2019全球零售力量（英文版）_42页_11mb
报告摘要
2019 Global Powers of Retailing Report Summary
Core Content
This report presents the 22nd edition of the Global Powers of Retailing, identifying the top 250 retailers globally based on FY2017 (fiscal years ended through June 2018) retail revenue. It provides an overview of the global economic outlook, highlights the top 10 retailers, and analyzes the performance of the top 250 companies across different regions and product sectors.
Key Statistics
- Aggregate Retail Revenue: $4.53 trillion
- Average Retail Revenue per Company: $18.1 billion
- Minimum Retail Revenue for Top 250: $3.7 billion
- Composite Year-over-Year Retail Revenue Growth: 5.7%
- 5-Year Retail Revenue Growth (CAGR): 3.3%
- Composite Net Profit Margin: 2.3%
- Composite Return on Assets (ROA): 5.0%
- Percentage of Revenue from Foreign Operations: 23.6%
- Average Number of Countries with Retail Operations: 9.5
Global Economic Outlook
The global economy experienced a turning point in 2018, marked by:
- Slower Growth: In Europe, China, and Japan
- Higher Inflation: In major markets
- Increased Borrowing Costs: Due to policy shifts
- Decline in Equity and Commodity Prices: Especially in emerging markets
- Impact of US Policy: Tighter monetary policy, trade wars, and fiscal changes
These trends are expected to continue into 2019, potentially leading to a slowdown in global growth and further economic stress in emerging markets.
Major Economic Trends
- Protectionism: US trade policies, including tariffs and withdrawal from trade agreements, disrupted global trade and investment.
- Monetary Policy Shifts: US Federal Reserve rate hikes strengthened the dollar, affecting emerging markets.
- Slower Growth in Key Markets:
- Europe: Slowed due to energy prices, a strong euro, and trade uncertainty.
- China: Decelerated due to weak exports, fixed asset investment decline, and demographic challenges.
- Japan: Faces a challenge between export-driven growth and domestic demand.
- Emerging Market Uncertainty: Increased US dollar value, falling commodity prices, and trade tensions are creating financial stress and growth challenges.
Top 10 Highlights
| Rank | Change in Rank | Company Name | Country | FY2017 Retail Revenue (US$M) | FY2017 Retail Revenue Growth | FY2017 Net Profit Margin | FY2017 Return on Assets | FY2012-2017 CAGR | # Countries of Operation | % Retail 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 | ↑ +2 | Amazon | US | 118,573 | 25.3% | 1.7% | 2.3% | 18.0% | 14 | 36.8% |
| 5 | ↓ -1 | Schwarz Group | Germany | 111,766 | 7.4% | n/a | n/a | 7.5% | 30 | 58.9% |
| 6 | ↑ +1 | The Home Depot | US | 100,904 | 6.7% | 8.6% | 19.4% | 6.2% | 4 | 8.4% |
| 7 | ↓ -2 | Walgreens Boots Alliance | US | 99,115 | 2.1% | 3.5% | 6.2% | 6.7% | 10 | 11.9% |
| 8 | ↑ +1 | Aldi | Germany | 98,287 | 7.7% | n/a | n/a | 7.2% | 18 | 65.1% |
| 9 | ↑ +1 | CVS Health | US | 79,398 | -2.1% | n/a | n/a | 4.5% | 3 | 0.8% |
| 10 | ↑ +1 | Tesco | UK | 73,961 | 2.8% | 1.5% | 1.9% | -2.4% | 8 | 20.7% |
Top 10 Share of Top 250 Retail Revenue: 31.6%
Top 10 vs. Top 250
- The Top 10 retailers are more globally focused, operating in an average of 13 countries versus 9.5 for the Top 250.
- The Top 10 achieved higher growth (6.1%) compared to the Top 250 (5.7%), but had weaker net profit margins.
- The Top 10 outperformed the Top 250 in Return on Assets (ROA) by 0.5 percentage points.
- Eight of the Top 10 retailers operate in low-margin FMCG sectors, with Amazon and The Home Depot as exceptions.
Study Methodology and Data Sources
- The report is based on publicly available data for FY2017.
- It includes data from company annual reports, Supermarket News, Forbes America's largest private companies, and other sources.
- Companies not primarily focused on retail are excluded from profit and ROA calculations.
- The average number of countries includes franchised, licensed, and joint venture operations.
Conclusion
The report highlights the shifting dynamics in the global retail landscape, with the US leading in growth and the Top 10 retailers showing strong performance despite economic headwinds. The global economy faces challenges from protectionism, trade tensions, and policy changes, which are expected to impact the retail sector in the coming years.
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