Dubai: Lulu Group is the only retailer in the Middle East to be listed among the top 250 retailers around the world, according to the latest report.
The UAE-based group has jumped 14 places from 2012 ranking to 183rd in 2013.
The 2015 Global Powers of Retailing, Embracing Innovation report from research firm Deloitte in conjunction with Stores Media, said that the top 250 global retailers generated revenue of $4.4 trillion (Dh16.2 trillion) in fiscal year 2013, each with an average size of more than $17.4 billion.
The top five retailers are Wal-Mart Stores, Costco Wholesale, Carrefour, Schwarz Unternehmens and Tesco.
Revenue growth for the top 250 retailers, which began declining in 2011, continued to slow in fiscal year 2013. According to the report, sales-weighted, currency-adjusted retail revenue was 4.1 per cent for the top 250, following a 4.9 per cent gain in fiscal year 2012. While growth continued to decline, nearly 80 per cent of the top 250 (199 companies) posted an increase in retail revenue in fiscal year 2013.
“The sluggish global economy in 2014 left many consumers financially constrained and retail sales under pressure. Thus, the prosperity of the global retail sector in 2015 will very much depend on the economic stability of several of the largest economies,” said Herve Ballantyne, partner and Consumer Business leader at Deloitte Middle East.
Despite the recent fall in oil prices, he said that there is little evidence at this stage that it will negatively impact consumer spending in the Middle East. Although European grocers might be slowing expansion, no such problems are affecting those in the Middle East.
Alfred Strolla, regional managing partner for Oman, and Yemen at Deloitte Middle East, said that the expanding middle classes of emerging markets are travelling to the world’s capitals and boosting retail sales. In 2015, Strolla said that retailers are expected to increasingly cater to high-spending travellers, especially emerging market tourists to drive growth.
