WASHINGTON — The National Retail Federation (NRF) today released its annual Top 100 Retailers list, compiled in partnership with Kantar, revealing a largely familiar hierarchy of U.S. retail giants while spotlighting emerging shifts in consumer spending and sector performance.
At the top of the list, Walmart once again claimed the No. 1 position with U.S. retail sales reaching $568.70 billion in 2024, a 7% increase year-over-year. Amazon retained its second-place standing with $273.66 billion in U.S. retail revenue, followed by Costco Wholesale at $183.05 billion, The Kroger Co. at $150.79 billion, and The Home Depot at $148.21 billion.
“Walmart’s continued strength reflects not just its scale but its adaptability in a complex and evolving marketplace,” said Mark Mathews, NRF’s Executive Director of Research. “This year’s Top 100 Retailers represent a diverse group of businesses that have responded to economic uncertainty and shifting customer priorities with innovation and resilience.”
While the top 13 companies on the list remained the same as in 2024, some reshuffling occurred. Walgreens Boots Alliance moved up to No. 7, nudging Target down to No. 8. Kantar’s David Marcotte noted that year-over-year continuity at the top underscores the market dominance of large-format retailers and vertically integrated omnichannel players.
“Much like recent years, you could take last year’s list and just flip it over,” said Marcotte, senior vice president of global insights and technology at Kantar. “That said, the movements we do see reflect the pressures of trade dynamics, shifting consumer habits, and sector-specific headwinds.”
One sector under pressure is the drug store channel. Analysts point to declining front-of-store sales and a normalization of post-pandemic health service revenue as key factors in the trade class' decline.
Pet retailers are also experiencing turbulence. With pet ownership stabilizing after a pandemic-era boom, both PetSmartand Petco posted flat or declining metrics. PetSmart, ranked No. 52, saw a modest 1% uptick in U.S. retail sales alongside a 3% decrease in store count. Petco, at No. 75, recorded a 2% drop in both U.S. sales and stores.
The Top 100 Retailers list is based on annual U.S. retail sales over the past 52 or 53 weeks and includes both public and private companies across all retail formats. In most cases, only U.S. revenue is considered for ranking purposes.
As inflationary pressures persist and consumer priorities evolve, retailers across sectors are working to deepen loyalty, personalize experiences, and unlock value across digital and physical touchpoints. According to NRF, these strategic pivots will continue to shape the landscape into 2026.
The full 2025 Top 100 Retailers list, along with methodology details and related insights—including the 2025 Top 50 Global Retailers and 2024 Hot 25 Retailers lists—can be viewed at nrf.com.
