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 |
|---|---|---|---|---|---|
| 1 | Walmart | USA | $692 | 10,816 | 509 |
| 2 | Amazon.com | USA | $422 | 620 | 397 |
| 3 | Schwarz Group | Germany | $189 | 14,667 | 294 |
| 4 | Aldi | Germany | $166 | 14,215 | 271 |
| 5 | Costco | USA | $266 | 915 | 233 |
| 6 | Ahold Delhaize | Netherlands | $103 | 9,937 | 171 |
| 7 | Carrefour | France | $93 | 13,318 | 132 |
| 8 | IKEA | Netherlands | $49 | 486 | 95 |
| 9 | Home Depot | USA | $162 | 2,362 | 94 |
| 10 | Walgreens Boots Alliance | USA | $127 | 11,605 | 85 |
| 11 | Seven & I | Japan | $66 | 38,491 | 77 |
| 12 | Rewe | Germany | $73 | 12,451 | 69 |
| 13 | Jeronimo Martins | Portugal | $40 | 7,075 | 68 |
| 14 | AS Watson | Hong Kong | $38 | 15,569 | 66 |
| 15 | Apple | USA | $85 | 531 | 60 |
| 16 | Inditex | Spain | $42 | 5,336 | 59 |
| 17 | Metro AG | Germany | $31 | 7,239 | 54 |
| 18 | Tesco | UK | $73 | 4,906 | 50 |
| 19 | TJX | USA | $59 | 5,240 | 49 |
| 20 | Alibaba | China | $76 | 457 | 46 |
| 21 | Aeon | Japan | $70 | 11,042 | 41 |
| 22 | H&M | Sweden | $20 | 3,867 | 38 |
| 23 | Auchan | France | $32 | 2,283 | 37 |
| 24 | Intermarche | France | $49 | 4,088 | 36 |
| 25 | Coop Schweiz | Switzerland | $35 | 3,166 | 35 |
| 26 | Aspiag | Switzerland | $17 | 2,456 | 35 |
| 27 | Fast Retailing | Japan | $24 | 3,544 | 33 |
| 28 | Sephora (LVMH) | France | $18 | 2,172 | 33 |
| 29 | Couche-Tard | Canada | $18 | 13,291 | 32 |
| 30 | Leclerc | France | $51 | 2,006 | 30 |
| 31 | Ceconomy | Germany | $23 | 975 | 29 |
| 32 | Adeo Group | France | $23 | 1,032 | 29 |
| 33 | Decathlon | France | $17 | 1,853 | 27 |
| 34 | Action | Netherlands | $17 | 3,336 | 27 |
| 35 | Euronics International | Netherlands | $13 | 4,110 | 26 |
| 36 | Best Buy | USA | $42 | 1,103 | 26 |
| 37 | JD Sports | UK | $14 | 6,004 | 23 |
| 38 | Cencosud | Chile | $17 | 1,264 | 22 |
| 39 | CP All | Thailand | $31 | 18,589 | 21 |
| 40 | Kingfisher | UK | $16 | 1,686 | 20 |
| 41 | FamilyMart | Japan | $26 | 24,955 | 20 |
| 42 | lululemon | Canada | $10 | 765 | 20 |
| 43 | dm drogerie markt | Germany | $20 | 4,189 | 19 |
| 44 | Primark | UK | $13 | 463 | 18 |
| 45 | Phoenix | Germany | $9 | 4,336 | 18 |
| 46 | Expert | Switzerland | $9 | 1,816 | 17 |
| 47 | Reliance | India | $33 | 4,682 | 17 |
| 48 | Migros | Switzerland | $28 | 2,580 | 16 |
| 49 | Falabella | Chile | $12 | 534 | 16 |
| 50 | Lulu Group | UAE | $10 | 313 | 16 |
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.
- German 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.
