Each year, the National Retail Federation (NRF) publishes its ranking of the world’s most powerful retailers. This list is based primarily on revenue from the previous fiscal year but also takes into account factors such as the number of franchises and strategic alliances outside the home market, as well as performance across digital sales channels.
The 2025 edition has just been released. The top 10 is once again dominated by American, Japanese, and European players — with a notable French company ranking seventh.
The M&A experts at AURIS Finance present the 10 most influential global retailers:
Walmart
Another year at the top for Walmart. After a record-breaking $648 billion in revenue in 2023, the American giant posted $681 billion in 2024 — a 5% increase. Founded in the 1960s, Walmart remains the world’s leading retailer by revenue.
Amazon
The e-commerce and digital powerhouse holds steady in second place. Amazon recorded an 11% year-on-year increase in revenue, reaching $638 billion in 2024. In a symbolic milestone, the company even surpassed Walmart’s quarterly revenue in Q4 2023. Could Amazon overtake Walmart as the world’s number one retailer?
Schwarz Group
While the group name may be unfamiliar, its flagship brand — Lidl — is well-known to European consumers. Thanks to its aggressive low-price strategy, the German group ranks third globally with annual revenue of $182 billion.
Aldi
Another German discount specialist, Aldi ranks fourth among the world’s top retailers.
Costco
Costco Wholesale Corporation is a U.S.-based membership-only retailer. Once enrolled, both consumers and businesses gain access to discounted food and non-food products. While its European presence is limited, Costco maintains a strong footprint in the United States.
Ahold Delhaize
The Belgian-Dutch group was formed in 2016 following the merger of Ahold and Delhaize. In 2024, it reported revenues of $99 billion.
Carrefour
The French giant ranks as the world’s seventh-largest retailer, significantly ahead of other French players: Auchan (23rd), Intermarché (26th), and Leclerc (31st). Casino, which ranked 15th in 2024, is no longer in the top 50 following the sale of a large portion of its store network.
Note: Decathlon, the French sporting goods retailer, appears at No. 33 in this year’s ranking.
Seven and I
Best known for its 7-Eleven convenience stores, the Japanese group continues to attract attention. Canadian group Couche-Tard — ranked 27th — recently made an acquisition offer, after previously attempting (unsuccessfully) to acquire Carrefour. The founding family of Seven and I is currently working to fend off these takeover efforts.
Ikea
The Swedish furniture giant had a more challenging year in 2024 compared to the previous one, when it quintupled its net profit. As a global leader in home furnishings — and still one of France’s favorite retailers — Ikea is currently reviewing its strategy to lower prices in response to declining household spending.
The Home Depot
The world leader in home improvement retail, The Home Depot operates over 2,300 stores, primarily in the United States, Canada, and Mexico. The group reported $155 billion in revenue in 2024.
What’s next ?
These ten retailers are expected to remain key players on the global stage. However, new consolidations could shift the landscape. The COVID-19 pandemic underscored the urgency of digital transformation in the retail sector. In the years ahead, a growing divide may emerge between retailers that have successfully transitioned to digital operations and those clinging to more traditional models.
