Australian retail giants perform well
Updated on 14 January 2014, 15:37 AEST
According to a report by the global consulting firm Deloitte, despite the current global economic downturn, the sales of the top 250 global retail companies continue to rise, and retail groups in Australia also perform well.
Retail giants thrive and Australian companies perform well (Credit: ABC)
According to the Global Retail Industry Report released by Deloitte, the total sales of the 250 largest retail groups in the world in the last fiscal year increased by 4.9% to US$4.3 trillion. Among them, the big brother who is doing my part is the American retail giant Wal-Mart. The second and third place are the British group Tesco and the American chain Costco.
Australia's two largest retail groups Woolworths and Wesfarmers also performed well, ranking 15th and 19th respectively in the global retail industry.
In addition, according to Deloitte's analysis report, 25% of the development of major retailers in the world is based on the expansion of overseas markets, including the development of the Australian market. Well-known companies have established branches or expanded operations in Australia, including UNIQLO of Japan and H&M of Sweden, which will soon open their first branches in Australia.
The Deloitte report also pointed out that despite the decline of local retail brands in Australia after the global economic crisis, most Australian companies are still sticking to the local area and are not daring to try their skills in Asian countries with rapidly growing middle classes. Deloitte said that in fact, Australia has the advantage of familiarity with Asian supply chains and geographical proximity to Asia, and it is entirely possible to open the door to the Asian market.