 8.1% 1.877 2.147 n/a 955 4. Lowe’s Companies.4% 4. Koninklijke Ahold N.457 n/a 1.com. Germany Germany U.705 50.197 101.466 60.A.9% 7.100 ** ** 59.705 50. Woolworths Limited Wesfarmers Limited Rewe Combine Best Buy Co.988 28.374 88. Costco Wholesale Corporation Schwarz Unternehmens Treuhand KG Aldi Einkauf GmbH & Co.4% 1.184 70.S.458 ** ** 60.4% e e 73.7% 7.782 1. U.V.032 596 1. 2011 retail revenue (US$m) 446.915 87.841 2011 group revenue¹ (US$m) 446. Germany Japan Australia Australia Germany U.077 g** 45.K. U.3% 3.1% 6.K.549 n/a 518 1.314 35.7% 1.535 37..4% 1.300 27.5% 8.624 31.033 631 48.194 1.8% 1.163 41.106 432 e ** 42.3% 2.K. France U.8% -2.758 43. Edeka Zentrale AG & Co.614 52.1% 8.395 68.208 57.2% 6.S.375 73.S. U.542 n/a n/a 2.300 27.1% -2.5% 8.9% 34.7% 0..S.4% 7.S.0% 59. ITM Développement International (Intermarché ) J Sainsbury plc Country of origin U.
Staples.3% 11.6% 4. C.A. Russia Japan Chile U.807 ** 14. U.135 e 16. U.863 15.S.316 23. Canada Spain France Switzerland Spain S.A. Penney Company. Spain Sweden Italy France Canada China U.910 23.967 15. Lotte Shopping Co.8% 11.S.S.807 ** 14.A. Centrale Nationale The TJX Companies. China U. Isetan Mitsukoshi Holdings Ltd.317 15. Macy’s. Korea U.352 28. Meijer. U.998 22. Mercadona.167 n/a n/a 1. Alimentation Couche-Tard Inc.0% 17.S. Coop Group Inditex.157 19.444 17. Rite Aid Corporation Migros-Genossenschafts Bund Yamada Denki Co. Inc.1% 6.598 17.441 n/a n/a 354 e** g** 29.354 17.A.787 16.5% 10.444 17. Dollar General Corporation The Gap.S.0% 22.910 e 32.5% -0.804 18.7% 5. Butt Grocery Company Kingfisher plc J.760 e ** 20.250 18.330 g 15.1% 10.S.S. Publix Super Markets. LVMH Moët HennessyLouis Vuitton S.E.549 14. H.2% 5.146 23.8% 29.A.A.157 16.9% 13.S.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.7% 7.930 18.4% 1. El Corte Inglés.121 ** 25.549 e 833 757 14.8% 27.403 23.492 ** 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.0% 2.7% ne 20.373 14. Inc.1% -1.260 17.1% 3. Inc. Inc.953 20. China Belgium U.Top 250 global retailers 2011 2011 group net income¹ (US$m) -1.4% 3. U. Kohl’s Corporation AS Watson & Company.157 19.702 921 1.S. Switzerland Japan France U.V.179 26.405 26.191 22.974 20.0% 11.077 18.7% 4.S.6% 4.100 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. 2011 retail revenue (US$m) 27.0% 40.923 14.400 14.9% 11.826 570 2.863 15. Gome Home Appliance Group Louis Delhaize S. Ltd. Inc. Suning Appliance Co.860 16.163 ** ** 19.022 14.046 14.S.405 26.157 16. U.065 30. Country of origin U. S.com/consumerbusiness STORES/January 2013 G21 . Ltd.549 14.906 27.246 16.143 16.455 15.7% 6. Cencosud S.966 e g 17. Ltd. Ltd.9% 7.3% 5.121 e** 1. Inc. H & M Hennes & Mauritz AB Coop Italia Groupe Adeo SA Empire Company Limited/Sobeys Bailian (Brilliance) Group Marks & Spencer Group Plc X5 Retail Group N.354 17.598 17. Système U. Inc.4% 8.496 458 660 4.549 e 14.0% 4.191 22.K.2% 1.. Hong Kong SAR U.8% -2. U. S.809 14..1% 4.256 -369 26.024 -152 291 2.260 21.483 750 738 n/a 1.5% -2.deloitte.455 15.804 18.809 e e 14.040 1. S.710 15.K.974 e 18.S.483 23.179 ** 2011 group revenue¹ (US$m) ** 36.744 n/a 782 302 755 621 984 n/a n/a 767 e 25.998 22.
S.9% 35.384 15. Open Joint Stock Company “Magnit” Tengelmann Warenhandelsgesellschaft KG BJ’s Wholesale Club.9% -10..144 9. J.S.S. France Japan Japan S.456 -144 246 394 621 683 11.782 13.r. S.9% -16.S.7% 5. Africa Canada U.741 ** ** 62.3% 12.130 e** 19.963 12.329 14.6% 5.6% 1.3% 12.) Jerónimo Martins.3% 1.l. Finland U.840 690 280 n/a 965 274 339 9. U.K. a. Otto (GmbH & Co KG) Distribuidora Internacional de Alimentación.467 e** g** 13.016 e e 10.9% 5.497 ** 17.A.Top 250 global retailers 2011 2011 group net income¹ (US$m) 215 25.4% 4. Liberty Interactive Corporation (formerly Liberty Media Corporation) Kesko Corporation GameStop Corp.9% 6.595 11.3% 1.028 10.6% -3.A. Inc.108 ** 850 991 145 343 10.207 13.584 10.7% 5. Coop. Metro Inc. Inc.deloitte.364 10. Austria U.308 ** 13.7% 8. Inc. Limited Whole Foods Market.087 14.431 36. Denmark Japan U.057 ** ** 10. SGPS.492 392 419 n/a n/a 1.551 ¹ Revenue and net income for the parent company or group may include results from non-retail operations ² Compound annual growth rate e = estimate g = gross turnover as reported by company n/a = not available ne = not in existence (created by merger or divestiture) * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales G22 STORES/January 2013 www.703 131 498 157 n/a 334 ** ** 13. Shoppers Drug Mart Corporation Nordstrom.621 13.633 12. Inc. Co-operative Group Ltd. UNY Co. SPAR Österreichische WarenhandelsAG Dixons Retail plc S Group John Lewis Partnership plc Alliance Boots GmbH Dell Inc. Japan Norway Japan U.420 e 11.937 10. Inc.025 11.S..109 10.300 11. Dettaglianti Soc.717 10.482 10.5% 12. Front Retailing Co.108 ** 10.423 ** g 11.907 g** 13. 2011 retail revenue (US$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 7.877 ** 10.7% 0.249 10.115 10.5% 0.K.881 10.015 e e 11..900 ** n/a -260 375 218 13. Canada Russia Germany U.584 10.127 13. (Dia. Germany Spain Portugal Japan Italy U.508 13. Conad Consorzio Nazionale.249 13.7% ne 18. S.S.859 10.S.431 12.300 11.3% 6.551 9.395 14.6% -2. Country of origin Sweden U.060 15. Dansk Supermarked A/S Takashimaya Company./Apple Stores Toys “R” Us.1% 33.A. The Daiei. Fast Retailing Co. Switzerland U.060 12.606 9. PPR S.177 9.843 10. Ltd.616 e** ** 13. U.4% ** ** 14.684 13.595 11.1% 5.690 14.7% 1. Ltd. Inc.8% 9.S.5% ne 16. NorgesGruppen ASA Beisia Group Co. Finland U.1% 4.364 10..031 ** 11.241 11. Shoprite Holdings Ltd. Ltd.com/consumerbusiness .071 ** 913 3.909 13.5% -3.A.6% 0.903 ** 108.115 10.922 151 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.639 13.616 9.717 10.2% -0. S.K. Ltd.S.3% 18.909 17. Limited Brands.
131 7.0% 0. Oxylane Groupe China Resources Enterprise. Fr.062 14. Dalian Dashang Group Steinhoff International Holdings Ltd. U. Japan U. Ltd.139 ** 8. Inc.7% 11. Globus Holding GmbH & Co.5% ne ne 13.1% 5.052 9.184 10.V.420 9.560 7.5% 4. de C. Chile Japan Hong Kong SAR Japan France Hong Kong SAR Netherlands U.5% 12.490 8.9% 11. Limited SHV Holdings N.5% 0.228 11.S. Inc.6% 10. Coop Danmark A/S Dirk Rossmann GmbH Country of origin U.931 9.131 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.073 8./Makro Home Retail Group plc Grupo Eroski Menard. Inc.421 e g e 8. Africa Germany S.800 8.608 8.153 24.6% 3.6% -0.com/consumerbusiness STORES/January 2013 G23 . U.139 ** 8. Esselunga S.3% 17.134 9.182 8.257 7.710 e 8. Inc.109 7.S.C.420 e** e** 9.062 8.475 9.046 7.0% 7. S.I.710 8. K’s Holdings Corporation Army and Air Force Exchange Service (AAFES) S. Italy Belgium U.946 8.761 e ** 10.145 e** 9.5% 11.V.945 849 250 247 n/a 783 n/a e** ** 7.8% 4.266 7.p.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.A.134 9.500 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 7.548 e g 9.A.306 7.608 8.1% 6. Falabella Edion Corporation Dairy Farm International Holdings Limited Yodobashi Camera Co.S.614 ** 7. E-MART Co. C&A Europe Katz Group Canada Ltd.1% 5.2% 28.500 2011 group revenue¹ (US$m) 9..929 9.020 7.S.820 8.468 8. AutoZone. Ross Stores.934 17. Etn.S.073 8.931 8.221 70 485 n/a n/a 497 1.S.7% 45. U. Norway Mexico China S.090 9. dm-drogerie markt GmbH + Co.397 7. South Korea Denmark Germany 2011 retail revenue (US$m) 9.S.199 9.0% 9.505 e g 8.1% ** ** 10. Limited Giant Eagle. Canada U.0% 8. Africa Japan Germany U.762 9.S. The Pantry.V.0% 6.199 9.419 g 7.183 7. Canadian Tire Corporation.266 7.090 9. Office Depot. Inc.257 ** ** 7.617 9. Family Dollar Stores. Reitan Group Organización Soriana. KG Pick n Pay Stores Limited Bic Camera Inc. Belgium/ Germany Canada U. Inc.0% 7.560 ** 152 112 n/a n/a 287 74 n/a 7.800 8.K.S. KG Hy-Vee.660 7.6% 6.0% 2.432 7.2% -4.6% 6.235 8. Inc.0% 16.511 9.548 8.9% 3.090 116 -50 n/a n/a n/a 657 388 292 473 96 10 e e 8. Ltd.0% 3. Spain U..deloitte.S. Inc.992 8.136 9.A.184 9.945 8.4% 6.B.6% 9.760 8. Colruyt N.6% 16.268 e ** 10.
KG Darty plc (formerly Kesa Electricals plc) MatsumotoKiyoshi Holdings Co.9% 21.903 ** ** ** ** 5.7% 20.S. Japan Mexico U. Inc. Inc.226 7. Ltd. Dollar Tree.623 * 5.V. President Chain Store Corp.346 ** 5.992 5. Switzerland Portugal U.8% 12.212 5. U.513 ** ** 5. S. S.2% 9.128 6.5% 6.914 ** 5.K. U.S.deloitte.541 5.4% 4. Ltd. Don Quijote Co. Taiwan U. Ltd.200 5.Top 250 global retailers 2011 2011 group net income¹ (US$m) 117 n/a 488 264 -69 2.988 2011 group revenue¹ (US$m) 6.1% 15. Inc.113 e 6. Big Lots.3% 1.S. Barnes & Noble. Japan Japan Brazil U.0% -9..603 138 103 n/a -430 129 761 -148 31 265 264 207 e e 5. Sweden Norway Thailand U. Inc. QuikTrip Corporation O’Reilly Automotive.258 5.212 5.052 6.4% 10.7% ne 7.7% e 6.631 6.0% -4. Inc.S.877 ** 7.864 6. PetSmart.354 5.. Foot Locker. U.S.992 5.145 5.200 5. Japan U. Inc. Defense Commissary Agency (DeCA) H2O Retailing Corporation Shimamura Co. Country of origin U.382 6. Izumi Co.6% 3.170 5.406 5.4% 17. SGPS. The SPAR Group Limited DCM Holdings Co.A.1% 4. Inc.S.469 5.6% 18. Inc.692 395 n/a 508 245 278 5.164 6.. Bauhaus GmbH & Co. Life Corporation Tokyu Corporation Lojas Americanas S.335 6. Dillard’s.700e 6.914 5.1% 10. FEMSA Comercio. the Group CP ALL Public Company Limited Dick’s Sporting Goods.8% 1.533 5.916 5.128 6.789 e 6.129 ** 12.S.378 5.506 5.7% -0..S.9% 14.S. Advance Auto Parts.A.1% 3. Japan U.509 5.3% 8. Africa Japan Germany U. Inc. WinCo Foods LLC Groupe Galeries Lafayette SA Joshin Denki Co. Next plc KF Gruppen Coop Norge.S.379 13.800 10.618 6.601 5.182 6.S. U. Compagnie Financière Richemont SA Sonae.9% 1.992 6.30 5.509 ** ** 5.S. U.700 6.958 6. de C.6% 5. Inc.. U. SA Wegmans Food Markets. Inc.S.533 5.958 5.420 6.9% ne 3.607 5.0% -0.113 6.S.5% n/a -0. Ltd.754 ** ** ** ** 5.000 e e ** ** 5. France Japan 2011 retail revenue (US$m) 6.335 6.123 194 107 464 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.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 11.030 5.202 e 5.202 e 5. Ltd.7% ne ne 9. Ltd.631 6.607 5. U.400 6.191 6.197 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. The Great Atlantic & Pacific Tea Company.885 6.9% 7.597 6. Inc.S.194 6.623 * 5.7% -5.com/consumerbusiness .789 5.5% 6.468 5..K. Japan Japan U.
S.A.S.518 4.600 4.901 ** 17. Canada U.0% -1.A.378 e e 4..S.0% 35. Ltd. Austria U. Country of origin Japan U.292 4..7% -1.Ş. Arcs Co.672 4.545 e** e** 4.5% 12. Ltd.318 4.S.752 g ** 32.400 4.901 4.S.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 -0.1% 13.1% 39.S.318 4. Ltd. Controladora Comercial Mexicana S.4% 1.1% 13.deloitte.262 4.8% 1.9% 8.2% -2. Ltd.000 5. Kojima Co.539 e 4.5% 4. de C.B. Inc.072 5.250 4.S. OfficeMax Inc.073 4.232 4.503 4.V.972 4.505 4.1% -6.3% 4. Grupo Comercial Chedraui.9% -1.766 e ** n/a 4.019 2011 group revenue¹ (US$m) 32.715 4.B.862 4. BİM Birleşik Mağazalar A.862 4.491 4.6% 8.742 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.286 4.400 n/a 4.250 4.1% -0.S.121 4. de C.8% 14.433 e 4.233 4.700 e e 4. de C. The Sherwin-Williams Company Wawa.9% -5.889 4.K. S.503 4. Japan 2011 retail revenue (US$m) 5. U.670 4. Japan Mexico U.600 4. Mexico e e 4. Deichmann SE Celesio AG Valor Co.K.727 3. China U.715 4. U.9% 0. UAE Germany Netherlands France Hong Kong SAR Germany U.907 4.Top 250 global retailers 2011 2011 group net income¹ (US$m) 1.304 3.693 4.491 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. Lawson.4% 27.2% 5.9% 14.907 4.com/consumerbusiness STORES/January 2013 G25 .3% 4.9% 8. Associated British Foods plc/Primark RONA Inc.458 Emke Group/Lulu Group International UAE Tractor Supply Company El Puerto de Liverpool.0% 9. Ltd. U.V.505 4.3% 8...K. Ltd.972 4. Japan U.4% 5.S.942 ** 5.V.5% 30.7% 18.202 4.S. Save Mart Supermarkets Landmark Group Karstadt Warenhaus GmbH Jumbo Supermarkten B. Groupe Vivarte Belle International Holdings Limited Praktiker AG RaceTrac Petroleum Inc. RadioShack Corporation XXXLutz Group Arcadia Group Limited Debenhams plc Wu-Mart Group Ruddick Corporation/Harris Teeter Izumiya Co.648 e e 4.B.V.304 4. Mexico Germany Japan U..A. Inc.0% 23.602 4.780 8.378 4.299 4.286 4.000 4.941 6.2% 7.292 4.485 4.692 4.433 4.6% 8.389 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..6% e e 5.3% 29. Germany Germany Japan Japan Turkey Japan U. Douglas Holding AG Heiwado Co.760 4. Inc.485 4. SUNDRUG Co.7% 7.940 e 7.233 4.8% 7.415 4.
809 e 3. Neiman Marcus.141 4.053 4.098 g** 4. 3.220 4.197 5.4% 3..0% 4.V.024 4.210 4.S.735 3..2% 28.117 4.4% 1. Inc.944 3.002 n/a 32 n/a 13 n/a n/a e** e** 4.Top 250 global retailers 2011 2011 group net income¹ (US$m) 1.808 4.888 3.749 3.687 3.158 4.5% 0.0% 14.900 e e 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 Canada U.S. Liquor Control Board of Ontario Blokker Holding N.9% 10.0% 8.9% 16.464 -6 112 48 115 n/a ** Department Store Department Store Apparel/Footwear Specialty Supermarket Electronics Specialty Department Store Other Specialty Other Specialty Other Specialty Hypermarket/Supercenter/ Superstore Home Improvement Other Specialty Supermarket Other Specialty Other Specialty 2 2 72 1 1 3 1 11 1 1 1 3 1 32 7 ne 2.741 3. Inc. Albertsons.S.3% 4. KG Hudson’s Bay Company Burlington Coat Factory Investments Holdings.1% -4.881 3.809 3.750 3.150 4. Ltd.900 3. Inc. Germany 2011 retail revenue (US$m) 4.079 4. Michaels Stores.S.2% 0.752 4.7% -0.S. HORNBACH-Baumarkt-AG Group Sugi Holdings Co.210 ** 5.0% 2..S. Inc. LLC Norma Lebensmittelfilialbetrieb Stiftung & Co.0% ** ** 3.825 3.0% 3.721 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.889 3.deloitte.888 1. FamilyMart Co. Nitori Holdings Co.157 4. Fuji Co.174 4.218 4.900 3. Iceland Foods Group Limited Abercrombie & Fitch Co.6% 1. Japan U.232 e 2011 group revenue¹ (US$m) ** 4.K.370 ** n/a 123 324 138 105 237 5.5% 0.327 4. Country of origin U. Ltd.. Coppel SA de CV Marui Group Co.S. Inc.759 4.792 3. U.174 4.002 4.158 4.076 4. Hong Kong SAR U.900 3.0% 1.889 3. Poslovni sistem Mercator. Inc.com/consumerbusiness . Komeri Co.174 4.d.158 231 n/a 128 107 145 425 37 135 33 12 ** ** 4. Ltd.225 4.721 3. Inc.S.842 3. Bass Pro Shops. U.150 4.d.Video” Central Retail Corporation Ltd. Ltd.1% 7. The Maruetsu.1% 4.6% 8. Inc. Ltd. Ltd. TSURUHA Holdings. Systembolaget AB Nonggongshang Supermarket Group Co.050 e** 4.6% 4.3% 5.7% 2. Agrokor d.953 3.174 4.5% 11.749 5.842 3. Mexico Japan U.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. Signet Jewelers Limited Axfood AB Lagardère Services SA Williams-Sonoma.1% 1. Germany Japan Japan Croatia Japan Slovenia Japan Japan U.748 ** ** 3. Russia Thailand Canada Netherlands Sweden China Japan Bermuda Sweden France U.187 3. Esprit Holdings Limited Roundy’s.1% 13.4% -0. Daiso Sangyo Inc. d.945 e e 3.000 3.763 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 15.768 g 3.454 4.7% 4.S.000 4.768 e 3. Ltd.0% -13.881 3.5% 0.792 1. Japan U.825 3.671 178 25 3. OJSC “Company M. Inc.076 ** ** 4.1% 8.1% 11.
Inc. Next plc Nitori Holdings Co. Bass Pro Shops. Inc. ICA AB Iceland Foods Group Limited IKEA Group (INGKA Holding B.. Izumiya Co. Dillard’s. Inc. Organización Soriana. Ltd. Ltd.A. Inc. C.E. Bauhaus GmbH & Co.. Inc. SuperValu Inc.A. Pick n Pay Stores Limited Poslovni sistem Mercator. Sugi Holdings Co.A. Inc.. Emke Group/Lulu Group International Empire Company Limited/Sobeys Esprit Holdings Limited Esselunga S.. QuikTrip Corporation RaceTrac Petroleum Inc. Front Retailing Co. a. Sherwin-Williams Company Shimamura Co. E-MART Co.V.B. Macy’s. Marks & Spencer Group Plc Maruetsu.V. Ltd. Inc. Advance Auto Parts. Central Retail Corporation Ltd.. the Group Co-operative Group Ltd. El Puerto de Liverpool. Metro AG Metro Inc. Tokyu Corporation Toys “R” Us.. de C. Ltd. ITM Développement International (Intermarché ) Izumi Co. Fuji Co. Blokker Holding N. Louis Delhaize S.A. Inc. Limited Target Corporation Tengelmann Warenhandelsgesellschaft KG Tesco PLC TJX Companies. Belle International Holdings Limited Best Buy Co. de C. Ltd.. Inc. Dirk Rossmann GmbH Distribuidora Internacional de Alimentación. d. Steinhoff International Holdings Ltd. Ltd. SUNDRUG Co. Inc. Inc. Inc. Menard. Home Retail Group plc HORNBACH-Baumarkt-AG Group Hudson’s Bay Company Hy-Vee. SGPS. PPR S. Inc.A. Big Lots. Coop Danmark A/S Coop Group Coop Italia Coop Norge./Apple Stores Arcadia Group Limited Arcs Co. Koninklijke Ahold N. Inc. Komeri Co. Fr. Systembolaget AB Système U.r.. SA SPAR Group Limited SPAR Österreichische WarenhandelsAG Staples.. Meijer. Dalian Dashang Group Dansk Supermarked A/S Darty plc (formerly Kesa Electricals plc) DCM Holdings Co. Inc. Inc. Bic Camera Inc. Celesio AG Cencosud S. Coop.. Falabella Safeway Inc..d. KG Gome Home Appliance Group Great Atlantic & Pacific Tea Company.V. C&A Europe Canadian Tire Corporation.. Jerónimo Martins. Inc. BİM Birleşik Mağazalar A. Sheetz. S. Etn. Fast Retailing Co. 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. Dettaglianti Soc.V.. Inc. Publix Super Markets.deloitte. Beisia Group Co..V.com/consumerbusiness STORES/January 2013 G27 . Family Dollar Stores. Inc. Migros-Genossenschafts Bund Neiman Marcus. Inc. Inc.V. Nordstrom. Casey’s General Stores. Ltd.. Ltd. Ltd. Suning Appliance Co.. Kesko Corporation KF Gruppen Kingfisher plc Kohl’s Corporation Kojima Co. OfficeMax Inc. de C. Inc. Inc. BJ’s Wholesale Club. de C. S. KG Bed Bath and Beyond Inc. Inc. K’s Holdings Corporation Lagardère Services SA Landmark Group Lawson. J. Ltd. GameStop Corp. Lowe’s Companies.) Dixons Retail plc dm-drogerie markt GmbH + Co.l. Ltd. Grupo Eroski Grupo Pão de Açúcar H & M Hennes & Mauritz AB H. UNY Co./Makro Signet Jewelers Limited Sonae. Tractor Supply Company TSURUHA Holdings. Inc. S. KG Dollar General Corporation Dollar Tree. Penney Company. OJSC “Company M. Nonggongshang Supermarket Group Co. Save Mart Supermarkets Schwarz Unternehmens Treuhand KG Sears Holdings Corp. Karstadt Warenhaus GmbH Katz Group Canada Ltd. NorgesGruppen ASA Norma Lebensmittelfilialbetrieb Stiftung & Co. Giant Eagle. Ltd.com. Inc. Roundy’s. Inc. Ltd. Alliance Boots GmbH Amazon.. Ruddick Corporation/Harris Teeter S Group S. LLC Aldi Einkauf GmbH & Co. Compagnie Financière Richemont SA Conad Consorzio Nazionale.. Liquor Control Board of Ontario Loblaw Companies Limited Lojas Americanas S. Inc. Inc. Ltd.V. Praktiker AG President Chain Store Corp. Inc. Aeon Co. Ltd. Inc.A. Dick’s Sporting Goods. Yodobashi Camera Co. Butt Grocery Company H2O Retailing Corporation Heiwado Co.A. Ltd.. Daiei. 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.V.I. Isetan Mitsukoshi Holdings Ltd. Ltd. Wegmans Food Markets.A. Colruyt N. MatsumotoKiyoshi Holdings Co. 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.V. Ltd. Gap..B.p. Ltd.) Inditex. Inc. Albertsons. Inc. Jumbo Supermarkten B.Ş. S. Lotte Shopping Co. Coppel SA de CV Costco Wholesale Corporation CP ALL Public Company Limited CVS Caremark Corp. Ross Stores. Controladora Comercial Mexicana S. Apple Inc. Wal-Mart Stores. Globus Holding GmbH & Co... Centrale Nationale Takashimaya Company. PetSmart. Burlington Coat Factory Investments Holdings. Home Depot.A.V.V. de C.C. Ltd. Inc. Ltd. Ltd.. S. Don Quijote Co. S. Inc. Marui Group Co. Walgreen Co. S. Inc.. Inc.A. Groupe Adeo SA Groupe Auchan SA Groupe Galeries Lafayette SA Groupe Vivarte Grupo Comercial Chedraui. S.A. LVMH Moët HennessyLouis Vuitton S.A. Inc. Douglas Holding AG East Japan Railway Company Edeka Zentrale AG & Co. Ltd. Foot Locker. Centres Distributeurs E. Limited Coach. Ltd. Inc. Michaels Stores. Ltd. Casino Guichard-Perrachon S. Inc.B. Ltd. Shoppers Drug Mart Corporation Shoprite Holdings Ltd. Inc. Williams-Sonoma.A. Ltd. Associated British Foods plc/Primark AutoZone. (Dia. Army and Air Force Exchange Service (AAFES) AS Watson & Company. Wesfarmers Limited Whole Foods Market. SHV Holdings N. Liberty Interactive Corporation (formerly Liberty Media Corporation) Life Corporation Limited Brands.d. Inc. Otto (GmbH & Co KG) Oxylane Groupe Pantry. Valor Co. oHG Alimentation Couche-Tard Inc.A. J Sainsbury plc J. Inc. XXXLutz Group Yamada Denki Co. S.B.A. FEMSA Comercio. S. Agrokor d. Mercadona.A. 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.V Kroger Co.Video” Open Joint Stock Company “Magnit” O’Reilly Automotive. Inc.A. FamilyMart Co. Axfood AB Bailian (Brilliance) Group Barnes & Noble. KG Office Depot. Ltd. Leclerc China Resources Enterprise. Dairy Farm International Holdings Limited Daiso Sangyo Inc. Inc. Seven & i Holdings Co.. WinCo Foods LLC Wm Morrison Supermarkets PLC Woolworths Limited Wu-Mart Group X5 Retail Group N. Wawa. Inc. SGPS.A. Ltd. KG Edion Corporation El Corte Inglés.Top 250 global retailers 2011 alphabetical listing Abercrombie & Fitch Co.A.. Limited Carrefour S.. Ltd.A. Inc. Inc.
7% 2. Landmark Group Belle International Holdings Limited Wu-Mart Group 10.A. Daiso Sangyo Inc.7% 22. following the spinoff from Carrefour.deloitte.5% 22.4% 213 Emke Group/ Lulu Group International Coppel SA de CV FamilyMart Co.. the two highest-ranking newcomers are “new” companies that were separated from their former parent in 2011: Dia. Inc. joining the Top 250 by virtue of superior growth. 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. 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.1% 210 94.8% ne = not in existence as a separate entity prior to fiscal 2011 Source: Published company data and Planet Retail G28 STORES/January 2013 www.1% 217 220 230 238 240 241 Mexico Japan Japan Hong Kong Russia Thailand 18. a South Korean hypermarket retailer spun off from Shinsegae in May 2011.Video” Central Retail Corporation Ltd.Top 250 newcomers Thirteen retailers joined the ranks of the Top 250 in 2011. S.” All the newcomers except for Dia (Spain) and three based in Japan are emerging market retailers. (Dia. Mexico and Russia complete the list. mostly from the Asia/Pacific region.) E-MART Co. Retailers based in the UAE. most debuted near the bottom of the list. UAE 52. Top 250 newcomers.com/consumerbusiness .7% 29. Ltd. S. Lawson.A. As would be expected.9% 0. Ltd. all but one– Japan’s Daiso Sangyo–for the first time.0% -10.. 2011 2011 retail revenue growth ne Top 250 rank 75 Name of company Distribuidora Internacional de Alimentación. However. and E-MART.6% 18. Esprit Holdings Limited OJSC “Company M.
3% 23. another Middle Eastern retailer with a portfolio of fashion and home brands (No. Six of seven Top 250 retailers headquartered in the Africa/Middle East region also are on the list. supermarkets and department stores across the Middle East (No.Video.4 percent was more than double the Top 250’s 3. 35) Altogether.0% 94. 4) • Belle International. as are all three of the Russian companies. one of Russia’s biggest consumer electronics retail chains (No.9% 22.485 46.9% 2011 retail revenue growth 5.S.3% 46./Apple Stores Russia Hong Kong U. In both cases.” 50 fastest-growing retailers 2006-2011 2011 retail revenue (US$mil) 52.9% 34.5% 40.455 e** 4. U. In 2011.127 35. While the Fastest 50 is based on revenue growth over a five-year period. 32 of the Fastest 50 were also among the 50 fastest-growing retailers in 2011.7% 7. a Chinese operator of hypermarkets and convenience stores (growth rank No.292 Growth rank 1 2 3 4 Top 250 rank 18 133 61 210 Name of company Wesfarmers Limited Steinhoff International Holdings Ltd.6% 1. composite retail revenue for the Fastest 50 rose nearly 20 percent yearover-year. the group’s composite net profit margin of 8.8% 44.2% 45. Wu-Mart Group Country of origin Australia S. are seven of 11 from South America and Mexico.7% 39.com/consumerbusiness STORES/January 2013 G29 .8 percent.491 14. 6) • Lulu Group International.761 15. 11. 16) • Coppel. X5 Retail Group N.9% Companies in bold type were also among the 50 fastest-growing retailers in 2011. growth was nearly four times faster than that for the Top 250 as a whole. the number one women’s shoe retailer in China (No.2% 3.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. most of the retailers on the list maintained their aggressive growth in 2011. Seven of 11 Top 250 retailers based in China (including Hong Kong) are among the Fastest 50.4% 2011 net profit margin 3.V.com. the retail division of Emke Group based in the UAE.S.0% 37. ¹Compound annual growth rate e = estimate * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales www.0% n/a 5 6 7 8 87 202 23 72 Open Joint Stock Company “Magnit” Belle International Holdings Limited Amazon.7% 14. So. 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. a highly profitable Mexican department store retailer (No.deloitte.8% 33.0% 132. Six of the Fastest 50 were newcomers to the Top 250 in 2011: • Wu-Mart. Companies in this elite group are designated in bold type on the list.1% 39. too. Indeed. 12) • Landmark Group. The Fastest 50 did not sacrifice margin for sales. Apple Inc. as are retailers from Africa/Middle East and Latin America.9% 35.5% 2. Inc. operating hypermarkets. 9) • Company M. Chinese and Russian retailers are well-represented among the Fastest 50. emerging markets accounted for almost half (24) of the 50 fastest-growing companies and nearly two-thirds (21) of the “elite 32.208 7.420 4.
Coach.9% 17. S.8% 29.1% 15.7% 14.717 4.S.923 27.2% 17.A.992 29.. Inc.907 14. de C.d.K.7% 3.0% 3.8% 3.5% 4. Ltd.7% 0.K.3% 13.9% 28. Ltd.130 13.6% 5. Korea 27.549 3.2% 28.9% 18.3% 12. Coppel SA de CV China Chile S.Ş. Co-operative Group Ltd.9% 1.5% 34.6% 27.518 e 14.1% 3. Agrokor d.5% 20.2% -8.503 4. Portugal U.992 4.7% 17.deloitte. Suning Appliance Co.145 e 10.C.7% 5.3% 29.2% 11.A.0% 22.2% 1.825 8.7% 16.1% 45.5% n/a n/a n/a 3.5% 19.S.889 6.128 ** 5.4% 18.420 8. Landmark Group Gome Home Appliance Group Lojas Americanas S. Limited Grupo Pão de Açúcar Jumbo Supermarkten B.988 4.3% 18. SGPS.9% 15.6% 24. SUNDRUG Co.4% 3.901 e 4.9% 20. Japan Mexico e** 7.0% 24.7% 7.. Ltd.2% 22.com/consumerbusiness .A. Falabella Shoprite Holdings Ltd. FEMSA Comercio.6% 6.1% -2. Jerónimo Martins.220 Companies in bold type were also among the 50 fastest-growing retailers in 2011.0% 18.6% 18.Video” China Resources Enterprise. OJSC “Company M.5% 18.967 13.1% 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.3% 8.607 19.7% n/a 9.3% 8.250 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. Inc.1% 2. Cencosud S. Associated British Foods plc/Primark Compagnie Financière Richemont SA Reitan Group The SPAR Group Limited Lotte Shopping Co.1% 19. Chile U.4% 17.117 5.4% 9. S.0% 16. Africa Croatia Mexico U.V. Africa S.789 14. O’Reilly Automotive.7% n/a 21.4% 21.A.8% 11.5% 2011 retail revenue growth 52.3% 17.1% 22.A.7% 9.077 28 29 30 31 32 33 34 35 132 111 93 226 156 216 186 217 Dalian Dashang Group S.I. Country of origin UAE 2011 retail revenue (US$mil) e 4.7% 10.4% 27.934 16.5% 16.3% 16.508 4.V.2% 3.0% 14. Switzerland Norway S.5% 14 15 16 17 18 19 20 21 22 23 24 25 26 27 34 200 198 65 153 162 63 79 76 187 147 130 165 48 Brazil Netherlands UAE China Brazil U.7% 14.232 4.2% 23.9% 17.020 * 5.7% 3.8% 3.Growth rank 9 Top 250 rank 213 Name of company Emke Group/Lulu Group International BİM Birleşik Mağazalar A.8% 7.
S.0% 11.A.1% 20.deloitte.com/consumerbusiness STORES/January 2013 G31 .3% 21. WinCo Foods LLC RaceTrac Petroleum Inc.3% n/a n/a 6. LVMH Moët HennessyLouis Vuitton S. Tractor Supply Company Don Quijote Co. TSURUHA Holdings.4% 10.3% 7.1% 5. Inc.760 e Other Specialty Fastest 50 sales-weighted.3% 12.S. Whole Foods Market.0% 7.618 9. GameStop Corp.200 14. Japan U.6% 12. U.0% 12.S.4% 4. Country of origin Mexico 2011 retail revenue (US$mil) 4. currency-adjusted composite Companies in bold type were also among the 50 fastest-growing retailers in 2011.A.998 4.9% 2011 net profit margin 2.233 6. Alimentation CoucheTard Inc.. ¹Compound annual growth rate e = estimate Source: Published company data and Planet Retail * Revenue reflects wholesale sales ** Revenue includes wholesale and retail sales www.6% 5.4% 3.3% 19.076 7..0% 13. Ltd.8% 5..8% 16.141 20.108 9.3% 6.6% -4.5% 5.1% 14.Growth rank 36 Top 250 rank 196 Name of company Grupo Comercial Chedraui.5% 12.6% 14.2% 0.4% 12.1% 12.134 4. de C.9% 5.028 10. Ltd.S.8% 4. Dirk Rossmann GmbH Save Mart Supermarkets Fast Retailing Co.1% 13.1% 13.9% 13.1% n/a n/a 2. U.0% 3. currency-adjusted composite Top 250 sales-weighted.7% 13.600 ** 10. Dairy Farm International Holdings Limited Nitori Holdings Co.9% 11. Inc.V. Japan Hong Kong Japan France e 5.6% 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.3% 3.S.B.6% 8. Canada Japan Germany U.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. Ltd.2% 0.7% 22. U.8% 12.9% 3.4% 3.131 e 4.551 4.3% 10. S.S.1% 2011 retail revenue growth 8.400 e 22.
Next plc OfficeMax Inc. Inc.A.A. oHG Seven & i Holdings Co.249 13.456 850 339 783 2.S.491 4. 49 began operations in a new country in 2011.K. Netherlands France Spain U.com/consumerbusiness . France U. The Gap.022 14.308 17.deloitte.364 9.304 4.513 7.K.623 5.208 50. By 2011.614 52.S. U.915 73.839 4. Germany France U.966 14.134 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. Compagnie Financière Richemont SA Foot Locker.077 59. Steinhoff International Holdings Ltd.826 2.127 13.971 32. Inc. 23. 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. Groupe Vivarte Arcadia Group Limited Daiso Sangyo Inc. U.S.881 5.327 3. Otto (GmbH & Co KG) PPR S.S.420 5. Africa Switzerland U.S.226 5.922 151 32 1.877 2.966 54.121 4.760 19.782 1.S. GameStop Corp. U. S. Ltd. with a combined total of 107 new market entries (up from 88 in 2010) involving 72 different countries (57 in 2010). Japan Hong Kong France 2011 retail revenue (US$m) 88.909 17.031 10.623 5.909 13. the relative strength of the Australian economy has tempted many overseas retailers to consider entering the Australia market.208 34.123 278 761 38 n/a n/a n/a 112 105 # countries of operation 2011 9 17 18 2 2 4 39 87 87 14 41 11 37 51 90 50 18 18 55 30 68 6 55 41 26 72 32 G32 STORES/January 2013 www. Apple Inc. S.378 4. Inc.8% of the Top 250 composite retail revenue was generated in foreign markets.881 3..735 2011 group revenue (US$m) 88. U.375 60.A.S.542 n/a 1.187 2011 group net income (US$m) 1. Inc. The IKEA Group (INGKA Holding B.691 57.364 9.953 19.903 11.S.208 34. Woolworths Limited Wesfarmers Limited Lowe’s Companies. U.549 14.551 7. Esprit Holdings Limited Lagardère Services SA Global ranking 2011 6 8 16 17 18 21 30 45 47 64 68 72 73 74 90 96 105 133 147 164 170 194 201 208 230 238 249 Global ranking 2010 7 10 14 18 21 20 30 56 49 61 62 95 65 67 60 96 97 218 185 163 167 182 198 195 NEW NEW 245 Country of origin U.672 4.V.S.761 6.419 12.375 57. U. Of the Top 250 retailers.304 4.S.157 25. Inc.024 3. Germany Japan Australia Australia U.249 10. With domestic growth prospects stalling for many retailers in North America and Europe. Staples.549 108. Limited Brands.) LVMH Moët Hennessy-Louis Vuitton S. Inditex.551 10. / Apple Stores Toys “R” Us. Inc.196 1.980 50.314 20.702 984 833 25.157 14.491 4.915 73.
327 2011 group net income (US$m) 1. Therefore we can likely expect to see further expansion into the Australian market in the future by other major global retailers. including the likes of Agent Provocateur (UK).S. Inc. Abercrombie & Fitch Co.K. 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. Spain U.839 2.721 10. 2011 retail revenue (US$m) 3. West Elm Uniqlo Hollister Global ranking 250 100 222 Country of origin U. Ltd. Sweden Expansion plans Expected to double store footprint over the coming years $140M committed to additional stores Building warehouse to facilitate direct shopping Seeking to identify potential store locations As well as the retailers referred to above.com H&M Global ranking 30 7 23 55 Country of origin Netherlands U. Inc.702 n/a n/a Top 250 Global Retailers Expected To Trade Directly From Australia in 2013 # countries of operation 2011 7 20 17 Name Williams-Sonoma.S.028 4.com. www.. there are many overseas retailers outside the Top 250 also reportedly planning to enter the Australian market. River Island (UK) and Brooks Brothers (U.deloitte.A.com/consumerbusiness STORES/January 2013 G33 . Pottery Barn. Brand Masters Home Improvement Zara Topshop Daiso Global ranking 21 47 208 230 Country of origin U.) to name but a few.S.) Costco Wholesale Corporation Amazon.S.V. Inditex.158 2011 group net income (US$m) 237 690 128 Top 250 Global Retailers – Expansion Plans in Australia Name The IKEA Group (INGKA Holding B. Arcadia Group Limited Daiso Sangyo Inc. U. H&M Hennes & Mauritz AB Brand IKEA Costco Amazon.208 19.304 4. S. Fast Retailing Co. As can be seen in the table above.157 4.208 19. Inc.S. Pottery Barn Kids. Japan U.304 4. Japan 2011 retail revenue (US$m) 50.158 2011 group revenue (US$m) 3.157 4. Point Zero (Canada). Brand Williams-Sonoma.S.721 10.057 4.024 2011 group revenue (US$m) 50.Recent New Entrants Into Australia # countries of operation 2011 4 87 41 26 Name Lowe’s Companies.
opposing seasons to North America and Europe. but it can only have limited success against a retailer with a global presence and potential greater economies of scale. many more Australian retailers will be competing and potentially succeeding against some of the biggest retailers in the world. an established customer base. as we have seen with the new store openings of Zara and Topshop in Australia which have proven to be highly successful. Therefore it will be vital to differentiate and adapt. there are naturally potential economies of scale which can be used to bring products to Australian shores at cheaper prices.S. November 2012 G34 STORES/January 2013 www.deloitte. With the strengthening of the Australian dollar and the increasing use of online as a medium for shopping. setting up operations in Australia is a relatively easier prospect doing so in other less developed countries.com/consumerbusiness . Australia has become of more interest to many global retailers. Whilst forecast retail growth rates in Australia of 2. With some of the largest global retailers entering the market it’s an opportunity for Australian retailers to step up to the challenge. particularly in the fashion retail space. Similarly. they are still higher than many growth rates in North America and Europe. It also allows global retailers to use this expansion into Australia as a springboard into the potentially highly lucrative growth economies in Asia. Many global retailers. Such brands are highly attractive to many consumers. With operations globally. Many such retailers are more advanced in terms of vertical integration. Australian retailers need to have a long term strategy which addresses globalisation and which ensures they have a point of difference. many Australians have taken to purchasing products from overseas. speed to market or customer experience. smaller critical mass and more attractive growth opportunities in domestic markets in Europe and the U. branding. Being price competitive will always be an important part of a retailer’s strategy. have meant that Australia has remained somewhat sheltered from many international competitors.9%9 for 2012-13 are relatively modest. 9 Deloitte Access Economics Retail Forecasts. However. Its geographical location. which allows new products to be brought to consumers quicker.Why Australia? For many global retailers. we shouldn’t forget that Australian retailers still have a number of advantages including a greater knowledge of the local market. This has awakened global retailers to demand for their products from Australian consumers. In doing so. the influx of global retailers to the Australian market has and will continue to increase competition. customers and seasons. have invested significantly in building their brand equity. It has also given them vital information on what Australian consumers want which is a significant benefit when setting up business in Australia. 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. and prime store locations. Australia represents a relatively untapped market. with many economies in Europe and North America experiencing significantly declines in growth. with an advanced economy and stable political and legislative structures. Global retailers also have a number of potential competitive advantages over local Australian retailers. However. What does this mean for Australian retailers? Undoubtedly. more conveniently and at a lower price. be it through product or customer innovation. Customer experience and customer service are also areas where typically many global retailers are more developed. sales channels.
CP ALL Public Company Limited H & M Hennes & Mauritz AB Inditex. The goal is to have a sufficiently unique position in the market to generate pricing power and.com/consumerbusiness STORES/January 2013 G35 . Inc. The higher the Q ratio. El Puerto de Liverpool. the greater share of a company’s value that stems from such non-tangibles.. Inc. on balance. Hong Kong SAR U. Africa U. strong profitability. Inc. offering consumers a superior shopping experience and being clearly differentiated from competitors. Another interesting aspect of this year’s analysis is the huge role of Apple. Apple Inc.57 recorded in 2008. Fast Retailing Co. Coach. Family Dollar Stores. Indeed.Ş.64 3.5 5. U. yet they cannot raise their prices in line with cost increases as consumers will not accept them. Hong Kong SAR U. distinctive store formats and designs and superior customer experience. Japan U. Belle International Holdings Limited Whole Foods Market.S. U.09 2.56 2. Switzerland U.07 2. volatile input prices and slow growth in major developed markets.25 2. Limited Brands. in order for retailers to succeed. That is where the Q ratio comes in. it suggests an arbitrage opportunity: If a company’s Q ratio is less than one. theoretically a company could be purchased through equity markets and the tangible assets could then be sold at a profit.49 6. 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. A Q ratio of less than one. Country Turkey Thailand Sweden Spain U.S.B. U. up from 1. Q ratio 6. de C. Inc. Top retailers by Q ratio Name of Company BİM Birleşik Mağazalar A./Apple Stores Dairy Farm International Holdings Limited Amazon.06 2.31 2. Inc.S. Third on the list is Swedish fashion retailer H&M. S. the world’s leading retailers face intense competition. Taiwan Mexico U.17 2. customer experience. The composite Q ratio for all companies was 1. Open Joint Stock Company “Magnit” AutoZone. 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. S. the second-highest Q ratio is held by CP of Thailand.A.39 2. If a publicly traded retailer has these characteristics. Ltd. Next plc The Sherwin-Williams Company PetSmart. The Q ratios for this year are slightly higher than last year as global equity prices have.V. and for the first time. Inc. U. Inc. Tractor Supply Company Dollar Tree.S. Inc. Williams-Sonoma. U. it means that financial market participants believe that part of a company’s value comes from its non-tangible assets. Inc. just before the start of the global financial crisis.S. Inc.A. Inc. Inc.com.78 3. Its high Q ratio thus makes an important contribution to the overall Q ratio– especially to the composite Q ratio of electronics retailers. Moreover. U. increased. President Chain Store Corp.S.K. on the other hand. The latter can entail exclusive merchandise offerings including private brands. it is likely to be rewarded by the financial markets.06 www.73 3. another emerging market company. This is unchanged from last year. Shoprite Holdings Ltd. Although Apple is a supplier of electronic products and services. All of this implies that.03 3. U. it is also a significant retailer. Bed Bath and Beyond Inc.17 2.26 4. U. These can include such things as brand equity.15 4. differentiation. The TJX Companies. Inc. the hard discount retailer from Turkey. What is the Q ratio–and why do we care? In the business environment of the early 21st century.41 3. There are 157 publicly traded retail companies in this analysis. 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. This is the first time that an emerging market retailer has topped the list.43 2. they will have to find ways to distinguish themselves from competitors. That means having strong brand identity.39 2.98 3.85 3. customer loyalty and skillful execution.98 4.Q ratio analysis for Global Powers For the last eight years. S.71 2. innovation. The Gap. The company with the highest Q ratio is BIM.S.86 2.13 4. Compagnie Financière Richemont SA The Home Depot.S. the highest Q ratio is held by a retailer based in an emerging market (Turkey). Russia U.S. If this ratio is greater than one.47 5. this report has included an analysis of the Q ratios of publicly traded retailers from our Top 250 list.006 last year and higher than in each of the past three years.S. U.S.S. Inc.98 2.115.91 3. consequently. Yet this year’s composite Q remains well below the 1. U. 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. Ross Stores. market dominance.S.S.S.S. Notably.deloitte.S.
69 1.769. Inc. two of the top four retailers on our Q ratio list are European: H&M and Inditex of Spain.58 0.com/consumerbusiness . Japan-based fashion retailer Fast Retailing has a very high ratio once again.83 0. the discount store industry does much better.65 1. while the Q ratios for the United States.856) which includes electronics. when Apple is excluded its Q ratio is a mere 0. The weakest composite Q ratios are those of Japan and Europe.Highlights The retail formats with the highest composite Q ratios are apparel/ footwear and electronics specialty.14 1.46 1.11 1.15 0. Mexico Russia South Africa Canada U.654. Inc.420. Of the four merchandise categories.106. 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. Apparel retailers have become extremely important global players. Yet when Apple.62 0.K. furniture and the like.S.: While the industry has a composite Q ratio of 2.05 2.584). The electronics specialty industry is dominated by Apple. France Japan Germany Q ratio by region Africa/ ME Asia Pac less Japan Latin America Europe Emerging markets Developed markets 1. Although retailers that focus on fast-moving consumer goods (FMCG) have a composite Q ratio of 0.47 1. home improvement.1 0. with a combined market capitalisation nearly four times higher than the department store industry.06 0.79 0.76 0.85 1.08 1.21 1.65 1.6 0. is excluded. Similarly.3 1.618.88 0. The Q ratio of apparel retailers (3.63 0. Geographically. Of course. with a composite Q ratio of 1. Hong Kong and Mexico are relatively high.6 0.42 G36 STORES/January 2013 www. the hardlines composite Q ratio falls to 1.84 0.55 3. the one with the highest composite Q ratio is hardlines (1.4 0.59 1.92 0.deloitte.11 1.19 0.82 1. retailers in emerging and developed markets have roughly similar Q ratios on average. there are exceptions to every rule. The discounters with the highest Q ratios are BIM and Dollar Tree of the United States.055) is nearly six times higher than that of the department store industry (0.61 1.
landlord negotiations. financial and operational talent. 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. Causes of underperformance and failure of Australian retailers are varied. For example. quarterly tax payers enjoy the month grace each December so can lodge at the end of February instead of January.deloitte. Diligent execution will require experienced and capable retail. online. cash flow and working capital management remain critical to making timely and informed decisions – i. on supply chain. is again expected to make retail trading conditions challenging. Those retailers at higher risk are typically the small to medium sized private retailers as opposed to the well-resourced larger or listed retailers. inventory investment. however some key themes and early warning signs to watch for can provide useful lessons for others. property. new products. In 2013.Navigating potential pitfalls for retailers Australian retail trading conditions were challenging in 2012 with a number of high profile and long established retailers failing.com/consumerbusiness STORES/January 2013 G37 . 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.e. www. a flat local economic outlook combined with uncertain global economic conditions. 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. logistics and warehousing decisions. 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. or price increases. new markets. 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. including financiers. merchandise. risk ongoing support.
installation. the income/loss figure also reflects the consolidated results of the parent organisation. Tokyo and Qingdao. industry analyst reports and various business information databases. This study is not an accounting report. The Retail Revenue figures in this report reflect only the retail portion of the company’s consolidated net revenue. including trade journal estimates. licensed or independent cooperative member stores. were calculated in each company’s local currency.” Revenue figures do not include operations in which a company has only a minority interest. analysis. Retail Revenue also includes sales of services related to the company’s retail activities. Chicago. have an impact on the results. composite growth rates also have been adjusted to correct for currency movement. Planet Retail has offices in London. Exchange rates. companies were converted to U. SEC filings and information found in company press releases and fact sheets or on their websites. If a privately held company reports gross turnover only. In order to provide a common base from which to rank companies by their Retail Revenue results. Group Revenue reflects the consolidated net revenue of a retailer’s parent company. they provide better representative values for benchmarking purposes. growth rates for individual companies may not correspond to other published results. this figure is used and footnoted accordingly as “g. retailers came from Planet Retail. 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. Therefore.S. whether or not that company itself is primarily a retailer.planetretail. Similarly.com/consumerbusiness . Revenue figures do not include the retail banner sales of franchised. Group financial results This report uses sales-weighted composites rather than simple arithmetic averages as the primary measure for understanding group financial results. Group financial results are based only on companies with data. results of larger companies contribute more to the composite than do results of smaller companies. Frankfurt. maintenance. a leading provider of global intelligence.deloitte. however.S. Not all data elements were available for all companies. Much of the data for non-U. G38 STORES/January 2013 www. fiscal year 2011 revenue (and profits) for non-U.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).S. 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. As a result. 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. OANDA. As a result of these factors. Group Revenue includes wholesale sales to such networked operations–both member stores and other supplied stores. a company does not have to derive the majority of its revenue from retailing. so long as its retailing activity is large enough to qualify. While these composite results generally behave in a similar fashion to arithmetic averages. such as alterations. For more information. Because the data has been converted to U. such restatements are not reflected in this data. The average daily exchange rate corresponding to each company’s fiscal year was used to convert that company’s results to U. The principal data sources for financial and other company information were annual reports. news and data covering more than 10. they do include royalties and franchising or licensing fees. dollars. 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. repair. If company-issued information was not available. A number of sources were consulted to develop the Top 250 list.com is the source for the exchange rates.S. To be included on the list. therefore. The 2011 year-over-year growth rate and the 2006-2011 compound annual growth rate (CAGR) for Retail Revenue. they may reflect adjustments to reported revenue figures to exclude non-retail operations. please visit www. other public-domain sources were used. dollars for ranking purposes and to facilitate comparison among groups. dollars.net. fuel sales and membership fees.000 retail operations across 211 markets.S. China. Although a company may have restated prioryear results to reflect a change in its operations or as a result of an accounting change. but excludes separate foodservice/restaurant operations.
and is focused on providing innovative.au David White Retail.com.au David Rumbens Deloitte Access Economics Barton Tel: +61 2 6175 2088 drumbens@deloitte.Deloitte Retail.au Katherine Milesi Deloitte Digital Sydney Tel: +61 2 9322 7030 Email: firstname.lastname@example.org www. or our service capability to the retail industry.com. Simon Cook Consumer Business and Transportation National Leader Sydney Tel: +61 2 9322 7739 Email: simcook@deloitte. If you would like further information about any of the topics in this report.com.au Stephen Harvey Consumer Business Adelaide Tel: +61 8 8407 7204 Email: email@example.com. consulting.com.au Richard Wanstall Consumer Business Brisbane Tel: +61 7 3308 7179 Email: rwanstall@deloitte. industry-specific solutions to retailers and their suppliers across audit.au Rachel Smith Consumer Business Melbourne Tel: +61 3 9671 7794 Email: firstname.lastname@example.org Tim Norman Deloitte Restructuring Services Melbourne Tel: +61 3 9671 6679 email@example.com. Wholesale & Distribution National Leader Sydney Tel: +61 2 9322 5228 Email: davidwhite@deloitte. corporate re-organisation and corporate finance.com. Wholesale and Distribution Group Deloitte specialists in the retail sector The Retail.deloitte.au Andrew Griffiths Consumer Business Sydney Tel: +61 2 9322 7035 Email: andgriffiths@deloitte. Wholesale and Distribution Group at Deloitte has extensive experience throughout the industry.com. tax.com.com/consumerbusiness STORES/January 2013 G39 .au Leanne Karamfiles Consumer Business Perth Tel: +61 8 9365 7234 Email: lkaramfiles@deloitte. please contact one of our key leaders below.com.
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