In this article, we will discuss the 25 largest retailers in the U.S. and the world in 2024. This article will focus on recent industry trends and the major players in the retail industry. If you want to skip our analysis, you can proceed to the section highlighting the 5 Largest Retailers in the U.S. and the World in 2024.
An Analysis of the Retail Industry
According to a report by Research and Markets, the global retail market was valued at $28.84 trillion in 2023, The market is expected to grow at a compound annual growth rate of 8.1% and is forecasted to reach $42.75 trillion by the end of 2028. The demand for supermarkets, hypermarkets, discount stores, and out-of-town retail parks is also on the rise. In 2023, the Asia-Pacific was the largest and fastest-growing region in the retail market due to its continued population and economic growth. Meanwhile, North America was the second-largest region in the retail market. Its saturated market stabilizes the global retail industry. The leading demand segments within the retail industry include pharmaceuticals, luxury goods, electronics and household appliances, furniture, and toys.
According to an article by Deloitte, there are several key trends shaping the retail industry in 2024. These include the shift towards demand-driven retail, which focuses on catering to diverse consumer groups, and a trend towards hybrid retail which blends digital and physical channels to enhance consumer experiences. Additionally, companies are optimizing operations through supply chain automation and are utilizing robotics and artificial intelligence to automate their operations. Moreover, companies are also leveraging blockchain technology to improve the transparency of their supply chain operations.
However, the global retail industry is currently facing challenges due to ongoing geopolitical conflicts. The Red Sea, which serves as the gateway to the southern entry of the Suez Canal, is one of the world’s vital and heavily trafficked maritime routes. According to statistics by the Ministry of Foreign Affairs and Trade of New Zealand, around 12% of international trade passes through the Suez Canal, accounting for 30% of global container traffic and exceeding $1 trillion in goods annually. The canal reduces the maritime distance between Asia and Europe almost by half. The recent Middle East conflict has disrupted access to vital waterways due to Houthi rebel attacks on ships in the Red Sea. According to a report by Kiel Trade, the Red Sea’s container shipment volume dropped to about 200,000 containers per day in December 2023, down from 500,0000 containers per day in November 2023, marking a 66% decline from the expected volume based on 2017 to 2019 data.
Key Players in the Retail Industry
Some of the largest players in the retail industry include Walmart Inc. (NYSE:WMT), Amazon.com Inc. (NASDAQ:AMZN), and CVS Health Corporation (NYSE:CVS).
Walmart Inc. (NYSE:WMT) is one of the largest retailers in the U.S. and the world, operating hypermarkets, discount department stores, and grocery stores. Walmart Inc. (NYSE:WMT) has over 10,500 stores worldwide, and approximately 255 million customers visit these stores weekly. On February 20, 2024, Walmart Inc. (NYSE:WMT) released its results for the fiscal year 2024. Walmart Inc. (NYSE:WMT) generated a revenue of $648.1 billion, up 6% from $611.2 billion. The group’s net income increased by 44.1% and amounted to $16.27 billion, up from $11.29 billion. The group’s international sales climbed by more than 10%. Here is what Walmart Inc.’s (NYSE:WMT) President and CEO, Doug McMillon, had to say about the group’s performance in its Q4 2024 earnings call:
“Our team delivered a great quarter, finishing off a strong year. We drove sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency. Highlights include: higher transaction counts and unit volumes; gains in market share in the U.S. and internationally; improved in-stock levels with inventory being in great shape and down versus last year; strong performance in Walmart U.S. customer experience scores, even during the high volume days before Christmas. Plus, this year, we passed $100 billion in global e-commerce sales for the first time. We had a very good holiday season. We were strong in the US, Mexico, Canada, and India, where we had the best Big Billion Days ever, and we continued the strong performance in China with the start of Chinese New Year.”
CVS Health Corporation (NYSE:CVS) plays a vital role in the health and well-being of individuals and communities across the U.S. On January 25, 2024, CVS Health Corporation (NYSE:CVS) reported its collaboration with The Ohio State University Wexner Medical Center to form a new accountable care organization (ACO) named CVS ACO, LLC in central Ohio. By combining resources, CVS Health Corporation (NYSE:CVS) aims to enhance the quality of Medicare to meet each patient’s unique needs and emphasizes preventive wellness and treatment of chronic conditions.
Amazon.com Inc. (NASDAQ:AMZN) is known for its innovations in the retail sector. Amazon.com Inc. (NASDAQ:AMZN) offers competitive prices, free shipping on many items, and frequent discounts, all of which position it as a top retailer for affordable shopping. Amazon.com Inc.’s (NASDAQ:AMZN) Prime membership program builds loyalty by offering members one-day doorstep delivery and exclusive perks. On February 1, 2024, Amazon.com Inc. (NASDAQ:AMZN) reported that its net sales surged by 12% to reach $574.8 billion in the year 2023, up from $514 billion in 2022. The group swung to profit and generated a net income of $30.4 billion, up from a net loss of $2.7 billion. Moreover, international sales increased by 11% year-over-year and amounted to $131.2 billion. Commenting on the financial results, Andrew R. Jassy, Amazon.com Inc. (NASDAQ:AMZN) President, CEO & Director, said:
“Overall, we saw strong performance in the fourth quarter. Worldwide revenue was $170 billion, representing an increase of 13% year-over-year, excluding the impact of foreign exchange and approximately $3 billion above the top end of our guidance range. Saw our highest quarterly worldwide operating income ever, which was $13.2 billion for the quarter, an increase of $10.5 billion year-over-year and $2.2 billion above the high end of our guidance range. For the full year 2023, we had a meaningful improvement across our financial results. Revenue was $574.8 billion, an increase of 12% year-over-year, excluding the impact of foreign exchange. Operating income tripled year-over-year to $36.9 billion.”
The retail industry is always evolving against consumer preferences, technological advancements, and market trends constantly shape the industry’s trajectory. Today, as we delve into the largest retailers in the U.S. and the world, it’s evident that innovation, strategic positioning, and customer-centric approaches define their success. With that said, here is the list of the 25 largest retailers in the U.S. and the world in 2024.
A B2B food distributor making sure grocery shelves are fully stocked with food.
Our Methodology
In this article, we have listed the 25 largest retailers in the U.S. and the world in 2024 by revenue. To rank the largest companies, we first sifted through the Yahoo Finance and Finviz stock screeners to find the most prominent and largest retail companies. We then consulted the Fortune Global 500 list, which is an annual ranking of the world’s largest corporations based on their fiscal year revenues. For companies that are publicly traded, we got their trailing twelve-month revenue from YCharts. Relevant data for some of the foreign publicly traded companies was not available at YCharts, therefore, we got their trailing twelve-month revenue from Yahoo Finance. For companies that are not publicly traded, we sourced their annual revenue for the most recent fiscal year from the Fortune Global 500 rankings or official company statements. We have listed the 25 largest retailers in the U.S. and the world by revenue below in ascending order of their trailing twelve-month revenue and annual revenue.
25 Largest Retailers in the U.S. and the World in 2024
25. IKEA
Annual Revenue 2023: $52.06 billion
IKEA is a Dutch multinational company that designs and sells ready-to-assemble furniture, kitchen appliances, and home accessories. IKEA is one of the largest furniture retailers in the U.S. and the world. In the financial year 2023, IKEA’s revenue amounted to $52.06 billion.
24. The TJX Companies, Inc. (NYSE:TJX)
Revenue: $52.32 billion
The TJX Companies, Inc. (NYSE:TJX) is an American multinational discount department store corporation operating various retail chains selling apparel and home goods. The TJX Companies, Inc. (NYSE:TJX) has over 4,800 stores and ranks among the 25 largest retail companies in the U.S. and the world. The TJX Companies, Inc.’s (NYSE:TJX) revenue for the twelve months that ended October 31, 2023 was $52.32 billion.
23. Aeon Co., Ltd. (OTC:AONNY)
Revenue: $66.27 billion
Aeon Co., Ltd. (OTC:AONNY) is a Japanese multinational retail and financial services company. It is one of the world’s largest retailers in the U.S. and the world, operating various retail formats, including supermarkets, convenience stores, and department stores. Aeon Co., Ltd.’s (OTC:AONNY) latest trailing-twelve-month revenue is $64.05 billion, as of March 8, according to Yahoo Finance.
22. Edeka Group
Annual Revenue 2022: $71.75 billion
The Edeka Group is a private German chain of supermarkets, hypermarkets, discount stores, and cash-and-carry stores. It is a major player in the retail industry. The Edeka Group runs over 4,000 stores and online grocery services. Edeka generated a revenue of $71.75 billion in the financial year 2022.
21. Albertsons Companies, Inc. (NYSE:ACI)
Revenue: $79.16 billion
Albertsons Companies, Inc. (NYSE:ACI) is a prominent American food and drug retailer, which has grown to become one of the largest supermarket chains in the U.S. operating over 2,200 stores under various names. In recent years, Albertsons Companies, Inc. (NYSE:ACI) has introduced initiatives such as online ordering and delivery services, as well as the implementation of digital coupons and loyalty programs. Albertsons Companies, Inc.’s (NYSE:ACI) trailing twelve-month revenue, as of November 30, 2023, is $79.16 billion.
20. Seven & I Holdings Co., Ltd. (OTC:SVNDY)
Revenue: $76.98 billion
Seven & I Holdings Co., Ltd. (OTC:SVNDY) is a Japanese diversified retail group with operations in convenience stores, supermarkets, department stores, and other retail businesses, it is one of the fastest-growing retail companies in the U.S. and the world. Seven & I Holdings Co., Ltd.’s (OTC:SVNDY) revenue for the fiscal 2023 is $76.98 billion.
19. Tesco PLC (OTC:TSCDY)
Revenue: $79.84 billion
Tesco PLC (OTC:TSCDY) is a British multinational grocery and general merchandise retailer operating supermarkets, convenience stores, and online grocery delivery services. For the twelve months ending August 31, 2023, Tesco PLC (OTC:TSCDY) generated a revenue of $79.84 billion.
18. Lowe’s Companies, Inc. (NYSE:LOW)
Revenue: $86.37 billion
Lowe’s Companies, Inc. (NYSE:LOW) is a leading American home improvement retailer specializing in a wide range of products for DIY enthusiasts and professional contractors. Lowe’s Companies, Inc.’s (NYSE:LOW) revenue for the twelve months ending February 2, 2024 is $86.37 billion.
17. Carrefour SA (EPA:CA)
Revenue: $91.84 billion
Carrefour SA (EPA:CA) is a French multinational retail corporation operating hypermarkets, supermarkets, and convenience stores. Carrefour SA (EPA:CA) has a significant international presence, with operations in various countries across Europe, Asia, and the Middle East. Carrefour SA reported an annual revenue of $91.84 billion for the financial year 2023.
16. Rewe Group
Annual Revenue 2022: $91.86 billion
Rewe Group is a German privately owned company, its immense operations range from supermarket chains to travel agencies across Germany. Rewe Group generated a revenue of $91.86 billion in the financial year 2022.
15. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY)
Revenue: $93.22 billion
LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) is a French multinational conglomerate. The company is headquartered in Paris, France, and it is one of the largest luxury goods retailers in the U.S. and the world. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) owns a vast portfolio of luxury brands across various sectors including luxury leather goods, accessories, ready-to-wear clothing, and perfumes. The company has a trailing twelve-month revenue of $93.22 billion, as of June 30, 2023.
14. Christian Dior SE (OTC:CHDRY)
Revenue: $94.27 billion
Christian Dior SE (OTC:CHDRY) is a renowned French luxury goods company, widely recognized for its high-end fashion, fragrance, makeup, and skincare products. The company is a global leader in ready-to-wear fashion, leather goods, and accessories. Christian Dior SE (OTC:CHDRY) owns prestigious luxury brands, including Christian Dior, Fendi, Givenchy, Kenzo, Loewe, and Celine. On January 25, Christian Dior SE (OTC:CHDRY) reported its 2023 revenue amounted to $94.27 billion.
13. Koninklijke Ahold N.V. (AMS:AD)
Revenue: $95.21 billion
Koninklijke Ahold N.V. (AMS:AD) is a Dutch-Belgian multinational retail company operating supermarkets and e-commerce businesses. Koninklijke Ahold N.V. (AMS:AD) has a strong presence in Europe and the U.S. Koninklijke Ahold N.V.’s (AMS:AD) revenue for the twelve months ending September 30, 2023, is $95.21 billion
12. Target Corporation (NYSE:TGT)
Revenue: $107.41 billion
Target Corporation (NYSE:TGT) is an American retail corporation known for its wide range of products, including apparel, electronics, household essentials, groceries, and more. The company runs over 1,900 stores and is one of the largest retail companies in the U.S. Target Corporation (NYSE:TGT) has a trailing twelve-month revenue of $107.41 billion, as of January 31, 2024.
11. Alibaba Group Holding Limited (NYSE:BABA)
Revenue: $126.49 billion
Alibaba Group Holding Limited (NYSE:BABA) is a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. Alibaba Group Holding Limited (NYSE:BABA) operates various online marketplaces and platforms, connecting businesses and consumers worldwide. Alibaba Group Holding Limited’s (NYSE:BABA) trailing twelve-month revenue, as of December 31, 2023 is $126.49 billion.
10. Aldi
Annual Revenue 2022: $130.40 billion
Aldi is a German multinational retailer and one of the largest privately held retail companies. Aldi has a discount supermarket chain operating with over 13,000 stores in various countries worldwide. In 2022, Aldi is one of the fastest-growing retailers in the U.S. and the world. Aldi is known for offering a limited selection of products at low prices. Aldi generated a revenue of $130.40 billion in 2022.
9. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)
Revenue: $142.40 billion
Walgreens Boots Alliance, Inc. (NASDAQ:WBA) is an American holding company that owns Walgreens, a chain of drugstores, as well as other healthcare-related businesses. Walgreens Boots Alliance, Inc.’s (NASDAQ:WBA) revenue for the twelve months ending November 30, 2023, is $142.40 billion.
8. The Kroger Co. (NYSE:KR)
Revenue: $147.79 billion
The Kroger Co. (NYSE:KR) is a prominent American retail company, known for operating more than 2,800 grocery stores and supermarkets across the U.S. The Kroger Co.’s (NYSE:KR) revenue for the twelve months ending October 31, 2023, is $147.79 billion.
7. JD.com, Inc. (NASDAQ:JD)
Revenue: $148.73 billion
JD.com, Inc. (NASDAQ:JD) also known as Jingdong is a leading Chinese e-commerce company, specializing in online retail, technology, and logistics services. JD.com, Inc. (NASDAQ:JD) has a trailing twelve-month revenue of $148.73 billion, as of September 30, 2023.
6. The Home Depot, Inc. (NYSE:HD)
Revenue: $153.71 billion
The Home Depot, Inc. (NYSE:HD) is an American home improvement retail company with over 2,300 retail stores worldwide. The Home Depot, Inc. (NYSE:HD) offers various home improvement and construction products along with installation services. For the twelve months ending October 31, 2023, The Home Depot, Inc. (NYSE:HD) generated a revenue of $153.71 billion.
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Disclosure: None. 25 Largest Retailers in the U.S. and the World in 2024 is originally published at Insider Monkey.