As a retailer, you know it’s impossible to stay afloat without consumer demand. When they spend less at your store, it hurts your books—and with the constant ups and downs of the retail business, you’re never 100 percent certain how the year will end financially. Working your accounting, marketing, human resources, technology and other functions requires specialized business knowledge and skills that can either make or break your retail store. Work with a business partner, like Sikich, that understands and thrives in this fast-paced, consumer-based environment, so that your retail business thrives as well.
Retail Industry Overview
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 Wal-Mart, Home Depot, Kroger, Costco, and Target (all based in the US), as well as Carrefour (France), Metro (Germany), Tesco (France), Schwarz Group (Germany), and Aldi Einkauf (Germany).
Europe and the US each account for about a third of the top 250 global retailers, and Japan accounts for about 15 percent, according to the 2014 Global Powers of Retailing report from Deloitte Touche Tohmastu and STORES Media. Measuring the penetration of international retail brands, the UK ranks first, attracting nearly 60 percent of international brands in a recent survey by real estate firm CBRE Group. The next most international markets are the United Arab Emirates, with 53 percent of brands surveyed, and the US with 50 percent.
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.
Updated: March 17, 2014
Industry Intelligence from First Research, a division of Hoover's (a D&B company)