2019年-数据局_德勤：2019全球零售力量_42页_11mb

报告摘要

Summary of the 22nd Edition of Global Powers of Retailing

Core Content

The 22nd edition of the Global Powers of Retailing report analyzes the performance of the top 250 global retailers based on fiscal year 2017 (FY2017) data, focusing on revenue, growth, and profitability across different regions and sectors. It also provides a global economic outlook and highlights key trends affecting the retail industry, such as protectionism, trade tensions, and the impact of monetary policy on global markets.

Main Points

Top 250 Quick Statistics:
- Aggregate retail revenue of the Top 250 reached US$4.53 trillion in FY2017.
- The average retail revenue per company was US$18.1 billion, with a minimum revenue requirement of US$3.7 billion to be included in the list.
- The composite year-over-year retail revenue growth was 5.7%, while the 5-year CAGR (FY2012–2017) was 3.3%.
- The composite net profit margin was 2.3%, and the composite return on assets was 5.0%.
- 65.6% of the Top 250 retailers had foreign operations, with 23.6% of their total revenue coming from overseas.
- On average, these companies operated in 9.5 countries, with a strong focus on e-commerce and global expansion.
Global Economic Outlook:
- The global economy is at a turning point due to slowing growth in Europe and China, rising inflation, and the impact of US monetary and trade policies.
- Protectionism has increased, with the US imposing tariffs on steel, aluminum, and Chinese imports, which has disrupted global supply chains and reduced consumer purchasing power.
- US monetary policy, including interest rate hikes, has strengthened the dollar, leading to currency depreciation in emerging markets and financial stress in commodity-producing nations.
- The US economy showed strong growth in 2018 but is expected to slow in 2019 due to trade wars, higher borrowing costs, and potential fiscal policy reversals.
- The Eurozone is experiencing slower growth due to high energy prices, a strong euro, and trade uncertainty, but remains not at risk of recession due to low inflation.
- China saw a slowdown in economic growth, affected by trade tensions and weak export demand, with demographic pressures expected to further challenge consumer spending.
- Japan faces a conundrum as it cannot rely solely on exports due to global economic slowdowns and trade tensions.
- India remains a fast-growing economy, but faces challenges due to currency fluctuations and trade restrictions.
- Brazil and Mexico are at a crossroads, with uncertain policy directions and economic instability.

Top 10 Highlights

The report lists the Top 10 retailers in FY2017, with the following key details:

Rank	Company Name	Country	FY2017 Retail Revenue (US$M)	FY2017 Retail Revenue Growth	FY2017 Net Profit Margin	FY2017 Return on Assets	FY2012–2017 CAGR	# Countries of Operation	% Revenue from Foreign Operations
1	Walmart	US	500,343	3.0%	2.1%	5.1%	1.3%	29	23.9%
2	Costco	US	129,025	8.7%	2.1%	7.5%	5.4%	12	27.2%
3	Kroger	US	118,982	3.2%	1.5%	5.1%	4.2%	1	0.0%
4	Amazon	US	118,573	25.3%	1.7%	2.3%	18.0%	14	36.8%
5	Schwarz Group	Germany	111,766	7.4%	n/a	n/a	7.5%	30	58.9%
6	The Home Depot	US	100,904	6.7%	8.6%	19.4%	6.2%	4	8.4%
7	Walgreens Boots	US	99,115	2.1%	3.5%	6.2%	6.7%	10	11.9%
8	Aldi	Germany	98,287	7.7%	n/a	n/a	7.2%	18	65.1%
9	CVS Health	US	79,398	-2.1%	n/a	n/a	4.5%	3	0.8%
10	Tesco	UK	73,961	2.8%	1.5%	1.9%	-2.4%	8	20.7%

Top 10 Revenue Share: The Top 10 retailers accounted for 31.6% of the Top 250’s total retail revenue.
Growth Trends: The Top 10 showed 6.1% growth, outpacing the 5.7% of the Top 250 as a whole.
Profitability: The Top 10 had a weaker net profit margin compared to the Top 250, partly due to their focus on low-margin sectors like FMCG.

Key Information

Amazon rose two spots in the Top 10, driven by strong growth in North America and the acquisition of Whole Foods.
Kroger saw growth from its merger with Modern HC Holdings and its "Restock Kroger" initiative.
Walmart remained the largest retailer, with a 3.0% revenue growth, and continued to expand globally.
Costco maintained its position with 8.7% revenue growth, aided by increased comparable sales and gasoline price changes.
Schwarz Group (Lidl) experienced 7.4% growth, but its US expansion was limited.
Walgreens Boots Alliance completed its acquisition of Rite Aid, but faced a drop in ranking due to restructuring.
Aldi expanded aggressively, aiming to open 2,500 stores by 2022.
CVS Health saw a decline in retail revenue due to prescription volume stagnation and reimbursement pressures, but announced a merger with Aetna.
Tesco entered the Top 10 with 2.8% growth, but faced challenges in some international markets.

Methodology and Data Sources

The report is based on publicly available data for FY2017, with analysis drawn from company annual reports, Supermarket News, Forbes, and other industry sources.
The Top 250 list is based on retail revenue, with companies requiring at least US$3.7 billion in FY2017 to be included.
The composite growth and profitability metrics are calculated based on sales-weighted and currency-adjusted data.
Companies that derive the majority of their revenue from non-retail activities are excluded from profitability calculations.
Franchised, licensed, and joint venture operations are included in the count of countries with retail operations.

Conclusion

The report highlights the global expansion and digital transformation of the largest retailers, while also noting the challenges posed by protectionism, trade tensions, and economic slowdowns. The Top 10 retailers, particularly Amazon and Walmart, show strong growth and global reach, but profitability remains a concern. The global economic outlook is mixed, with some regions experiencing slowdowns and others showing resilience. The future of the retail industry will depend on how companies navigate these economic and geopolitical shifts.