Top Retailer list compiled by
The Top 50 Global Retailers is a fresh look at the 50 most impactful international retailers based on their operations from the start of 2024.
This year’s Top 50 Global Retailers list reflects a year in which most market uncertainties stabilized. Most countries enjoyed a far better year in 2024 from providing goods and services to the United States, where consumer spending remained strong.
View the complete Top 50 Global Retailers 2025 list.
Global retailers engaged in mergers, acquisitions and infrastructure investments. Around the world, ecommerce sales slowed as more shoppers returned to stores and shopping centers. Supply chain costs moderated, and wages continued to rise in most countries.
The dramatic rise in tourism impacted retailers in several countries, particularly Japan, the U.S., Mexico and some European countries. Retail areas in airports and rail stations have evolved into more mall-like formats with new retailers entering these spaces. More travel and sports venues are using automated checkout with visual identification, which has helped some retailers reduce shrink.
China’s soft economy and difficult housing market blunted retail industry growth that was expected after the COVID-19 lockdowns. Places that benefited from Chinese tourism before 2020 such as retailers in Canada and U.S. cities, and department stores in Japan did not see the anticipated return of high-spending visitors. Even retail within China, including the strong ecommerce channel, was flat for most of the year.
In the U.S. and Canada, potential strikes by rail and port unions over their labor contracts made schedules for retail imports much less predictable. While the contract issues were resolved, significant shifts in logistics occurred in anticipation of work stoppages. Retailers that front-loaded orders for seasonal and promotional merchandise often ended up creating seasonal traffic jams in stores with back-to-school, Halloween and even Christmas displays appearing together.
Warfare in the Red Sea and drought in the Panama Canal further impacted shipping. Even though these conditions delayed cargo on these routes, costs rose only moderately, largely because new vessels ordered during COVID delivered over 10% more cargo capacity throughout the year.
While retailers continued to invest in merchandising and in-store digital tools, they did so more slowly than in 2023. Many retailers in the Top 50 also drew on additional income from new retail media offerings.
Retailers were less concerned about labor shortages in 2024 than they were about labor costs, although chain drugstores struggled to fill pharmacy and in-store technician roles. Better technology and better-trained front-end associates improved throughout 2024, but at higher costs.
The U.S. and Europe continue to see elevated levels of cyberattacks, retail crime and violence associated with these acts. Organized theft groups are becoming more sophisticated and are impacting retailers around the world via supply chain theft, gift card and return fraud, and financial schemes.
Cyberattacks greatly escalated in all industries during the year, although retail was more often collateral damage rather than a target. A cyberattack disrupted Ahold Delhaize’s perishables and pharmacy procurement and transaction management systems, but the actual target was a third-party service provider. More cyberattacks on retail businesses can be expected globally given the digital interconnectivity between retailers and vulnerable CPG partners and broader service dependencies.
Food prices rose faster than they did in 2023, and inflation was particularly acute in perishables. Most shoppers were aware that prices were rising.
U.S. malls have been incorporating innovative methods of attracting shoppers, especially Generation Z. Malls are hosting events and adding retailers that appeal to young shoppers. Mall anchors have shifted from department stores to entertainment and sports centers. Malls in the Middle East, Latin America and Asia expanded, both in size and types of retail tenants including Asian-based lifestyle retailers, food service and the return in some markets of bookstores.
Any comparison of retailers operating in multiple countries is made difficult by currency exchange rates. In addition, retailer rankings are normally created using reported consolidated revenues, which dilute the impact that joint ventures, franchises and marketplaces can have on helping retailers take their operations international. In addition, most retailers generate the bulk of their sales from domestic operations. Retailers with the biggest domestic markets may appear to have the largest international operations, even without a strong international presence.
Kantar has worked with NRF to produce this ranking of the Top 50 Global Retailers that seeks to maximize discussion, debate, education and exploration opportunities.
Kantar’s ranking methodology uses a system that awards points to retailers based on their domestic and international retail revenues. To qualify for the ranking, retailers need to have a direct investment in at least three countries.
In alignment with Kantar’s Retail IQ methodology, only retail-specific revenues determined ranking points even as the largest global retailers expand outside of retail revenues. For example, revenue from a retail media network would not be considered retail-specific revenue.
Most retailers in Kantar’s scope of coverage operate in the food, drug and mass merchandise channels. To offer users a robust view of global retail trends, Kantar also covers retail leaders across all retail channels globally, but not exhaustively.
Keeping within these guidelines, Walmart still ranks as the world’s largest retailer, both domestically and internationally, with significant commitments to a new online marketplace and fulfillment model. Within the Top 50, Walmart faces competition from Amazon, Schwarz Group, Aldi, IKEA and Costco, all of which are tapping new markets for value retailing. Alibaba dropped in the rankings due to Chinese regulations that limited advantages in financial technology, innovation and logistics.
Walmart held its position as the largest global retailer with a limited but effective remodel program in all banners internationally. Its pervasive and capable IT department has enabled the company to expand into a number of revenue-generating digital areas. Walmart’s growing Walmart Connect retail media platform and Walmart+ membership program have become predictable revenue streams. New digital shopping tools are available globally with financial products that make online shopping accessible for lower-income shoppers, offering flexible shopping, fulfillment and budget management. Walmart’s revenue grew in all divisions, with noteworthy improvements in China and Central America. More customers joined its omnichannel retail membership programs and used its ecommerce offerings, especially its expanding marketplace.
Amazon continued to catch up with Walmart’s growth but with more focus on its highly profitable Amazon Web Services and third-party marketplace fees. In addition to its 800-store Whole Foods chain, Amazon is concentrating on double-digit growth and profitability. That emphasis on profits over experimentation has led Amazon to pull back from Amazon-bannered stores and its broad private-label program. Amazon is expanding its fulfillment and logistics services globally to support its core business and third-party services. Strong results from the AWS cloud group provided a stable base for capitalization and cash flow and supported the retail media platform expansion that contributed significantly to the company’s operating margins throughout the year.
Schwarz Group’s success in 2024 was due partly to innovations in its existing stores, new banners and an expanded online shopping landscape. Its Lidl and Kaufland banners remained strong performers across value channel formats internationally, and it resumed expanding in the key U.S. market. Revenue also increased at the group’s PreZero environmental division and in the manufacturing group that makes own-label products for its stores. Stable financials and cash flow have funded store growth, store remodels, online penetration and fulfillment capabilities in Schwarz Group’s core European markets. The group has evolved its Schwarz Media Platform and StackIT cloud operation to enable it to operate a closed-loop, wholly owned infrastructure. A more streamlined supply chain has also shored up the company’s bottom line.
Aldi has been taking on more risk by expanding in new markets and engaging in M&As. The Aldi Süd and Aldi Nord divisions are always looking for new markets to expand into internationally. In the United States, along with strong organic growth, Aldi bought 400 Winn-Dixie and Harvey’s supermarkets in the Southeast in October 2023 (although it sold 170 of those stores in early 2025 to C&S Wholesale Grocers). Aldi continues to prioritize the U.S., U.K and Australia for investments and innovation. China has also emerged as a strong market. The store assortment is more localized than is typical for a value grocer, while stores remain solely focused on execution as the company invests in better store experiences and online access. As the strongest retailer in Central Europe, Aldi has benefited from predictable markets that fuel further global expansion.
Costco’s expansion into the smaller markets of Iceland, New Zealand and Sweden shows the company’s strength in providing middle-class shoppers a high-value experience. With continued growth in the U.S. and Canada, Costco leverages its format to address members’ needs depending on where they live. Members in Canada and Australia tend to make Costco a weekly grocery shopping trip, while members in most other markets visit Cosco for bigger monthly stock-ups. Members in China have responded robustly to Costco, and especially its single private label, Kirkland Signature, as a value alternative. Its standard format has allowed Costco to execute its product and services model internationally and retain over 90% of members in every country in which it operates. Its low SKU count and product rotation have worked in its favor, given international inventory requirements. Costco is now firmly the second-largest retailer in Canada and continues expanding in Europe and the Asia-Pacific region, upsetting stable markets by raising shoppers’ expectations for unique products and experiences. In response to members’ needs, Costco has moved, albeit cautiously, into online sales in most markets, with more focus on Asia.
Operating as a unified company in the U.S., Ahold of the Netherlands and Delhaize of Belgium improved companywide revenue with remodeled stores during the post-COVID period. The global company has expanded digital tools for shoppers and refined its omnichannel fulfillment capabilities to meet market needs. The European Ahold chain’s merchandising excellence is evident in department refreshes and messaging. Its value banners have been an integral part of the retailer’s ongoing growth in the U.S. and Europe with an improved in-store experience, stronger shopper messaging and better-integrated loyalty apps. Its best-in-class, smaller neighborhood grocery stores have helped the retailer grow revenue in European markets. Own-label improvements were evident in the U.S. with larger percentage of overall sales in most channels.
Carrefour experienced softer growth in its European markets in 2024 with the shift from the retailer’s hypermart formats to grocery and online. The highly successful “atacado” cash-and-carry format has driven growth in Brazil and Latin America, Carrefour’s largest market, and contributed close to 40% of revenue. The format opened in France in 2024 to connect with European shoppers. Franchise arrangements have allowed Carrefour to grow in the Middle East and North Africa, though more slowly and with more competition emerging in the channel, especially in Qatar and the United Arab Emirates. While company-owned stores in France, Spain and Central Europe were profitable, growth was flat. Carrefour’s European growth has come mainly from online retail and greater volume from small express pantry stores. Carrefour continues to expand its retail media capabilities in partnership with Publicis Groupe under the name Unlimitail primarily in Brazil, Argentina and, increasingly, France.
Seven & I Holdings has been gripped by tensions over attempts by Canada’s Alimentation Couche-Tard (parent company of Circle K) to buy the company. The prospective deal has been viewed favorably by stockholders, but not by management. The company has responded by establishing conditions for selling its large number of non-convenience holdings in Japan, which include restaurants, grocery stores and department stores. The majority of Seven & I’s holdings are in the 7-Eleven convenience banner in the U.S. and Japan. It also has franchise holdings in South Asia, Canada and Mexico. Of the retailer’s 80,000-plus stores, more than 13,000 are U.S. convenience stores with fuel operations, and most are under franchise ownership. The Thai conglomerate CP Holdings also operates many 7-Eleven franchises in Thailand. The retailer’s 7Now ecommerce and fulfillment division continues to grow and expand in the U.S. and Japan.
IKEA kept up with the new store growth it started in 2023 by expanding into new Latin American markets and bringing the new smaller store format it operates in Europe to the U.S. and Canada. IKEA expects the smaller format will allow it to expand in existing markets and provide greater fulfillment options for online orders. In all markets where it operates, IKEA focuses on shoppers in transition: Young adults moving into their first apartment, newlyweds, parents and older homeowners transitioning to new housing. IKEA continues to apply lessons learned from the post-COVID inventory shortages that impacted its sales by evaluating the sourcing and designs of its main product lines.
The Home Depot, the largest home improvement retailer in the U.S., Canada and Mexico, continued its digital growth in 2024 thanks to strong pro (contractor) sales. Store growth in Mexico countered the continued expansion of the Chilean banner Sodimac that has partnered with the Mexican retailer Soriana. Partnering with and providing dedicated merchandising space to higher-quality toolmakers like Milwaukee and Ryobi reinforce The Home Depot’s position as a trusted source for professionals. Its extensive library of online videos also makes it an expert source for DIY shoppers. The retailer’s loyalty program is well targeted to the business-to-business needs of pro shoppers who drive channel revenue growth. The Home Depot is widely regarded as having best-in-class ecommerce and omnichannel integration.
The Top 10 retailers of 2024 did not change from 2023. Retailers in China that had been the fastest growing before the pandemic have slowed considerably due to COVID lockdowns and new government regulations concerning social inclusion and support.
Alibaba continued to contract in 2024 relative to 2019 after selling a number of its physical stores and limiting its financial and logistics divisions. JD.com has focused more on its logistics expertise and has partially backed away from new financial technology. PDD Holdings, on the other hand, successfully expanded internationally with its Temu ecommerce site. The fast-rising Shein has been disrupting global markets with its low-cost fast-fashion business model. Temu and Shein have done quite well in the U.S. with their high limit on duty-free shipping. However, because that de minimis exemption is set to end in 2025, both companies have shifted to more local warehousing and shipping for higher-priced items.
Aside from these Chinese retailers, the strength of value retail in multiple markets drove changes among the remaining 40 retailers on the Top 50 list in 2024.
Learn more about the nation’s top 50 international retailers based on their operations at the start of the last year and view previous editions.
Vertically integrated apparel companies such as Inditex did well in most markets, though H&M and Fast Retailing fell compared with their 2023 rankings.
Shoppers in 2024 repeatedly said they needed more convenience from retailers. Japan’s FamilyMart and Canada-based Couche-Tard (usually under the Circle K banner) all fulfilled that demand, while Hong Kong-based A.S. Watson continued its shift to convenience stores from small chain drug.
In urban markets, small pantry grocery formats operated by Tesco and Auchan did well. These retailers continued to open stores in existing markets. Jerónimo Martins, known for its discount formats in Colombia and Poland, also expanded its chain of large atacado stores in Colombia as well as its Ara value banner.
Walgreens Boots Alliance held its position despite selling its Latin American holdings. Due to their mix of formats, Germany’s Rewe and Japan’s Aeon were able to hold their own in the markets where they compete.
Chilean retailer Cencosud had a strong 2024. It expanded in all markets and opened more Fresh Market specialty grocery stores in the U.S. Falabella shifted to a new growth model with more emphasis on home improvement and ecommerce. All these retailers have made big investments in omnichannel and integrated financial services across multiple groups. Carrefour Brazil has become the main revenue driver for the overall group after buying a number of chains, including the former Walmart banners. It also entered into a franchise agreement with Sam’s Club in Brazil and is investing in expanding that banner into affordable luxury.
The electronic resale business struggled to gain sales in a flat market characterized by aggressive promotions in the last quarter of 2024. Apple did well with new product lines. Best Buy, Ceconomy and Euronics all experienced small sales declines.
Based on what Kantar saw at NRF 2025: Retail’s Big Show, expect retailers to deploy more artificial intelligence. Retailers will also integrate RFID technology and use LED signs and tags more broadly to boost engagement. Self-checkout continues to evolve, combining RFID, QR codes and UPC reads along with better visual product recognition. Omnichannel is still a growth area but with more emphasis on store integration and enablement.
In 2025, expect movement in the retail rankings as the market changes to respond to these realities.