Despite economy, top retailers remain power players

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Despite economy, top retailers remain power players

July 01, 2009

Washington--Despite the current recession, many of the nation's largest retailers held onto their coveted spots at the top of the retail ladder last year, according to Stores Magazine's Top 100 Retailers.

As consumers grappled with high gas prices and shrinking home values in 2008, discount retailers and warehouse clubs became more appealing to penny-pinchers. Accordingly, Wal-Mart (No. 1), the world's largest retailer, tops the list once again with revenues exceeding $405 billion in 2008.

With food sales throughout the country remaining steady even through the economic downturn, Target (No. 5) also bulked up food offerings in both traditional and SuperTarget stores, attracting budget-focused shoppers.

Warehouse club Costco secured the No. 3 spot this year with families looking to buy items in mass quantities to stay on budget.

Having been the first to target consumers who received stimulus checks, Kroger comes in as the second-largest retailer in the United States.

Even with existing home sales and home values dipping through much of 2008, The Home Depot snatched the No. 4 spot on the list. The company's rival, Lowe's, came in at No. 8.

The health and personal-care sector remained a bright spot for the industry in 2008 as people invested more on essential items and less on discretionary purchases. Walgreen (No. 6) and CVS Caremark (No. 7) both secured top spots.

Sears Holdings Corp.'s holiday layaway program and attractive private-label merchandise landed the company at No. 9 on the list.

Rounding out the top 10 is Best Buy, which benefited from sales of new iPhones and game stations such as Wii and Playstation that remained popular investments for those making discretionary purchases.

The Top 100 Retailers are listed by annual revenues, which might include estimates for private or closely-held companies. Retailers included in the Top 100 either have group headquarters located in the United States or are foreign entities with significant operations in the U.S. market. For retailers with group headquarters located overseas, data is presented for North American operations only. Revenues from major non-retailing operating segments are excluded where data availability allows.

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Despite economy, top retailers remain power players

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