The National Retail Federation (NRF) and Kantar have released the 2025 Top 50 Global Retailers list. The report confirms Walmart and Amazon as the world’s most dominant retail forces, while highlighting the rising influence of emerging-market leaders such as Reliance and Lulu Group.

The 2025 Global Top 50

Ranked by a system evaluating international and domestic retail impact, the Top 10 is led by U.S. and European giants:

Rank Retailer Home Country Revenue ($B) Stores Points
1WalmartUSA$69210,816509
2Amazon.comUSA$422620397
3Schwarz GroupGermany$18914,667294
4AldiGermany$16614,215271
5CostcoUSA$266915233
6Ahold DelhaizeNetherlands$1039,937171
7CarrefourFrance$9313,318132
8IKEANetherlands$4948695
9Home DepotUSA$1622,36294
10Walgreens Boots AllianceUSA$12711,60585
11Seven & IJapan$6638,49177
12ReweGermany$7312,45169
13Jeronimo MartinsPortugal$407,07568
14AS WatsonHong Kong$3815,56966
15AppleUSA$8553160
16InditexSpain$425,33659
17Metro AGGermany$317,23954
18TescoUK$734,90650
19TJXUSA$595,24049
20AlibabaChina$7645746
21AeonJapan$7011,04241
22H&MSweden$203,86738
23AuchanFrance$322,28337
24IntermarcheFrance$494,08836
25Coop SchweizSwitzerland$353,16635
26AspiagSwitzerland$172,45635
27Fast RetailingJapan$243,54433
28Sephora (LVMH)France$182,17233
29Couche-TardCanada$1813,29132
30LeclercFrance$512,00630
31CeconomyGermany$2397529
32Adeo GroupFrance$231,03229
33DecathlonFrance$171,85327
34ActionNetherlands$173,33627
35Euronics InternationalNetherlands$134,11026
36Best BuyUSA$421,10326
37JD SportsUK$146,00423
38CencosudChile$171,26422
39CP AllThailand$3118,58921
40KingfisherUK$161,68620
41FamilyMartJapan$2624,95520
42lululemonCanada$1076520
43dm drogerie marktGermany$204,18919
44PrimarkUK$1346318
45PhoenixGermany$94,33618
46ExpertSwitzerland$91,81617
47RelianceIndia$334,68217
48MigrosSwitzerland$282,58016
49FalabellaChile$1253416
50Lulu GroupUAE$1031316

Key Market Dynamics

  • The Dominance of Food & Mass Merch: Over 60% of the top 10 positions are held by grocery-focused retailers (Schwarz, Aldi, Ahold Delhaize, Carrefour), underscoring the resilience of essential retail.
  • Asian Growth Hubs: The inclusion of Reliance (India), CP All (Thailand), and Lulu Group (UAE) reflects the shift of retail density toward high-growth, mobile-first economies.
  • German Expansion: Germany remains the most successful international exporter of retail formats, with Schwarz Group and Aldi holding massive store counts across multiple continents.

Key Market Insights

  • Growth in Asia: India’s Reliance (#47) and Thailand’s CP All (#39) represent significant shifts in regional density and in the scaling of digital infrastructure.
  • Germaan Dominance: Four German retailers rank among the Top 20, driven by the aggressive global expansion of discounters such as Lidl and Aldi.
  • Global Hubs: The UAE’s Lulu Group (#50) makes a notable entry, underscoring the Middle East’s growing role in international trade.

Ranking Methodology

To minimize currency distortion, Kantar converts local revenues to U.S. dollars via the IMF rates database. Eligibility requires:

  • Direct retail investment in at least three countries.
  • At least one operation in a non-adjacent country to the home market.
  • A primary focus on goods for consumer resale.

Source: National Retail Federation (NRF) and Kantar Retail IQ, 2025/2026 Analysis.

As retail continues to evolve across markets, the ideas shaping its future are increasingly being defined through global industry dialogue. Retail World Forum & Awards brings together senior retail leaders, technology innovators, and ecosystem stakeholders across high-growth markets to explore the strategies and innovations driving modern commerce—alongside a global awards platform. To partner, speak or attend log on to retailworldforum.com