Episode 4 of 10: Regional Revenue Profiles
The top 100 landscape is heavily concentrated geographically, with North American and European retailers accounting for over 87% of total revenues from 72 of the top 100 companies. This dominance is not just about store counts; it is a reflection of the massive average revenue per retailer in these developed markets.
Note: All regional data is based on the head office location of the top 100 retailers.
The Dominant Regions
- North America: Remains the dominant region, holding a 46% share of top 100 revenues (from 24 retailers in the top 100). It is characterized by massive scale, with an average retailer revenue of $69.6bn—more than double the European average. Growth in the region was 3.4% in USD and 4.2% in constant-currency terms.
- Europe: Holding a 41.3% share, Europe's retail landscape is more fragmented, with regional revenues split across 48 top 100 retailers. This relative fragmentation is a key driver of lower average financial performance compared to North America. While the region’s revenue share in USD terms declined slightly due to currency headwinds, constant-currency growth was robust at 5.1%.
Growth in Diversified Markets
- Asia Pacific (APAC): APAC represents 9.8% of top 100 revenue. While retailers are smaller on average than those in North America or Europe, the region’s 19 retailers represent a strong platform for future share gains, supported by underlying growth dynamics.
- Latin America (Latam): While holding only a 1.9% share, Latam delivered the highest average constant-currency growth at 9.3%.
- Africa & Middle East (AME): The smallest region (1.1% share) posted the strongest USD growth at 10.2%.
Top 5 Country Revenue Powerhouses
Beyond regional blocks, five specific countries account for almost three-quarters of all top 100 revenues.
- United States: The clear leader, with 20 retailers generating $1.57 trillion and 43.3% of total top 100 revenue share.
- Germany: 6 retailers accounting for 13.5% share ($492bn).
- France: 6 retailers with a 7.6% share ($276bn).
- United Kingdom: 7 retailers representing a 5.6% share ($204bn).
- Japan: 3 retailers making up a 3% share ($110bn).
Key growth countries based on average constant-currency terms were Japan (6.7%), the U.S. (3.7%), and Germany (3.7%), followed by the UK (1.9%). Notably, growth in France lagged these other leaders. All three European leaders were adversely affected in USD terms by the relative strength of the USD against the EUR or GBP.
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