WASHINGTON—The National Retail Federation (NRF), in partnership with Kantar, has released its 2025 Top 50 Global Retailers list. The list reveals that Walmart once again leads the global pack, maintaining its position as the world’s largest retailer for yet another year.
The list, unveiled on April 17, ranks international retail giants based on their global revenue for 2024. According to Mark Mathews, NRF’s Executive Director of Research, the latest rankings highlight a year of resilience and adaptation in the retail sector.
“The retail industry experienced continued growth in 2024 as consumer spending remained high despite numerous market uncertainties throughout the year,” NRF Executive Director of Research Mark Mathews said. “This year’s Top 50 Global Retailers is comprised of a diverse list of companies that resonate with consumers across the globe.”
Top 10 retailers remain unchanged
The Top 10 ranking mirrors last year’s list, with Amazon holding on to second place, followed by Schwarz Group, Aldi, Costco Wholesale, Ahold Delhaize, Carrefour, Seven & I, IKEA, and The Home Depot.
Walmart’s continued dominance is attributed to its expansion in ecommerce and a revamped fulfillment model, signaling a shift in how traditional retailers are adapting to an increasingly hybrid shopping environment.
Stabilization After Uncertainty
David Marcotte, Kantar’s Senior Vice President of Global Insights and Technology, noted that the 2024 retail landscape saw a return to stability after years of disruption.
“This year’s Top 50 Global Retailers list reflects a year in which most market uncertainties stabilized.” Kantar Senior Vice President of Global Insights and Technology David Marcotte said. “Throughout the year, global retailers engaged in mergers, acquisitions and infrastructure investments. Around the world, ecommerce sales slowed as more shoppers returned to stores and shopping centers. Supply chain costs moderated, and wages continued to rise in most countries.”
One key trend highlighted in the report is the slowdown in ecommerce growth, as more consumers returned to brick-and-mortar stores and shopping centers. This suggests a recalibration of digital and physical retail strategies.
A global footprint
To be included in the Top 50, retailers must have direct investments in at least three countries, ensuring the list reflects businesses with a global presence. Rankings are determined using a point-based system that considers domestic and international retail revenues.
Retail observers and professionals can explore the full rankings, methodology, and detailed insights on the NRF website, including Kantar’s breakdown of how the top-performing companies are innovating to stay ahead in a competitive and evolving market.
