The global retail industry is in a state of continuous flux, influenced by changing consumer behaviors and the increasing prevalence of online shopping. Despite the rise of e-commerce, many of the world’s largest retailers still generate most of their revenue from physical stores. However, e-commerce giants are steadily capturing a larger portion of the market due to consumer demand for convenience and a wider range of products.
This analysis, based on data from the National Retail Federation, ranks the top 20 global retailers by revenue.
Methodology
The rankings include companies engaged in consumer goods resale and operating in at least three countries. Both public and private companies are included, with revenue figures based on the most recent 52-week period ending between January and March 2024. All revenues are converted to U.S. dollars.
Top 20 Global Retailers by Revenue
Here are the leading retail giants worldwide:
- 1 Walmart
- 2 Amazon
- 3 Costco
- 4 Schwarz
- 5 The Home Depot
- 6 Aldi
- 7 Walgreens Boots Alliance
- 8 Ahold Delhaize
- 9 Alibaba
- 10 Carrefour
- 11 Seven & I
- 12 Apple
- 13 Rewe
- 14 Aeon
- 15 Tesco
- 16 TJX
- 17 Leclerc
- 18 IKEA $
- 19 Best Buy
- 20 Woolworths Limited (Aus)
Walmart: Leading the Pack
As the largest retailer globally, Walmart reported $628.6 billion in revenue, with 84.7% derived domestically. Walmart’s widespread reach places 90% of Americans within 10 miles of a store, attracting 200 million visitors monthly. Walmart plans to open 150 new stores in the U.S. over the next five years, marking its most significant expansion in nearly a decade. The company is also enhancing its market position through digital sales channels, a premium product line, and an expanded advertising business.
Amazon: The E-Commerce Titan
Amazon ranks second with $355.1 billion in sales, projected to account for 40.4% of U.S. e-commerce sales in 2024. Although Amazon operates physical stores like Whole Foods, Amazon Go, and Amazon Fresh, these represent a minor share of its total retail revenue.
Alibaba: Asia’s Largest Retailer
Alibaba, in ninth place with $94.1 billion in revenue, dominates the Asian market through its Taobao and Tmall platforms. Despite a focus on domestic sales, Alibaba is increasingly expanding internationally, with a 44% year-over-year revenue increase in its overseas operations as of December 2023. Regulatory challenges notwithstanding, Alibaba remains one of China’s top market cap companies as of March 2024.
International Retail Revenue Leaders
Germany’s Schwarz Group leads in international sales, generating $119.9 billion from overseas operations, which make up 68% of its total revenue. Schwarz Group, Europe’s largest retailer, serves 7.2 billion customers annually across 14,112 stores in 30 countries.
IKEA, with 96.6% of its $45.6 billion revenue from international stores, has strategically expanded globally, driven by Sweden’s high corporate tax rates. The company is also exploring more compact urban stores to attract higher foot traffic in malls.
Other European retailers with significant international revenue include Aldi and Carrefour, each deriving over half their revenue from global operations.
In summary, while physical stores continue to dominate sales for many top retailers, e-commerce is capturing a growing share of the market, reflecting shifting consumer preferences and the evolving retail landscape.
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