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Top 10 Retailers In China And Hong Kong

By Steve Wynne-Jones
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Top 10 Retailers In China And Hong Kong

While China's economy has seen something of a slowdown in the past couple of years, not helped by the COVID-19 pandemic, many of the the country's retailers have enjoyed a significant uplift, boosted by their omnichannel strategies and increasingly international footprint.

Deloitte's recent Global Powers of Retailing 2023 report showcased the biggest retailers in the world, with Walmart and Amazon.com taking the top spots, and all bar one (JD.com, in seventh) of the top ten hailing from either the US or Germany. But what was notable from this year's report was the growing presence of Asian retailers, particularly those from China and Hong Kong.

ESM looks at the top ten retailers in China And Hong Kong, according to the Deloitte Global Powers of Retailing 2023 report. All revenue data is correct to 2021.

Top 10 Retailers In China And Hong Kong

1. JD.com
Revenue: $126.39 billion

JD.com, the Chinese e-commerce giant, has secured its position as a retail powerhouse in China and globally. In 2021, the group reported retail revenue of $126.39 billion (€115.39 billion), having seen its revenue grow at a CAGR of 28.0% between 2016 and 2021.

2. Alibaba Group
Revenue: $40.64 billion

Alibaba Group has been at the forefront of driving innovative changes in the retail landscape. Headquartered in Hong Kong, the group reported retail revenue of $40.64 billion (€37.13 billion) in 2021, having experienced a CAGR of 153.1% between 2016 and 2021, and 42.7% growth year-on-year.

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3. A.S. Watson Group
Revenue: $22.33 billion

Also headquartered in Hong Kong, A.S. Watson Group, is an international powerhouse in the drug store and pharmacy sector. The group's retail revenue came in at $22.33 billion (€20.32 billion) in 2021, which was 8.8% higher than the previous year.

4. Suning.com
Revenue: $19.83 billion

Suning.com Co., Ltd., a prominent player in electronics specialty retailing, experienced a revenue decline of 46.3% in 2021, as a result of inventory challenges and internal difficulties, leaving it with retail revenue of $19.83 billion (€18.04 billion) – still enough to place fourth on the list. Between 2016 and 2021, the group saw its revenue decline marginally at a CAGR of 2.3%.

5. Vipshop Holdings
Revenue: $17.45 billion

Vipshop Holdings, which runs the VIP.com e-commerce platform, reported retail revenue of $17.45 billion (€15.90 billion) in 2021, with the Guangzhou-based company – which also has a listing on the New York Stock Exchange – reporting year-on-year revenue growth of 16.9%.

6. Yonghui Superstores
Revenue: $13.16 billion

Yonghui Superstores Co., Ltd., a key player in the hypermarket and supermarket segment, reported retail revenue of $13.16 billion (€12.00 billion) in 2021, and saw its revenue grow at a CAGR of 12.7% between 2016 and 2021. On a year-on-year basis, however, revenue fell 2.4%

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7. Chow Tai Fook Jewellery Group
Revenue: $12.71 billion

Chow Tai Fook Jewellery Group Limited, a Hong Kong-based specialist in jewellery retailing, reported a significant 41.0% increase in sales between 2020 and 2021 to give it a 2021 retail revenue total of $12.71 billion (€11.57 billion).

8. China Resources Vanguard
Revenue: $9.69 billion

Hypermarket and supermarket operator China Resources Vanguard Co., Ltd., has found the going tough in recent years – it reported a 11.0% decline in revenue between 2020 and 2021 – and the Shenzhen-based business reported retail revenue of $9.69 billion ( €8.83 billion) in 2021, putting it in eighth on the list.

9. Dairy Farm (DFI Retail Group)
Revenue: $8.2 billion

Hong Kong based supermarket giant Dairy Farm International Holdings Limited reported retail revenue of $8.2 billion (€7.45 billion) in 2021, a decline of about a fifth compared to the previous year, as the pandemic put pressure on operations and reduced store traffic. In 2022, Dairy Farm International Holdings Limited changed its name to DFI Retail Group Holdings.

10. Wumart Technology Group
Revenue: $7.86 billion

Beijing-based Wumart Technology Group, which operates supermarkets and department stores under various banners, as well as a comprehensive online offering, reported retail revenue of $7.86 billion (€7.14 billion) in 2021, a 6.3% increase year-on-year. Between 2016 and 2021, the group's revenue grew at a CAGR of 9.7%.

All data sourced from Deloitte Global Powers of Retailing 2023.

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