Top 25 global retailers post 7.1% revenue growth despite economic woes
GlobalData linked this to the pandemic-driven shift in shopping habits.
The top 25 retailers across the globe attained a 7.1% year-on-year revenue growth to $3.5t in 2022, GlobalData reported.
This is linked to the pandemic-driven shift in shopping habits online, the report noted.
“Home improvement and pharmaceutical retailers experienced notable advantages due to lockdown restrictions in 2022,”
“Major online retailers such as Amazon, JD.com, and Alibaba gained a compound annual growth rate CAGR of above 20% in revenue during 2018-2022.”
The report added that amongst the leading retailers, Alimentation Couche-Tard, Seven & i, Costco, and CVS Health posted double-digit revenue growth.
Alimentation Couche-Tard in particular, registered a 37.3% revenue growth and 5.1% CAGR between 2018 and 2022.
Jayamaran noted this is primarily driven by higher road transportation fuel selling prices and the positive impact of foreign exchange rates.
Seven & i recorded a 35% YoY growth in revenue, whilst Costco and CVS Health saw a 15.8% and 10.4% YoY revenue growth in 2022, respectively.