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Mumbai, Jan 23 (IANS) The global retailing industry saw record growth in revenue in 2017 with the top 250 companies increasing their revenue by over 83 per cent, according to the latest report by a professional services multinational that said Reliance Retail was the only Indian company in the list.
The Deloitte's "Global Powers of Retailing 2019" said that with the fast moving consumer goods (FMCG) being the main growth driver for the top 250 global retailers, the retail revenue increased by over 83.2 per cent generating aggregate revenue of $4.53 trillion in fiscal 2017.
"Despite the deceleration in the global economy, the consumer and investor sentiment continues to remain positive.
"Our global reports highlight that of the top 10 companies on the top 250 list, eight were FMCG companies and that sector has been a strong reason for the India retail story," Deloitte India Partner Anil Talreja said.
According to the report, Europe had the highest number of top 250 retailers.
Companies such as Amazon and Reliance doing exceptionally well by climbing 2 and 95 spots, respectively, on the back of exceptional retail growth.
Reliance Retail as the only Indian company in the top 250 list came in at the 94th position and was also placed sixth among the 50 fastest growing retail companies.
In fiscal 2017, the company doubled its annual revenue to $10,649 million over the previous year.
Walmart retained its position as the world's largest retailer with an improvement in retail revenue growth by three per cent in 2017. Its major growth drivers were the acquisition of e-commerce firms such as Jet.com, ModCloth, Shoes.com, Moosejaw, and Bonobos, besides greater investments in store remodelling and investment in store wages.
Walmart has recently acquired Indian e-commerce major Flipkart.
The Deloitte survey reported sluggish growth in Europe, China and Japan, but said retailers continued to grow as a result of increased merger and acquisition (M&A) activity, new store openings, and robust e-commerce activity.
"The global economy is currently at a turning point. Until early 2018, the global economy displayed strong growth.
"With inflation accelerating in major markets, governments making shifts in monetary and fiscal policies, and most of the emerging markets experiencing significant currency depreciation the global economy will slow down in the near future," Deloitte Global Chief Economist Ira Kalish said in the report.
"For retailers, this change will mean slower consumer spending growth, higher consumer prices, and disrupted global supply chains," he added.