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2004 Global Powers of Retailing

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2004 Global Powers of Retailing 2004 Global Powers of Retailing Audit.Tax .Consulting.Financial Advisory. Acknowledgment Deloitte Touche Tohmatsu Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms (including their affiliates) deliver services in four professional areas: audit, tax, consulting and financial advisory services. Our member firms serve over one-half of the world’s largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies. Deloitte Touche Tohmatsu is a Swiss Verein (association) and, as such, neither Deloitte Touche Tohmatsu nor any of its mem- ber firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulato- ry and other reasons certain member firms do not provide ser- vices in all four professional areas listed above. WWW.STORES.ORG STORES / JANUARY 2004 G3 Global Consumer Business Contacts www.deloitte.com Ukraine Ivan Kompan +38 044 490 9000 GLOBAL CONSUMER BUSINESS LEADER Ed Carey +1 312 374 3048 United Kingdom Richard Lloyd-Owen +44 (20)7007 2953 GLOBAL MARKETING CONTACTS Kathryn Cordes +1 718 508 6986 LATIN AMERICA, CARIBBEAN (LACRO) Robin Knight +44 20 7303 4862 (EMEA) LACRO Consumer Business Leader Sandra Viola +1 212 436 3058 (United States) Francisco Perez Cisneros +52 (55) 5283 7987 or 7908 NORTH AMERICA United States Consumer Business Leader Argentina Tara Weiner +1 215 246 2326 Marcelo Ernesto Garcia +54 (11) 4320 2741* Canada Bahamas Brent Houlden +1 416 643 8788 Bruce Knowles +242 302 4840 EUROPE, MIDDLE EAST AND AFRICA (EMEA) Brazil EMEA Consumer Business Leader Michael John Morrell +55 11 5185 2226 Gilles Goldenberg +33 1 40 88 28 16 Chile Belgium Juan B.Echeverria +56 (2) 270 3000* Benoit Vanderstichelen +322 600 6659 Colombia Denmark Juan Carlos Sánchez +57 (2) 883 70 27 Christian K.Joergensen +45 39 17 03 33 Mexico France Francisco Perez Cisneros +52 (55) 5283 7987 Gilles Goldenberg +33 1 40 88 28 16 or 7908 Antoine de Riedmatten +33 1 40 88 28 00 Venezuela Greece Ariel Solano +58 212 206 8652 George Cambanis +30 (210) 678 1100 ASIA PACIFIC Hungary Asia Pacific Consumer Business Leader Mark Walton +(361) 4286 773 Yoshiaki Kitamura +81 (3) 6213 1307 Ireland Australia Brendan Jennings +353 (1) 417 2270 Peter Forrester +61 (2) 9322 7656 Italy China/Hong Kong Ciro Di Carluccio +39 06330 871 Charles Lip +86 (10) 6528 1600 Netherlands Japan Maarten Vijverberg +31 (020) 582 54 01 Kazuo Ishibashi +81 (3) 6213 1488 Portugal Korea João Silva +(351) 210 345 000 Do Sung Kim +82 (2) 6676 1665 Russia Malaysia Alexander Bragin +7 095 787 0600 Yee Yoon Chong +60 (3) 7723 6507 South Africa New Zealand Peter McCloy +27 (0) 11 806 5763 Peter A.Simmons +64 9 303 0900 Spain Singapore Juan José Roque +34 (91)514 5063 Gerry G.Vetuz +65 6530 5513 Sweden Taiwan Lars Egenaes +46 (8) 725 3786 Ping Lee +886 (2) 2545 9988 Ext 3034 Switzerland Thailand Gerhard Ammann +41 (1) 421 60 00 Montree Panichakul +66 (2) 676 5700 WWW.STORES.ORG STORES / JANUARY 2004 G5 Evaluating Retail Globalization Remember when global retailing was hot? Overseas expansion was going to be the panacea for an industry gripped by excess capacity, slow growth, regulatory restrictions, and a fickle, price-conscious consumer. Emerging markets in particular would grow at extraordinary rates, pushing vast numbers of people over the threshold of middle class affluence. These markets would be the prime source of growth for global retailers, able to exploit their technology, supply chain management, and merchandising skills. f course many retailers did globalize, and some succeeded. Yet many more retailers, especially U.S.-based retailers, struggled and failed to find the holy grail of globalization. Indeed, the O retailing industry is littered with the charred remains of investments that drained cash from the bottom line. Retail behemoths were humbled by poorer, technically unsophisticated local companies that simply knew their customers better. They were sideswiped by financial crises in such disparate locations as Argentina, Indonesia, Russia, and Mexico. So is there still hope for retail globalization? The answer is yes. Despite the many failures, there are also many successes. The factors that drove enthusiasm in the past have not disappeared. Emerging mar- kets still represent the greatest hope for increased spending power, home markets are still laden with excess capacity and slow growth, and big retailers still have much to offer consumers in emerging coun- tries. Finally, recent successes pave the way for more astute investing in the future. What are the keys to success in retail globalization? First, a retailer should bring to another country those attributes that give it a competitive advantage. This could be merchandising skill, a unique format, a unique product mix, or superior supply chain management. It should not try to be something for which it has no skill or background. A mid-priced retailer has no business operating a luxury store overseas. Second, a retailer should choose markets where its particular advantages are in short supply. Third, retailers must choose entry strategies that are consistent with the characteristics of the market and their own willingness to assume risk. Moreover, entry strategies must conform to the retailer’s skill set. For example, franchising and acquisition are useful if a retailer’s advantage is supply chain manage- ment. If, on the other hand, a retailer has superior merchandising skills, then organic expansion might be the best strategy. Finally, the ability to train and retain local managers is critical. It often seems that the best global retail- ers are the ones with the fewest ex-pat employees. Of course risks remain. Financial markets can still wreak havoc with an emerging economy, local cus- toms can still bewilder the most knowledgeable investor, and local governments can still place unreason- able obstacles to success. Yet in four key markets – Brazil, China, India, and Russia – governments are committed to market eco- nomics, millions of consumers are becoming affluent, future growth looks strong, and millions of people are now receptive to modern retailing. In these countries lies the future of many big retailers. G6 STORES / JANUARY 2004 WWW.STORES.ORG Up to The Challenge eloitte personnel located in ates is to encourage fierce competi- countries of strategic interest to Deloitte Touche Tohmatsu, tion, which in turn can make prof- Dretailers made contributions to the knowledge leader in global itability all the more illusive. This this report. Their comments can be remained a key problem for several found in the Retail Industry Profiles retailing, is pleased to present industry players into 2003. section of this report. M+M Planet the seventh annual In a different reaction to the weak- Retail provided able assistance in com- Global Powers of Retailing, in ness in demand, numerous retailers piling the list of the top 200 retailers conjunction with STORES honed their negotiating skills with and their growth rates. Magazine. This report identifies brand producers who were asked to Judging by the results of the top 200 the 200 largest retailers around give even larger discounts and better retailers and the commentary from our credit and delivery terms. Given the Deloitte practitioners around the globe, the world and provides increased oversight from various it would seem that retailers love a good economic, demographic and government agencies, however, retail- challenge. In the midst of a difficult industry insights on the global ers were giving particular considera- economic and operating environment, marketplace. tion to their rebate management pro- many retailers fared relatively well in grams. 2002. Sales and profits generally To be sure, not all regions of the improved for these large retailers over the dismal 2001 results. world were experiencing softness in retail sales. In several This year’s list contains more profitable companies and a countries, demand remained buoyant and retailers there bene- stronger increase in sales than was the case last year. fited. In countries as diverse as Russia, Spain, Greece and It hasn’t been an easy time for most industry players. Australia, retail sales remained healthy in 2002. And in numer- Consider this set of recent retailing challenges noted by a ous developing countries or emerging markets, including much Deloitte practitioner in Singapore: of Eastern Europe and Asia, the demand for “modern” types Consumers are becoming more empowered and difficult to of retailing continued to grow, regardless of economic condi- retain. tions. It is in many of these countries – Russia, China, and The marketplace is reaching high levels of consolidation, India, for example – where key retailers today have the great- with powerful players shifting the competitive landscape. est opportunities for growth. Technologies are proliferating and becoming more powerful On the operational side, companies continued to invest in and more complex to manage. technologies that allowed them to better target consumers and The penetration of local and regional markets by Wal-Mart, to more effectively set prices. And inventory management Carrefour and Tesco creates more competition. improvements were extensive over the last year or more, even Or this comment from one of our Canadian retail experts on in the less developed countries. Customer loyalty cards contin- the difficult economic environment in which companies have ue to gain popularity as a major customer retention tool, had to operate: A tough year – SARS, West Nile Virus, Mad although it was noted that some retailers have not yet effective- Cow Disease, the great power outage (U.S.
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