A look at 2026’s Top 50 Global Retailers

NRF's Top 50 Global Retailers, compiled by Kantar, is a fresh look at the 50 most impactful international retailers based on their operations from the start of 2025.

The 2026 list of the Top 50 Global Retailers reflects a year that started quietly but quickly grew more challenging due to U.S. policy shifts and rapidly changing tariffs on almost all goods. 

Volatility in key commodity costs, product availability and trade patterns forced global manufacturers and retailers to make quick strategic pivots. Reciprocal tariffs imposed by U.S. trading partners compounded supply chain volatility.  

Beyond the tariff turmoil, a surge in cybercrime targeting large logistics and procurement systems also disrupted supply chains in 2025. Where retailers have taken measures to subside in-store crime, criminal groups evolved and cargo theft surged. 

The difference was that old-style holdups gave way to large-scale cyber hacks of logistics programs that involved criminals locating valuable loads and creating a bogus chain of documentation to pick them up. Enterprise operations systems at U.K., U.S. and European grocery retailers were compromised by a group of attackers under the age of 20, illustrating how the tools and methods to carry out such attacks no longer require years of experience. 

Mergers and acquisitions slowed considerably in 2025 relative to 2024. One of the largest — the long courtship of Canada’s Alimentation Couche-Tard for Japan’s Seven & I Holdings — was called off midyear. China’s JD.com spent 2025 trying to gain a minority stake in the German-French company Fnac Darty, but did not finalize the deal by year’s end. 

The year brought a number of prominent leadership changes. In November 2025, Doug McMillon announced his retirement after 12 transformative years as CEO of global leader Walmart. He was succeeded in February 2026 by Walmart U.S. CEO John Furner. In August 2025, Target CEO Brian Cornell announced his retirement after 11 years at the helm, with CFO Michael Fiddelke succeeding him in February 2026. In August 2025, Sycamore Partners completed its acquisition of Walgreens Boots Alliance and tapped Mike Motz, former CEO of Staples U.S. Retail and former president of Canada’s Shoppers Drug Mart, to lead Walgreens as a private, stand-alone company. In addition, The Fresh Market grocery chain, owned by Chile’s Cencosud, named Brian Johnson as its new CEO. 

The surge in global tourism seen earlier in 2025 moderated toward the end of the year, but still boosted convenience store traffic in a number of Asian and European countries. Japan stood out for the influx of visitors who sampled the unique food at its convenience stores and bought souvenirs at its discount retailers. At the end of 2025, a political dispute with China caused a double-digit drop in Chinese tourism to Japan. A similar boom-to-bust cycle also played out in the United States after the tariffs were announced. 

Online retail continued to grow during the year with new tools to meet shopper needs. Quick commerce spread beyond Asia to most urban and many suburban markets worldwide. Many pure-play and omnichannel retailers rapidly expanded their offerings through marketplaces. The expansion of financial technology by technology-based retailers like Alibaba, Mercado Libre and India’s PhonePe has brought online shopping to consumers without access to commercial credit. Large multichannel retailers such as Walmart, Oxxo, Carrefour and Falabella expanded their own fintech efforts as well. 

Unlike in other industries, generative AI did not impact labor at most retail companies but did help improve marketing and retail media. Paired with machine-learning software, GenAI has made outbound logistics and inbound return handling more accurate. It has also improved self-checkout accuracy and brought about more deployments of visual checkouts in corporate and travel retail. 

Most retailers ran limited experiments with large language models. Actual implementations were restricted to smaller internal data sets combined with edge computing to improve operational monitoring. This contributed to more retailers using robots to improve store conditions and stock levels. 

In terms of channel performance, small discount grocery performed better globally than large hypermarts. Carrefour expanded its smaller discount grocery banner in most markets, and Walmart continued to open smaller formats outside the U.S. and Canada. In addition, Aldi and Schwarz Group sustained their global growth thanks to their smaller discount grocery stores. 

Exceptions to this trend were lifestyle-focused retailers in the club and home improvement channels, which continued to thrive in middle-class markets. Key examples were Costco, Ikea and The Home Depot, all of which ranked in the Top 10.

Rankings and methodology

Any comparison of retailers operating in multiple countries is made difficult by currency exchange rates. In addition, retailer rankings are normally created using reported consolidated revenues, which dilute the impact that joint ventures, franchises and marketplaces can have on helping retailers take their operations international. In addition, most retailers generate most of their sales from domestic operations, which may result in a large global valuation without an international presence. 

Kantar has worked with NRF to produce this ranking of the Top 50 Global Retailers that seeks to maximize discussion, debate, education and exploration opportunities. 

Kantar’s ranking methodology uses a system that awards points to retailers based on their domestic and international retail revenues. To qualify for the ranking, retailers need a direct investment in at least three countries. 

In alignment with Kantar’s Retail IQ methodology, only retail-specific revenues determined ranking points even as the largest global retailers expand outside of retail revenues. For example, revenue from a retail media network (e.g., Amazon Web Services) would not be considered retail-specific revenue. This approach allows retail operations to be clearly compared across different business models. 

Most retailers in Kantar’s scope of coverage operate in the food, drug and mass merchandise channels. To offer users a robust view of global retail trends, Kantar also covers retail leaders across all channels globally, but not exhaustively. 

Keeping within these guidelines, Walmart once again ranked as the world’s largest retailer, both domestically and internationally, with continued expansion and integration of its online marketplace and fulfillment model in all U.S. and global divisions. Within the Top 50, Walmart competes with Amazon, Schwarz Group, Aldi, Costco and Ikea, all of which are tapping new markets for value retailing. Seven & I Holdings moved down three places and out of the Top 10 after selling its department store holdings in Japan.

1. Walmart 

Walmart grew across all functions and international markets in 2025, reinforcing its position as the largest global retailer. In the U.S., it steadily remodeled its Supercenter base, while making significant investments in its international operations. Chile and South Africa received new funds for market expansion, and China had a strong year with nearly 350 stores and Sam’s Club warehouses operating as well as the launch of a small urban format and new online apps and features. 

The company continued to expand its digital services, Walmart+ membership program and Walmart Connect retail media network in all markets, supported by a strong IT department. These nonretail services are not included in Kantar’s calculations; however, they have become reliable revenue streams for the company overall. In addition, Walmart’s flexible payment and fulfillment options and budget management tools have made online shopping more accessible to lower-income shoppers globally. At the same time, Walmart’s broad and value-priced marketplace has attracted higher-income shoppers. 

2. Amazon 

Whereas Amazon Web Services and its fulfillment and logistics services provide highly profitable growth that drives investment in its retail group, the Global Top 50 by Kantar counts only retail sales, not overall organizational revenue. By that measure, Amazon is still second, behind Walmart. 

Amazon continued to grow as a complex and integrated company operating in most global online markets. While its retail businesses have fallen to account for 40% of overall revenue, their growth still outpaces overall retail industry growth. Amazon’s third-party marketplace is well integrated into the retailer’s full retail site and expanded in the U.S. market despite heavy tariffs on Chinese imports. AWS is the company’s fastest-growing business, and dominates share of net revenue due to its high margins. In physical retail, Amazon operates 540 Whole Foods Market stores and had opened 70 new Amazon Fresh stores in the United States by the end of 2025. 

3. Schwarz Group 

Home delivery drove much of Schwarz Group’s growth in 2025, supported by in-store innovations and new banners that expanded fulfillment. Its Lidl banner remained a major disrupter in the United Kingdom, while Kaufland reinforced value channel marketing and pricing across global markets. In the U.S., Lidl rapidly opened new stores in East Coast cities and suburbs. Revenue also increased at the group’s PreZero environmental division that specializes in waste management, recycling and the circular economy. 

Schwarz Group’s stable and predictable finances have appealed to investors and supported store growth, store remodels, online penetration and fulfillment capabilities in the retailer’s core European markets. Supply chain and SKU optimization efforts have unlocked new areas of investment, particularly in ecommerce and home delivery. 

4. Aldi 

Aldi’s two divisions — Aldi Süd and Aldi Nord — continued to pursue rapid expansion outside their European home markets in 2025, with the U.S., U.K. and Australia the focus for investments and innovation. While the retailer has not publicly disclosed plans to enter Canada or Latin America, it is always eyeing new global markets. In China, the retailer’s small urban format continued to perform well by resonating with price-sensitive shoppers. 

In all markets, dramatically improved new and remodeled stores drew new shoppers. In addition, Aldi’s Trader Joe’s banner in the U.S. has become a strong player in the natural foods and wellness market on its way to posting $25 billion in annual sales. Successfully exporting this format to other markets could result in explosive growth. 

5. Costco 

Costco’s ability to provide middle-class shoppers with a high-value experience has resulted in incremental growth in all markets where the retailer operates. That strength has made Costco the third-largest retailer in the U.S. and the second-largest retailer in Canada. Much of that growth has resulted from shoppers relying on the club less for classic bulk shopping trips and more for weekly grocery trips with extras. In China, new clubs have generated major excitement from the country’s expanding middle class, prompting plans for more warehouses there. Costco’s Kirkland Signature private label is, by many measures, the largest private label in the world. 

Costco’s relatively simple business model, supported by skilled and knowledgeable workers who remain with the company for decades, enables Costco to execute consistent product and service standards internationally and retain over 90% of members in every country in which it operates. Its low SKU count and high product rotation have worked in its favor, given international inventory requirements. While Costco’s business generally centers on in-club shopping, the retailer has been expanding online sales incrementally. 

6. Ahold Delhaize 

Operating as a unified company in the U.S., Ahold of the Netherlands and Delhaize of Belgium improved companywide revenue while refreshing and growing their small store network in Europe. The global company has expanded digital tools for shoppers and refined its omnichannel fulfillment capabilities to meet market needs. 

The European Ahold chain’s physical store branding continues to receive global awards for excellence, especially its small urban formats. Its value banners have been an integral part of the retailer’s ongoing growth in the U.S. and Europe with an improved in-store experience, stronger shopper messaging and better-integrated loyalty apps. Own-label improvements continue to drive incremental sales in the U.S., along with home delivery in most locations. 

7. Carrefour 

Carrefour continued to rebalance its European operations by investing more in its home markets to generate new sales. Overall, the company has prioritized its grocery and online formats over its hypermart formats. Its highly successful “atacado” cash-and-carry format continued to drive growth in Brazil and Latin America, Carrefour’s largest market overall. The format contributed close to 30% of total revenue and operating margin. Carrefour launched the format in France in 2024 with a franchise partner that has since opened 20 more locations in northwest Africa. In Europe, Carrefour’s growth has come mainly from online retail and greater volume from its small express pantry stores. 

Carrefour continued to expand its retail media capabilities under the name Unlimitail in partnership with Publicis Groupe. In addition, it has been growing its profile in consumer services with its Carrefour Location vehicle rental network and Carrefour Voyages travel agency. These deployments mark the activation of a high-potential media ecosystem designed to offer brands new communication environments. 

8. Ikea 

Ikea continued to expand in markets where it already operates, leveraging smaller formats and mixed-use real estate where it locates stores on the bottom floors. It also opened in New Zealand at the end of 2025. In the Americas, it added locations in Mexico and Chile and is expected to open in Panama and Costa Rica in 2026. Growth of its smaller-format store has been incremental so far and has not cannibalized larger stores nearby. 

In all markets where it operates, Ikea focuses on shoppers in transition: young adults moving into their first apartments, newlyweds, parents and older homeowners transitioning to new housing. Ikea constantly evaluates where it sources components for its goods, which makes it well-positioned to manage tariff changes. 

9. The Home Depot 

The Home Depot, the largest home improvement retailer in the U.S., Canada and Mexico, posted slower growth in 2025, reflecting softness in the U.S. and Canadian housing markets and partially offset by overall growth in Mexico. The retailer continued to leverage close relations with professional contractors to mitigate variability in DIY sales, especially during periods of extreme weather.  

Unlike other retailers, The Home Depot offers a loyalty program exclusively for pros as well as a range of financial tools and education resources online to help them manage and grow their businesses. The retailer’s industry-leading in-store geolocation capability expands baskets with search-related recommendations. Furthermore, its omnichannel options directly connect small and large project needs to the most appropriate fulfillment method for the shopper. 

10. Walgreens Boots Alliance 

The international health and wellness company moved up to the 10th position with strong revenue growth from its U.K. operations. In the U.S., it has partly addressed the long-term pharmacist shortage by moving to large-scale automated pharmacy fulfillment centers that fill online orders and high-volume prescription requests from stores. In the U.K., Boots posted another year of strong front-store business and also expanded its cosmetics and wellness private labels. The full company’s leveraged buyout by Sycamore Partners in August 2025 will usher in changes worth tracking in 2026. 

Other noteworthy trends

Changes in the Top 50 ranking highlighted growth — and pressure — among specific banners, channels and regions. 

Lifestyle sports retailers gained traction in 2025. One standout was a new entry to the list, JD Sports. The U.K.-based company operates a hybrid model spanning apparel retail, athletic equipment and gyms under banners including JD, Finish Line, Size?, Footpatrol, Shoe Palace, DTLR and Sprinter. Its acquisitions of Hibbett in the U.S. and Courir in Europe broadened its global presence. French-based Decathlon also maintained its growth. In contrast, Euronics International slipped in the ranking despite adding stores. 

Retail dynamics in Latin America also stood out. Carrefour continued strong in the region in contrast to Chile-based Falabella and Cencosud, the region’s two major players. Both faced weakness in their large-format hypermarts and department stores, and lagging online growth relative to Mercado Libre, the region’s dominant online retail and finance company. In Mexico, Falabella opened new Sodimac Homecenter stores, while in the U.S., Cencosud’s The Fresh Market upscale grocery chain grew steadily. 

The downward cycle in consumer electronics was also evident in 2025, with mature product lines and little innovation to drive incremental growth. In Europe, this was reflected in JD.com’s planned acquisition of Ceconomy and its MediaMarkt and Saturn banners, as well as the down year from Switzerland’s Expert International. And while Best Buy continued to post balanced financials, it made the decision to downsize or close large stores to better align with consumer demand. 

Discounters again moved up the global ranking, including the Netherlands-based Action, which operates stores across Europe in a broad range of footprints. Jeronimo Martins sustained growth through its discount banners Biedronka in Poland and Ara in Colombia as it grew in its home market of Portugal. Convenience retailers delivered more mixed results. Aspiag continued to expand its SPAR small-format stores in the Middle East and Africa, but Japan’s FamilyMart and Canada’s Couche-Tard posted uneven growth in their home markets. 

One of the more notable entries to this year’s list was India’s Reliance Industries, a company to watch closely. India’s complex laws governing chain retail have frustrated many other retail companies that have tried to gain a foothold in this huge market. However, Reliance has a long history of working closely with the government. It has leveraged that broad engagement to grow its mix of apparel, food, and general merchandising banners across the country, propelling it into the Top 50.