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Global Powers of Retailing 2023

A year of resilience and rising sustainability

The Global Powers of Retailing 2023 report shows the top 250 companies posting 8.5% year-on-year growth in retail revenue, up from 5.2% in the previous year. The apparel and accessories sector achieved the highest annual sales growth with 31.3%. The top 250 retailers achieved an average net profit margin of 4.3%. With 73% of Consumer Industry CXOs having increased investments in sustainability over the last year, this remains high on the agenda. The full report further analyzes the fastest growing retailers, new entrants, and the future of the store.

Evan Sheehan
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Majority of top-10 retailers boost their digital capabilities

Walmart again leads the world’s global retailers, but we do see some changes in the top 10. China’s online retail specialist JD.com, for example, entered the top 10 at position 9 last year. This year they climbed to position 7 as a result of their 25.1% growth in retail revenue, also making them the fastest-growing top-10 retailer. For a second consecutive year, Latin American retailers recorded the largest composite five-year Compound Annual Growth Rate and year-on-year retail revenue growth.

Digital retailers benefitted from the shift towards digital shopping, during and after the pandemic. In fact, the majority of the top-10 retailers have actively boosted their digital capabilities through either the implementation of in-store technologies or through enhancing their omni-channel offerings.

Focus on sustainability remains, but type of investment is shifting

As many retailers continue to invest in sustainability initiatives, we see four focal points in their efforts. These are:

  •  the resale market
  •  the need to embed sustainability practises across supply chain operations
  •  the role of technology in sustainability
  • the adherence to ESG-related regulations and frameworks

Lululemon’s like new program for example enables customers to buy and sell their slightly used products. In an interview, Ahold Delhaize shared how they work on reducing scope 3 emissions on a group level and at a local level in their retail store. Read more about sustainability strategies of the world’s leading retailers.

Explore the Global Powers of Retailing highlights online

Explore the full analysis in the report

The full Deloitte’s Global Powers of Retailing 2023 report  identifies the 250 largest retailers around the world based on publicly available data for FY2021, and analyzes their performance across geographies and product sectors. It also zooms in on the top 10, looks at the fastest growers and the new entrants, and investigates what retailers are doing in the field of sustainability and creating the future of the store.

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Evan Sheehan

Deloitte - United States
Evan Sheehan is the Retail, Wholesale & Distribution Leader for Deloitte Global. In this role, he is responsible for developing the global sector strategy and integrating businesses and go-to-market solutions across the Deloitte network. Currently the Global Lead Client Service Partner (GLCSP) for a leading retail organization in the United States, Evan has more than 20 years of experience serving a range of retail clients. Over the years he has helped clients with service delivery transformation, technology integration, portal management, and enterprise transformation. His expertise and interests also include analytics, finance transformation, infrastructure and capital projects, and mergers and acquisitions.
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