Global powers of retailing 2009: feeling the squeeze
48 pages

Global powers of retailing 2009: feeling the squeeze


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48 pages
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The report identifies the 250 largest retailers around the world. It also examines 10 trends for retailers to consider as they plan their growth strategies and confront the current economic crisis. Finally, it looks at "Q" ratio - a way of drawing inferences about the future performance of retailers by examining current financial information.



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Feeling the squeezeGlobal Powers of Retailing 2009
On the same page as youFor more information,please visit us © 2009 Deloitte Development LLC. All rights reserved.
The question isn’t whether retail globalization will happen – it’s when and how To download this and other publications, please visit us at Copyright © 2009 Deloitte Development LLC. All rights reserved.Revisiting retail globalizationA Deloitte Research Global Retail StudyDeloitte Research  Revisiting retail globalization13
Consumer Business contacts For Deloitte Touche Tohmatsu and its member irmsGlobal Consumer Business Leader Lawrence Hutter Deloitte UK ResearchIra Kalish Deloitte Services LP ikalish@deloitte.comMarketingKathryn Cordes DTT Consumer Business kcordes@deloitte.comRetail LeadersAmericasVicky Eng Deloitte Consulting LLP veng@deloitte.comEurope, Middle East, AfricaRichard Lloyd-Owen AmericaUnited StatesStacy Janiak Deloitte & Touche LLP sjaniak@deloitte.comCanadaPeter Barr pbarr@deloitte.caEurope, Middle East and AfricaBelgiumKoen de Staercke kdestaercke@deloitte.comDenmarkHenrik Knak hknak@deloitte.comFinlandSari Vuola-Vuorinen sari.vuola-vuorinen@deloitte.iFranceGilles Goldenberg ggoldenberg@deloitte.frGermanyPeter Thormann pethormann@deloitte.deGreeceGeorge Cambanis gcambanis@deloitte.grIrelandMarguerite Larkin marguerite.larkin@deloitte.ieItalyDario Righetti drighetti@deloitte.comNetherlandsErik Nanninga enanninga@deloitte.comNorwayMarius Eriksen meriksen@deloitte.comPortugalLuís Belo lbelo@deloitte.ptRussia/CISAlexander Dorofeyev adorofeyev@deloitte.ruSouth AfricaRodger George rogeorge@deloitte.comSpainJuan Jose Roque jroque@deloitte.esSwedenLars Egenaes legenaes@deloitte.comSwitzerlandJ.N. Hill TurkeyUgur Suel usuel@deloitte.comUkraineDina Nemirovich dnemirovich@deloitte.comUnited KingdomRichard Lloyd-Owen America, Carribean LACRO Consumer Business LeaderFrancisco Perez Cisneros Deloitte Mexico ArgentinaDaniel Varde dvarde@deloitte.comBahamasBruce Knowles kbruce@deloitte.comBrazilAltair Rossato arossato@deloitte.comChileJuan Echeverria jecheverria@deloitte.comColombiaJuan Carlos Sanchez Nino jsancheznino@deloitte.comMexicoOmar Camacho ocamacho@deloitte.comVenezuelaIgnacio Rodriguez igrodriguez@deloitte.comAsia PaciicAsia Paciic Consumer Business LeaderYoshio Matsushita Deloitte Japan AustraliaAndrew Grifiths andgrifiths@deloitte.comChina/Hong KongEric Tang eritang@deloitte.comIndiaShyamak Tata shyamaktata@deloitte.comJapanYoshio Matsushita yomatsushita@deloitte.comKoreaJae Il Lee jaeillee@deloitte.comMalaysiaYoon Chong Yee ycyee@deloitte.comNew ZealandLisa Cruickshank R. Nisbet Lee Panichakul
2009 global powers of retailingFeeling the squeezeDeloitte Touche Tohmatsu (“Deloitte”), in conjunction with STORES Magazine, is pleased to present the 12th annual Global Powers of Retailing. This report identiies the 250 largest retailers around the world based on publicly available data for the companies’ iscal year 2007 (encompasses iscal years ended through June 2008). The report also provides an outlook for the global economy; an analysis of market capitalization in the retail industry; and a discussion of 10 major trends affecting retailers.Global powers of retailing top 250 highlightsRetail industry still riding high in 2007, but trouble brewingDuring the 2007 iscal period, there was a shift underway in the U.S. economy. It went from relatively strong growth, to deceleration, to a modest recession by early 2008. The proximate cause of this slowdown was the peak and then collapse of the U.S. housing market. Housing prices started to fall in late 2006. By the summer of 2007, the number of defaults and foreclosures on sub-prime mortgages had reached the point where they were having an impact on the value of mortgage-backed securities. The result was the beginning of the credit crunch in August 2007. The slowdown in housing market activity, followed by slower growth of consumer spending, led employment to stop growing by January 2008.On a global level, the economy was still growing nicely in 2007. Only in early 2008 did the U.S. inancial crisis begin to spill over into Western Europe. The impact was not felt in the Asia/Paciic region until mid-2008. As a result, consumer spending remained fairly robust in most of the world throughout iscal 2007, the inancial period covered in this report.Total retail sales for the Top 250 Global Powers of Retailing climbed to $3.62 trillion in 2007, up 11.4 percent from the prior year’s Top 250 total of $3.25 trillion. Much of the increase relected nominal sales growth. But part of the gain in the aggregate U.S. dollar-denominated sales igure relected the impact of a weaker dollar against many major currencies during 2007. And part is simply due to a change in the composition of the Top 250 group itself. Looking only at this year’s list of companies and factoring out currency movement, retail sales still increased at a healthy composite rate of 7.6 percent in 2007.Note: This is the irst year that the Global Powers of Retailing has used sales-weighted, currency-adjusted composite growth rates rather than simple arithmetic averages as the primary measure for understanding group results. (See methodology in box on page G36.), arithmetic averages also have been presented in some cases to facilitate comparisons with prior year results. In 2007, for example, the average increase in nominal retail sales for the Top 250 was 10.7 percent. This compares favorably with 9.2 percent in 2006 and 10.1 percent in 2005. But not every retailer enjoyed strong growth. While 36 of the Top 250 retailers saw sales drop in 2006, 44 experienced declining sales in 2007—a likely harbinger of things to come. In some cases, sales declines correlated to those companies that successfully divested parts of their business in order to focus on core operations. However, a disproportionate share included companies in the department store, apparel/footwear, and consumer electronics sectors. A wave of privatization in the retailing industry continued in 2007. As a result, net income/loss igures were available for only 178 of the Top 250 companies. Fourteen of those companies reported a net loss in 2007, double the number of unproitable companies on the 2006 Top 250 list. Nevertheless, the composite net proit margin for all reporting companies was a healthy 3.7%, while the average for the group was an even more robust 4.0%. This relects a trend of continuing improvement in retail proitability in recent years from an average 3.6% in 2006, 3.5% in 2005, and 2.7% in 2004.The average Top 250 company generated $14.5 billion in retail sales in 2007, up from $13 billion for the 2006 group. To become a member of this elite list required iscal 2007 retail sales of approximately $3 billion, up from $2.7 billion in 2006.Competition to be among the Top 250 is keen at the bottom of the list as most retailers are not mega-sized companies. Of the 250 largest, nearly two-thirds, or 163 companies, had retail sales of less than $10 billion in 2007. More than one-third (93 companies) had sales of less than $5 billion. Only 40 companies, or about one in six, had retail sales of $20 billion or greater.STORES / January 2009 G
Top 250 global retailers 234Carrefour S.A.Tesco plcMetro AGFranceUKGermany114,17794,74088,189112,60494,74087,5862002-Retail 2007 group  2007 retail  200sraalneks    Name of companyoCfo ournitgriyn  revenue* sales  n(etU .i7Sn .cg$ormomiul)ep*  Operational FormatsCountries of operationr2sea0tl0eai7sl   (FY 07)(U.S.$mil)(U.S.$mil)CAGR**1Wal-Mart Stores, Inc.U.S.378,799374,52613,137 Cash & Carry/Warehouse Argentina, Brazil, Canada, 10.3%Club, Discount Department China, Costa Rica, El Store, Hypermarket/Salvador, Guatemala, Supercenter/Superstore, Honduras, Japan, Mexico, Supermarket Nicaragua, Puerto Rico, UK, U.S.3,398 Cash & Carry/Warehouse  Algeria, Argentina, 3.6%Club, Convenience/Belgium, Brazil, China, Forecourt Store, Discount Colombia, Dominican Store, Hypermarket/Republic, Egypt, France, Supercenter/Superstore, French Polynesia, Greece, SupermarketGuadeloupe, Indonesia, Italy, Japan, Kuwait, Malaysia, Martinique, Oman, Poland, Portugal, Qatar, Reunion, Romania, Saudi Arabia, Singapore, Spain, Taiwan, Thailand, Tunisia, Turkey, Tunisia, UAE4,266 Convenience/Forecourt China, Czech Rep., Hungary, 12.4%Store, Department Store, Japan, Rep. of Ireland, Discount Department Malaysia, Poland, Slovakia, Store, Hypermarket/S. Korea, Thailand, Turkey, Supercenter/Superstore, UK, U.S.Supermarket1,347 Apparel/Footwear Austria, Belgium, Bulgaria, 4.6%Specialty, Cash & Carry/China, Croatia, Czech Rep., Warehouse  Denmark, France, Germany, Club, Department Store, Greece, Hungary, India, Electronics Specialty, Italy, Japan, Luxembourg, Hypermarket/Supercenter/Moldova, Morocco, Superstore, Other Netherlands, Pakistan, Specialty, SupermarketPoland, Portugal, Romania, Russia, Serbia, Slovakia, Spain, Sweden, Switzerland, Turkey, Ukraine, UK, Vietnam4,395 Home ImprovementCanada, China, Guam, 5.8%Mexico, Puerto Rico, U.S., Virgin Islands1,181 Convenience/Forecourt U.S.6.3%Store, Hypermarket/Supercenter/Superstore, Other Specialty, Supermarketn/aDiscount Store, Austria, Belgium, Bulgaria, 12.6%Hypermarket/Supercenter/Croatia, Czech Rep., SuperstoreDenmark, Finland, France, Germany, Greece, Hungary, Rep. of Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK2,849 Discount Department U.S.7.6%Store, Hypermarket/Supercenter/Superstore1,083 Cash & Carry/Warehouse Canada, Japan, Mexico, 10.7%ClubPuerto Rico, S. Korea, Taiwan, UK, U.S.56789The Home Depot, Inc.U.S.The Kroger Co.U.S.Schwarz Unternehmens GermanyTreuhand KGTarget Corp.U.S.Costco Wholesale Corp.U.S.G STORES / January 200977,34970,23569,346e63,36764,40077,34970,23569,346e63,36763,088* Group sales and income/loss may include results from non-retail operations.n/a = not available**CAGR = Compound Annual Growth Ratene = not in existence (created by merger or divestiture)Name after forward slash is retail segment of parent company. e= estimate
Top 250 global retailers 11Walgreen Co.U.S.12Rewe-Zentral AGGermany13Sears Holdings Corp.U.S.14Groupe Auchan SAFrance53,76261,82050,70350,32753,76251,929e50,70349,2952002-Rsraealtneaksil     Name foCfo ournigtriy  2r0e0v7e ngruoeu* p  200sa7l erest  ail  2007 group 2007 o companynnet income* Operational FormatsCountries of operationretail (U.S.$mil)sales (FY 07)(U.S.$mil)(U.S.$mil)CAGR**10Aldi GmbH & Co. oHGGermany58,487e58,487en/aDiscount Store, Australia, Austria, Belgium, 4.3%SupermarketDenmark, France, Germany, Rep. of Ireland, Luxembourg, Netherlands, Portugal, Slovenia, Spain, Switzerland, UK, U.S.2,041 Drug Store/PharmacyPuerto Rico, U.S.13.4%n/aCash & Carry/Warehouse Austria, Bulgaria, Croatia, 2.8%Club, Discount Store, Czech Rep., France, Drug Store/Pharmacy, Germany, Hungary, Italy, Electronics Specialty, Poland, Romania, Russia, Home Improvement, Slovakia, Switzerland, Hypermarket/Supercenter/UkraineSuperstore, Other Specialty, Supermarket902 Apparel/Footwear Canada, Guam, Puerto Rico, 10.5%Specialty, Department U.S., Virgin IslandsStore, Discount Department Store, Home Improvement, Hypermarket/Supercenter/Superstore, Non-Store, Other Specialty 1,339 Discount Store, Electronics China, France, Hungary, 5.5%Specialty, Hypermarket/Italy, Luxembourg, Poland, Supercenter/Superstore,  Portugal, Romania, Russia, Other Specialty, Spain, TaiwanSupermarket2,809 Home ImprovementCanada, U.S.12.8%1,205 Apparel/Footwear Canada, China, Japan, U.S.neSpecialty, Convenience/Forecourt Store, Department Store, Hypermarket/Supercenter/Superstore, Other Specialty, Supermarket2,637 Drug Store/PharmacyU.S.14.4%n/aConvenience/Forecourt France, Italy, Poland, 4.5%Store, Discount Store, Portugal, Slovenia, SpainHome Improvement, Hypermarket/Supercenter/Superstore, Other Specialty, Supermarketn/aCash & Carry/Warehouse  Austria, Denmark, Germany5.6%Club, Convenience/Forecourt Store, Discount Store, Electronics Specialty, Home Improvement, Hypermarket/Supercenter/Superstore, Other Specialty, Supermarket888 SupermarketCanada, U.S.15Lowes Companies, Inc.U.S.16Seven & I Holdings  JapanCo., Ltd.17CVS Caremark Corp.U.S.18Centres Distributeurs  FranceE. Leclerc19Edeka Zentrale AG & GermanyCo. KG20Safeway, Inc.U.S.48,28349,81676,33044,68646,468e42,28648,28347,89145,08744,68644,609e42,286* Group sales and income/loss may include results from non-retail operations.n/a = not available**CAGR = Compound Annual Growth Ratene = not in existence (created by merger or divestiture)Name after forward slash is retail segment of parent company. e= estimate5.5%STORES / January 2009 G
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