WASHINGTON, D.C. — In spite of economic uncertainties, many of the nation's largest retailers held onto their coveted spots at the top of the retail ladder last year, according to an annual ranking of retailers by sales. The STORES Top 100 Retailers, featured in the July issue of STORES magazine, ranks retailers by annual revenues as reported in SEC filings, public statements by the companies and estimates based on Planet Retail research.
"The economy hasn't been a losing proposition for everyone, and retailers who have made it through this recession will be well positioned to grow in the future," said Susan Reda, executive editor of STORES Magazine. "As retailers shift their primary focus this year from expansion to core operations, companies who stay in tune with their customers will reap long-term rewards."
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 (#1), the world's largest retailer, tops the list once again with revenues exceeding $405 billion in 2008. The company found much success with the re-launch of its Great Value line and attracted new customers because of the economic environment. With food sales throughout the country remaining steady even through the economic downturn, Target (#5) also bulked up food offerings in both traditional and SuperTarget stores, attracting budget-focused shoppers. Warehouse club Costco secured the number three (#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 (#2) comes in as the second-largest retailer in the U.S. With gas prices topping $5 a gallon in some parts of the country, the company benefitted from consumers who, in addition to groceries, loaded their carts with non-food items on the same shopping trip in order to conserve fuel.
Even with existing home sales and home values dipping through much of 2008, The Home Depot snatched the number four (#4) spot on the list. The company's rival, Lowe's, came in at number eight (#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 (#6) and CVS Caremark (#7) both secured top spots.
Sears Holdings Corporation's holiday layaway program and attractive private label merchandise landed the company at number nine (#9) on the list.
Rounding out the top ten is Best Buy (#10), which benefitted from sales of new iPhones and game stations like Wii and Playstation that remained popular investments for those making discretionary purchases.
