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Global Powers of Retailing 2019 Australian Edition Contents Global Powers of Retailing 2019 Australian Edition Contents Australian Edition Introduction 4 Global retailers in the Australian market 6 The next wave of growth 9 Australian economic outlook 11 Top 250 quick statistics 12 Global economic outlook 13 Top 10 highlights 16 Global Powers of Retailing Top 250 19 Geographic analysis 27 Product sector analysis 31 New entrants 35 Fastest 50 38 Study methodology and data sources 43 Endnotes 47 Contacts 49 Welcome to the 22nd edition of Global Powers of Retailing. The report identifies the 250 largest retailers around the world based on publicly available data for FY2017 (fiscal years ended through June 2018), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook, looks at the 50 fastest-growing retailers, and highlights new entrants to the Top 250. Global Powers of Retailing 2019 | Australian perspective Introduction Highlights Closer to home, the apocalyptic impact that some The Global Powers of Retailing Top 250 companies achieved commentators expected Amazon to have on the Australian strong growth in FY2017. Retail revenue increased for just retail market has not materialised…at least not yet. With the over 83 percent of the world’s 250 largest retailers (operated mid-2018 launch of its subscription-based Prime delivery by 208 companies), resulting in a currency-adjusted service at more than half the price of its US equivalent, composite growth rate of 5.7 percent, significantly higher Amazon is bringing its frictionless omni-channel delivery than the previous year’s 4.1 percent growth. Ninety two experience to Australian customers, and challenging the percent of the companies that disclosed their bottom-line speed of Australian retailer’s fulfilment models. We can results (168 of 183) operated profitably. expect to see more investment and innovation on this front in 2019. In aggregate, retail revenue for the Top 250 retailers was US$4.53 trillion in FY2017, an average US$18.1 billion per Our local supermarket majors, Wesfarmers and Woolworths, business. Although both cumulative retail revenue for the continue to be ranked highly in the Top 250, at 21st and Top 250, and average retail revenue per business was higher 22nd respectively, with Woolworths gaining a spot on last in FY2017 than FY2016, fewer than a quarter (55 of 250 year. Australia’s third Top 250 retailer, which entered the list businesses) posted FY2017 higher than average sales. in FY2016, JB Hi-Fi, has shot up, adding more than $1 billion of revenue on the prior year reflecting a full year’s impact To join the ranks of the Top 250 in FY2017 required retail of its acquisition of The Good Guys. JB Hi-Fi now features revenue of at least US$3.7 billion, up slightly from the prior at number 181, up 37 places on last year’s global retailer year’s US$3.6 billion. This was due in part to increased rankings. M&A activity, the opening of new stores (both locally in Australia and internationally) and sales uplift resulting from Australian perspective competitive pricing. Eighteen of the Top 250 exceeded US$50 The retail market in Australia in 2018 saw ongoing billion in retail revenue, while 55 posted retail revenue below competitive challenges from both domestic and international US$5.0 billion (seven fewer than the previous year). retailers. We saw major internationals like Gap Inc. exit the market, while others, like JD Sports and H&M, continue their The level of retail globalisation remained similar to FY2016, growth in Australia through expanding their store footprint. with businesses now focused on improving economies of JD Sports tripled its 2017 local store footprint to 15, and H&M scale, operational efficiency and generating revenue from opened two new stores in the second half of 2018, bringing e-commerce channels. About two-thirds (164) of the Top 250 its total to 37. operated outside their home country. On average, they had retail operations in 10 countries, and derived 23.6 percent of Online retail has continued its growth trajectory in Australia, their composite retail revenue from foreign operations. although total online sales remain lower than many other developed retail markets. With retailers starting to reap While the FY2017 Top 10 retailers were unchanged from the the rewards from earlier digital investments, we can expect prior year, Amazon jumped two places in the rankings, to digital sales to be increasingly important to local retailer become the world’s fourth largest retailer. Based on current performance. However, the role of the physical store remains growth rates, only Wal-Mart will be bigger than Amazon in critical, with digital integration and the creation of meaningful two years’ time – an extraordinary feat considering Amazon customer experiences using innovative store formats, new only entered the Top 10 two years ago, in FY2015. in-store technologies and personalised customer service the key to a successful strategy. 4 Global Powers of Retailing 2019 | Australian perspective From a broader economic perspective, household wealth Global perspective was stronger in the first half of 2018 than in the second Throughout 2018, economic growth slowed in key markets half. The housing market saw sharp declines, reducing including Europe, China and Japan. The shift in the global overall capacity of disposable income in many Australian economy was, in part, brought on by a change in policy in the households. Cost pressures are lessening, with rental and United States (US). In Europe, a combination of higher energy electricity costs moderating throughout 2018. Overall, the prices, a higher valued euro, and trade uncertainty contributed positive news about the economic environment for retailers to the slowdown. In China, excess capacity suppressed is that Australia continues its long run of uninterrupted investment, an overvalued currency hurt exports, and trade economic growth. uncertainty hurt both. In the US, growth strengthened in 2018 owing to the tax cuts, but by the end of the year, there were The global retail environment is experiencing some signs of deceleration. There is widespread expectation that headwinds, with threats of US protectionism hindering global growth will slow down further in 2019. For retailers, investment and trade. In Australia, this has the potential to these market conditions will mean slower consumer spending generate both opportunities and challenges. While US trade growth, higher consumer prices, and potentially disrupted may slow conditions in Australia, there is also opportunity global supply chains. for retailers to explore growth in China. As we highlighted in our 2018 report, the opportunity for Australian retailers to sell through to the Chinese market is huge, and this continues into 2019. Collaborating with marketplaces like Alibaba, Tencent, JD.com and VIP.com provides Australian retailers with the potential to reach China’s growing middle and upper middle classes, which are supercharging Chinese consumerism. David White National Leader — Australia Retail, Wholesale & Distribution Group 5 Global Powers of Retailing 2019 | Australian perspective Global retailers in the Australian market During 2018, new global retailers continued to enter the Australian market, and existing retailers expanded their operations. There are 39 of the Top 250 global retailers now operating in Australia – one more than in 2017. The 2018 calendar year saw 11 movements in and out of the Top 250, and while the Australian retailers on the list remain unchanged, two non-store retail operators in the previously unrepresented Chinese geography – JD.com and Vipshop Holdings – have hit Australia’s shores. High profile exits from the Australian market in 2018 included Gap, Toys “R” Us and Forever 21. The table below summarises the Top 250 Global Retailers currently operating in Australia. FY2017 Retail FY2017 Parent FY2017 Parent Country of revenue company / group company / group Name 2017 2016 origin (US$M) revenue (US$M) net income (US$M) Costco Wholesale Corporation 2 2 US 129,025 129,025 2,714 Amazon.com, Inc. 4 6 US 118,573 177,866 3,033 Aldi Einkauf GmbH & Co. oHG 8 8 Germany 98,287 98,287 n/a Seven & I Holdings Co., Ltd. 18 20 Japan 51,889 54,177 1,767 JD.com, Inc 20 28 China 49,088 53,601 -2 Wesfarmers Limited 21 21 Australia 48,748 51,826 928 Woolworths Limited 22 23 Australia 42,891 44,140 1,391 The IKEA Group (INGKA Holding B.V.) 27 27 Netherlands 37,426 39,836 2,732 The TJX Companies, Inc. 29 32 US 35,865 35,865 2,608 LVMH Moët Hennessy-Louis Vuitton S.A. 32 35 France 33,289 48,057 6,330 Apple Inc. / Apple Retail Stores 34 34 US 30,500 229,234 n/a Inditex, S.A. 35 38 Spain 28,891 28,891 3,845 H & M Hennes & Mauritz AB 43 42 Sweden 23,197 23,197 1,877 Fast Retailing Co., Ltd. 56 58 Japan 16,815 16,841 1,166 Lotte Shopping Co., Ltd. 65 40 S. Korea 14,911 16,042 -18 Marks and Spencer Group plc 68 67 UK 14,168 14,168 39 John Lewis Partnership plc 72 70 UK 13,257 13,257 96 L Brands, Inc. 77 76 US 12,632 12,632 983 Décathlon S.A. 79 86 France 12,399 12,399 n/a Otto (GmbH & Co KG) 83 89 Germany 12,158 16,665 599 Vipshop Holdings Limited 92 121 China 10,939 11,206 291 NIKE, Inc. / NIKE Direct 96 109 US 10,428 36,397 n/a Kering S.A. 98 128 France 10,274 17,4 46 2,102 GameStop Corp. 110 112 US 9,225 9,225 35 Dufry AG 123 127 Switzerland 8,290 8,377 111 Compagnie Financière Richemont SA 129 138 Switzerland 8,073 12,819 1,426 Foot Locker, Inc.
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