Retail Sector Industry Profile

Companies in this sector sell a wide range of products to consumers and businesses, from food and apparel to hardware, household goods, and office supplies. Major companies include Costco, Kroger, and Walmart (all based in the US); as well as ALDI and Schwarz Gruppe (Germany); Carrefour (France); and Tesco (UK).

Global retail sales (online and offline retail) amounted to about $29 trillion in 2024, according to Statista. The US, Europe, and Middle East Asia Australia is expected to lead retail revenue growth, according to Deloitte Global Retail Outlook 2024 report.

The US retail industry includes about 1 million outlets with combined annual revenue of about $5 trillion. The industry includes auto dealers and internet and catalog retailers, but generally excludes food and drinking establishments, such as restaurants and bars.

COMPETITIVE LANDSCAPE

The internet and increasing consumer connectivity are transforming the retail sector, with physical stores losing market share to online operators. Even segments once assumed to be relatively safe from online competition, such as grocery and auto parts retail, are facing increasing competition from e-tailers (especially Amazon) and reimagining their businesses in response. The US industry is fragmented; the 50 largest companies account for about 40% of revenue.

Worldwide retail e-commerce sales are estimated to exceed $4.1 trillion in 2024, according to Statista. Per recent industry calculations, Turkey will rank first among 20 countries worldwide in retail e-commerce development between 2024 and ...