Swiss retail giants Migros and Coop have each jumped two spots in an annual ranking of the world’s biggest retail companies, published on Monday by consultancy Deloitte.
With sales of $24.1 billion and $22.4 billion respectively, Migros and Coop climbed to 39th and 43rd in the rankingexternal link, which lists the 250 biggest retailers in the world over the past year according to revenue.
Their strong performance comes as other European retailers have fallen in recent years; the continent’s share of top 250 revenues dropped from 39.4% to 33.8% in the past decade, Deloitte said.
The overall Swiss retail market also reported sluggish growth last year, suggesting that the dominance of Migros and Coop may not be trickling down.
The rankings are once again dominated by North American retailers, with Wal-Mart, Costco, and The Kroger Co. occupying top three spots. Asian retailers have also been on the up.
Overall, Deloitte said, the top 250 companies saw a total growth of four percent last year.
No concrete explanation was provided for the strong showing of the two Swiss supermarket companies. In fact, speaking about Switzerland, Deloitte’s Konstantin von Radowitz rather highlighted the challenges to come.
“For Swiss retailers, the stronger economic growth is most welcome. Yet they must also face the negative consequences of rising income inequality, protectionist actions, and the potential impact and opportunities digital technology holds for traditional retailing in Switzerland.”
Two further Swiss companies made it to the top 250: Basel-based travel retailer Dufry (127th) and Geneva luxury goods holding company Richemont (138th) also made ground.
swissinfo.ch and agencies/dos