Dubai: Revenue of the world’s 250 largest retailers stood at $4.3 trillion (Dh15.79 trillion) in the last fiscal year (between June 2012 and June 2013), according to a report by Deloitte, a global consulting firm.
Walmart, Tesco and Costco were the top three retailers, followed by Carrefour, Kroger, Schwarz Unternehmens Treuhand, Home Depot, Aldi and Target, as per the report.
The 2014 Global Powers of Retailing Report identifies the 250 largest global retailers and provides an outlook for the global economy and trends for retailers.
Increasing consumer spend “served to provide a much-needed boost to global revenues with nearly 80 per cent of the top 250 (199 companies) retailers posting an increase in retail revenue,” James Babb, clients and industries leader at Deloitte Middle East, said in a statement.
Retailers in the Middle East and Africa (MEA) recorded a 13.5 per cent growth in revenue in the last fiscal year, which stood at an average of $6.4 million in 2012, according to the report.
Developing economies are turning into promising retail markets, according to Babb.
Dubai, for instance, is seeing an increase in middle-class visitors from Russia, India and China that are spending more, Colin Beaton, managing director of Limelight Creative Services, a retail consultancy, told Gulf News.
He added that air connectivity has helped boost visitor numbers.
According to Babb, retailers in the region are adapting strategies that cater to the burgeoning middle-class, where there is strong demand for consumer goods, including cars, electronics and personal care products.