Global Powers of Retailing 2015 January 2015 Embracing innovation © 2015 Deloitte & Touche Oy, Group of Companies 1
Jul 14, 2015
Global Powers of
Retailing 2015
January 2015
Embracing innovation
© 2015 Deloitte & Touche Oy, Group of Companies 1
2© 2015 Deloitte & Touche Oy, Group of Companies
Global Economic Outlook 4
Retail trends 2015 9
Global Powers of Retailing 16
• Top 10 retailers 17
• Geographic analysis 18
• Product sector analysis 24
• Top 10 fastest-growing retailers 29
• Top 10 e-retailers 30
• Newcomers 33
• Q ratio 34
• Local contact 37
Contents
Global Economic
Outlook
© 2015 Deloitte & Touche Oy, Group of Companies 3
Changing demographics
Big global issues
• Slower labor force growth
• More retirees
• Slower economic growth
• More pressure on governments
• Especially onerous in China, Russia
© 2015 Deloitte & Touche Oy, Group of Companies 4
Rise of global middle class
Big global issues
© 2015 Deloitte & Touche Oy, Group of Companies 5
0 5 10 15 20 25
USA
Japan
China
India
Germany
0 5 10 15 20 25
USA
Japan
China
India
Germany
0 5 10 15 20 25
USA
Japan
China
India
Germany
Share of global middle class spending by country
2009 2020 2030
Information technology
Big global issues
• Revolutions by industry: Revolutionary impact:
• Books - Lower prices of everything
• Music - Eliminate mid-level jobs
• Travel - Increase demand for highly skilled
• Banking - Exacerbate income inequality
• Entertainment - Reduce need for stores/offices
• Retailing - Less driving, less energy
© 2015 Deloitte & Touche Oy, Group of Companies 6
Chinese slowdown
Big global issues
• Chinese investment slows
• Weak commodity prices
• Negative impact on:
− Africa
− Australia
− Brazil
− Indonesia
© 2015 Deloitte & Touche Oy, Group of Companies 7
6%
13%
16%
18%
27%
30%
31%
37%
44%
45%
45%
48%
0% 10% 20% 30% 40% 50%
Natural Gas
Crude Oil
Wheat
Meat
Corn
Soybeans
Rice
Sea Food
Coal
Aluminium
Copper
Cotton
In %
China’s share in global commodity markets
Source: ABN AMRO
7.6%1999
10.1%2004
14.2%2007
10.4%2010
7.5%2014f
7.3%2015f
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4f
201
5f
In %
China - GDP GrowthYoY % change
Source: IMF
China share of commodity markets
China – GDP growth
European Economy
• Low growth, near deflation
− Very weak investment
− High unemployment
− Spillover impact from Russia and
China
− Declining oil prices threaten
deflation
− Declining oil prices will help
consumer demand
© 2015 Deloitte & Touche Oy, Group of Companies 8Source: Federal Reserve
Retail trends
2015
© 2015 Deloitte & Touche Oy, Group of Companies 9
Driving growth by catering to high-spending travelers
Travel retailing
© 2015 Deloitte & Touche Oy, Group of Companies 10
International
tourism Increase in travelers who are willing to shop while on the move
Travel promotes
spending
Lengthy waits, and an atmosphere of indulgence, lead to leisurely
shopping at airports
Better abroadConsumers often wait to shop where the selection is better and there are
no high import taxes
Building brand
awareness
Companies promote their brand to travelers even in countries where their
goods are not available
Airports as
labs
Airports have become data sources, and also display and engagement
laboratories
Quickly becoming a major retail platform
Mobile retailing
© 2015 Deloitte & Touche Oy, Group of Companies 11
Aggressive
growthMobile retailing continues to grow and is becoming the norm
Wearables Will open new opportunities for sales and engagement
Mobile
paymentsMobile payments will play an increasingly important role
Mobile
experience
Retailers need to provide convenient, mobile-friendly customer
experiences
Privacy and
securityRetailers must ensure privacy and security
Retailers who move first and fastest gain the edge
Faster retailing
© 2015 Deloitte & Touche Oy, Group of Companies 12
Adding speed
everywhere
• Faster to market
• Faster to respond
• Faster to deliver
Millennials in
charge
• Millennials prefer immediate gratification
• And they have the spending power to drive the need for speed
Shrinking
delivery window
• Delivery window is becoming more narrow and specific
• Retailers are racing to offer same-day delivery
• Efficient end-to-end supply chain more important than ever
Instant
information
• Consumers expect immediate and relevant information
• Retailers must optimize information by balancing content and load time
Making the process of shopping part of the total value
Experience retailing
© 2015 Deloitte & Touche Oy, Group of Companies 13
Retail as
environment • Adding entertainment, education, emotion, and engagement to the act of
shopping
Anytime,
anywhere
• Consumers want to order, pick up, ship, receive, and return at their convenience
Integrated
platforms
• Consistent experience across all channels, from mobile to bricks & mortar
• Retailers will update operations, remove silos, and improve cross-function
collaboration
Personalization• Requires gathering and analysis of big data
• Transparency around the collection and use of data is needed to retain trust of
customers
The near future is about adaptation and embracing change
Innovative retailing
© 2015 Deloitte & Touche Oy, Group of Companies 14
The rise of
disruption• Innovation and consumer demands will both escalate, swiftly
No magic
answer• No single formula for success
• We’ll see all shapes, sizes, formats, and channels
Joining the
bandwagon
• Expect more retailers to become innovators
• Many will start connecting strategy, capabilities, initiatives, and data
Innovation
everywhere
• Not only products & services but also business models and customer
engagement
Talent matters• Retailers need the right innovation talent
• Not only on staff, but in partnerships and access to specialists
How retailers are keeping up with the dazzling speed of change
“Embracing innovation”
© 2015 Deloitte & Touche Oy, Group of Companies 15
Experimenting • Retailers are testing, adopting, then moving on to the next technology
Leveraging • Using innovation and big data analysis to gain a market advantage
Rethinking • Considering the business model, and adjusting every aspect of their
operations
Executing• Integrating marketing, products, and services across every possible
channel
Responding • Engaging 24/7 with consumers who are 24/7 and have high
expectations
Global Powers of
Retailing
Highlights from
the 2015 edition
of the report
© 2015 Deloitte & Touche Oy, Group of Companies 16
2013 a challenging year as global economy decelerates
Top 10 retailers worldwide
© 2015 Deloitte & Touche Oy, Group of Companies
1 Wal-mart Stores Inc., U.S. 476,294mn 3.3%$
2 Costco Wholesale Corporation, U.S. 105,156mn 7.7%$
3 Carrefour S.A., France 98,688mn (3.0)%$
4 Schwarz Unternehmens Treuhand KG, Germany 98,662mne 6.5%$
5 Tesco PLC, UK 98,631mn 2.9%$
6 The Kroger Co., U.S. 98,375mn 5.3%$
7 Metro AG*, Germany 86,393mne (0.9)%$
8 Aldi Einkauf GmbH & Co. oHG, Germany 81,090mne 5.5%$
9 The Home Depot, Inc., U.S. 78,812mn 2.0%$
10 Target Corporation, U.S 72,596mn 2.9%$$: 2013 revenue in USD millions 2008-13 Retail Revenue CAGR e: Estimate *Metro changed its fiscal year from end of Dec. to end of Sep. Fiscal 2013
results reported here include the 9 months ended 20 Sep 2013, plus the quarter
ended 31 Dec 2013 to create a 12-month period.
42
Percentage share of Top 250 revenue by region and by top countries
Top 250 geographical revenue
© 2015 Deloitte & Touche Oy, Group of Companies
18
44.2%North
America1.8%
Latin
America
38.9%
Europe 14.0% Asia Pacific
1.0% Africa/
Middle East
United States
41.9%
Canada
2.3%
France
9.4%
Germany
10.6%
United Kingdom
6.2%
Japan
7.0%
European retailers are the most globally active of the Top 250
Top 10 European retailers
© 2015 Deloitte & Touche Oy, Group of Companies
19
1 Carrefour SA, France 98,688mn (2.4%) 3$
2 Schwarz Unternehmens Treuhand KG, Germany 98,662mne 9.5% 4$
3 Tesco PLC, UK 98,631mn (2.0%) 5 $
4 Metro AG*, Germany 86,393mne (2.5%) 7$
6 Casino Gulchard-Perrachon S.A., France 63,468mn** 15.1% 13$
7 Groupe Auchan SA, France 62,444mn 2.4% 14$
8 Edeka Zentrale AG $ Co. KG, Germany 59,704mn** 3.3% 16$
9 Rewe Combine, Germany 51,109mn** 1.0% 21$
5 $Aldi Einkauf GmbH $ Co. oHG, Germany 81,090mne 4.7% 8
10 Centres Distributeurs E. Leclerc, France 47,671mne** 4.1% 23$$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
*Metro changed its fiscal year from end of Dec. to end of Sep. Fiscal 2013 results reported here include the 9 months
ended 20 Sep 2013, plus the quarter ended 31 Dec 2013 to create a 12-month period.
N. American retailers lead in revenue but saw growth fall to 4-year low
Top 10 North American retailers
© 2015 Deloitte & Touche Oy, Group of Companies
20
1 Wal-mart Stores Inc., U.S. 476,294mn 1.5% 1$
2 Costco Wholesale Corporation, U.S. 105,156mn 6.1% 2$
3 The Kroger Co., U.S. 98,375mn 1.7% 6 $
4 The Home Depot, U.S. 78,812mn 5.4% 9$
6 Walgreen, U.S. 72,217mn 0.8% 11$
7 CVS Caremark Corporation, U.S. 65,618mn 3.1% 12$
8 Amazon.com, Inc., U.S. 60,903mn 17.7% 15$
9 Lowe’s Companies, U.S. 53,417mn 5.7% 20$
5 $Target Corporation, U.S. 72,596mn 0.9% 10
10 Best Buy Co. Inc., U.S. 42,210mn (14.5)% 25$$: 2013 Retail Revenue in USD millions Top 250 ranking 2013 Retail Revenue growth
Acquisitions playing a significant role in Asia Pacific growth
Top 10 Asia Pacific retailers
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21
1 Aeon Co. Ltd., Japan 57,986mn** 11.9% 17$
2 Woolworth’s, Australia 54,457mn 3.9% 18$
3 Seven & I Holdings Co. Ltd., Japan 54,258mn** 13.3% 19 $
4 Wesfarmers, Australia 50,711mn 4.6% 22$
6 A.S. Watson Group, Hong Kong SAR 19,230mn** 0.4% 51$
7 Yamada Denki, Japan 18,921mn** 11.3% 53$
8 Suning Commerce Group, China 16,616mn 4.6% 59$
9 Gome Home Appliance Group, China 13,441mne 9.6% 69$
5 $Lotte Shopping, S. Korea 24,601mn 13.4% 40
10 Isetan Mitsukoshi Holdings, Japan 12,856mn 6.7% 74$$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
Seven of the Top 10 saw a double-digit increase in top-line sales
Top 10 Latin American retailers
© 2015 Deloitte & Touche Oy, Group of Companies
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1 Cencosud, Chile 19,855mn 13.1% 47$
2 S.A.C.I. Falabella, Chile 11,377mn 13.0% 88$
3 Organización Soriana, S.A.B. de C.V., Mexico 8,240mn** 0.4% 127 $
4 FEMSA Comercio, S.A. de C.V., Mexico 7,655mn 12.9% 134$
6 Lojas Americanas S.A., Brazil 6,247mn 18.2% 150$
7 Grupo Comercial Chedraui, S.A.B. de C.V., Mexico 5,157mn 3.8% 176$
8 El Puerto de Liverpool, Mexico 5,156mn 11.8% 177$
9 SMU S.A., Chile 3,823mn** (9.6%) 241 $
5 $Coppel S.A. de C.V., Mexico 6,304mn 17.0% 149
10 Magazine Luiza S.A., Brazil 3,758mn 14.5% 247$$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
Currently boasts the highest composite retail growth of any region
Top Africa/Middle East retailers
© 2015 Deloitte & Touche Oy, Group of Companies
23
1 Shoprite Holdings Ltd., South Africa 9,869mn** 10.2% 107$
2 Steinhoff International Holdings Ltd., South Africa 8,217mn 21.6% 128$
3 Pick n Pay Stores Limited, South Africa 6,351mn 6.5% 148$
4 BİM Birleşik Mağazalar A.Ş., Turkey 6,242mn 19.6% 151$
6 Emke Group/Lulu Group International, UAE 5,000mn 9.6% 183$
7 Woolworths Holdings Limited, South Africa 3,834mn 12.7% 239$
$
5 $The SPAR Group Limited, South Africa 5,175mn 9.7% 174
$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
Percentage share of Top 250 revenue by sector
Top 250 sector revenue breakdown
© 2015 Deloitte & Touche Oy, Group of Companies24
9.2%
Apparel &
accessories
67.5%
Fast-moving
consumer goods
15.1%
Hardlines &
leisure goods
8.2%
Diversified
This sector accounts for over half of the Top 250
Top 10 fast-moving consumer goods retailers
© 2015 Deloitte & Touche Oy, Group of Companies
25
1 Wal-mart Stores Inc., U.S. 476,294mn 1.5% 1$
2 Costco, U.S. 105,156mn 6.1% 2$
3 Carrefour SA, France 98,688mn (2.4%) 3$
4 Schwarz, Germany 98,662mne 9.5% 4$
6 The Kroger Co., U.S. 98,375mn 1.7% 6 $
7 Aldi, Germany 81,090mne 4.7% 8$
8 Walgreen, U.S. 72,217mn 0.8% 11$
9 CVS Caremark, U.S. 65,618mn 3.1% 12$
5 $Tesco PLC, UK 98,631mn (2.0%) 5
10 Casino, France 63,468mn** 15.1% 13$
$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
This high-margin sector was the fastest growing product group
Top 10 apparel & accessories retailers
© 2015 Deloitte & Touche Oy, Group of Companies
1 Macy’s Inc., U.S . 27,931mn** 0.9% 34$
2 The TJX Companies, Inc., U.S. 27,423mn 6.0% 36$
3 LVMH Moet Hennessy-Louis Vuitton S.A., France 24,392mne 3.7% 41$
4 Inditex, S.A., Spain 22,265mn** 4.9% 44$
6 Kohl’s Corporation, U.S. 19,031mn (1.3%) 52 $
7 The Gap, Inc., U.S. 16,148mn 3.2% 61$
8 Isetan Mitsukoshi Holdings, Japan 12,856mn 6.7% 74$
9 Fast Retailing Co., Ltd., Japan 12,639mn** 23.2% 76$
5 $H&M Hennes & Mauritz AB, Sweden 19,729mn 6.4% 49
10 Nordstrom Inc., U.S. 12,166mn 3.4% 80$
26$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
International expansion is an important growth strategy
Top 10 hardlines & leisure goods retailers
© 2015 Deloitte & Touche Oy, Group of Companies
27
1 The Home Depot, U.S. 78,812mn 5.4% 9$
2 Amazon.com, U.S. 60,903mn 17.7% 15$
3 Lowe’s Companies, U.S. 53,417mn 5.7% 20$
4 Best Buy, U.S. 42,210mn (14.5)% 25$
6 Apple Inc./Apple Retail Stores, U.S. 20,228mn 7.4% 46 $
7 Yamada Denki, Japan 18,921mn** 11.3% 53$
8 Groupe Adeo SA, France 18,197mne** 5.3% 54$
9 Kingfisher plc, United Kingdom 17,454mn 5.2% 57$
5 $The IKEA Group, The Netherlands 36,495mn 3.3% 28
10 Suning Commerce Group Co., Ltd., China 16,616mn 4.6% 59$
27$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
Entrance of top Finnish retailer Kesko
Top 10 diversified retailers
© 2015 Deloitte & Touche Oy, Group of Companies
28
1 Metro AG, Germany* 86,393mne (2.5%) 7$
2 Target Corporation, U.S. 72,596mn 0.9% 10$
3 Sears Holding Corp., U.S. 36,188mn (9.2%) 20$
4 Lotte Shopping, S. Korea 24,601mn 13.4% 40$
6 El Corte Ingles, S.A., Spain 14,789mn (2.4%) 66 $
7 Otto (GmBH & Co. KG), Germany 13,355mn (0.4%) 70$
8 S.A.C.I. Falabella, Chile 11,377mn 13.0% 88$
9 Liberty Interactive Corporation, U.S. 10,307mn 2.9% 99$
5 $Marks and Spencer Group plc, UK 16,391mn 2.8% 60
10 Kesko Corporation, Finland 8,776mne** (7.2%) 121$
*Metro changed its fiscal year from end of Dec. to end of Sep. Fiscal 2013 results reported here include the 9 months
ended 20 Sep 2013, plus the quarter ended 31 Dec 2013 to create a 12-month period.
28$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
China retailers surge
Top 10 fastest-growing retailers 2008-13
© 2015 Deloitte & Touche Oy, Group of Companies
29
1 JD.com, Inc., China 10,827mn 66.2.% 92$
2 Yonghui Superstores Co., Ltd., China 4,733mn 23.4% 189$
3 Albertson’s LLC, U.S. 23,000mn 489.7% 43$
4 Jumbo Groep Holding B.V., The Netherlands 9,420mne 1.9% 111$
6 Chow Tai Fook Jewellery Group Ltd., Hong Kong 9,979mn** 34.8% 104$
7 Southeastern Grocers, LLC, U.S. 10,126mne 19.2% 102$
8 Steinhoff International Holdings Ltd., S. Africa 8,217mn 21.6% 128$
9 OJSC Dixy Group, Russia 5,628mn 22.8% 166$
5 $Chongqing Department Store Co., Ltd., China 4,733mn 7.1% 188
10 SMU, S.A., Chile 3.823mn** (9.2%) 241$
29$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
Pure-play e-retailers command top two slots
Top 10 e-retailers
© 2015 Deloitte & Touche Oy, Group of Companies
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1 Amazon.com, U.S. 60,903mn 17.7% 15$
2 JD.com, Inc., China 10,826mn 66.2% 92$
3 Wal-mart Stores Inc., U.S. 10,000mne 29.9% 1$
4 Apple Inc., U.S. 9,000mne n/a 46$
6 Tesco PLC, UK 5,250mne 11.0% 5 $
7 Liberty Interactive Corporation, U.S. 4,884mn 10.9% 99$
8 Casino, France 3,952mn 19.4% 13$
9 Suning Commerce Group Co., Ltd., China 3,536mn 43.9% 59$
5 $Otto (GmBH & Co. KG), Germany 8,188mne 7.0% 70
10 Macy’s Inc., U.S . 3,100mne 37.8% 34$
30$: 2013 Retail Revenue in USD millions Top 250 ranking e: Estimate **: Revenue includes wholesale and retail2013 Retail Revenue growth
Top 250 with e-commerce site grows to 80% from 75%
E-commerce activity among the Top 250
© 2015 Deloitte & Touche Oy, Group of Companies31
# companies with
e-commerce sales
E-commerce as share
of retail revenue*
E-commerce year over
year sales growth*
Top 250 145 6.2% 21.1%
Excluding Amazon.com and JD.com** 143 4.2% 20.1%
Asia/Pacific 28 4.7% 42.5%
Excluding JD.com** 27 2.4% 23.8%
Europe 57 3.6% 16.0%
Latin America 8 7.1% 27.3%
North America 51 8.9% 20.0%
Excluding Amazon.com** 50 5.1% 21.8%
Apparel & Accessories 35 7.0% 21.0%
Fast-moving Consumer Goods 61 1.9% 21.6%
Hardlines/Leisure Goods 37 20.8% 22.4%
Excluding Amazon.com and JD.com** 35 9.5% 21.4%
Diversified 12 7.8% 14.2%
Africa/Middle East region excluded as e-commerce sales available for only one retailer * Sales-weighted composites
** Amazon.com and JD.com are the only two online-only retailers in the Top 250
About the Top 50 e-retailers
© 2015 Deloitte & Touche Oy, Group of Companies32
25United States
19Europe
5Emerging
Markets
China 4; Brazil 1
Where are the biggest e-retailers located?
39Of the Top 50 e-
retailers also have
bricks & mortar
stores
26.6%Average growth rate
for E-50 retailers
2Of the web-only
Top 50 e-retailers
are also in the Top
250
74%Of the Top 50 e-
retailers are also in
the Top 250
17 retailers appear in the Top 250 for the first time
Newcomers to the Top 250
© 2015 Deloitte & Touche Oy, Group of Companies33
e: Estimate
Top 250 rank Name of the company Dominant format 2013 revenue growth
104 Chow Tai Fook Jewellery Group Limited, Hong Kong SAR Other specialty 9,979.3**
182 Foodstuffs North Island Ltd., New Zealand Hypermarket/Supercenter/Superstore 5,021.2e**
189 Yonghui Superstores Co., Ltd., China Hypermarket/Supercenter/Superstore 4,733.1
190 Ascena Retail Group, Inc., U.S. Apparel/Footwear Specialty 4,714.9
196 Lenta Group, Russia Hypermarket/Supercenter/Superstore 4,538.6
206 O’Key Group S.A., Russia Hypermarket/Supercenter/Superstore 4,330.1
214 SM Investments Corporation, Philippines Department Store 4,275.8
224 Forever 21, Inc., U.S. Apparel/Footwear Specialty 4,000.0e
225 PRADA Group, Italy Apparel/Footwear Specialty 3,989.3
227 Gruppo Eurospin, Italy Discount Store 3,984.8e**
232 Academy Sports + Outdoors, U.S. Other specialty 3,900.0
243 Reinalt-Thomas Corp. (dba Discount Tire/America's Tire), U.S. Other specialty 3,800.0
244 Tiffany & Co., U.S. Other specialty 3,800.0
245 Ralph Lauren Corporation, U.S. Apparel/Footwear Specialty 3,798.0
247 Magazine Luiza SA, Brazil Electronics Specialty 3,757.6
248 HTM-Group, France Electronics Specialty 3,705.8
249 Welcia Holdings Co., Ltd., Japan Drug Store/Pharmacy 3,705.1
**: Revenue includes wholesale and retail
H&M at the top of the list again (The Q ratio is the ratio of a publicly traded company’s market capitalization to the value of its
tangible assets. If the ratio is greater than one, it means that financial market participants believe that part of a company’s value comes from its non-
tangible assets.)
Top retailers by Q ratio
© 2015 Deloitte & Touche Oy, Group of Companies34
Name of Company Country Q ratio
H & M Hennes & Mauritz AB Sweden 6.46
Tractor Supply Company U.S. 5.18
BİM Birleşik Mağazalar A.Ş. Turkey 4.76
Next plc UK 4.68
Inditex, S.A. Spain 4.57
Dollar Tree, Inc. U.S. 4.51
Nike, Inc. U.S. 4.35
The TJX Companies, Inc. U.S. 4.34
Ross Stores, Inc. U.S. 4.33
Fast Retailing Co., Ltd. Japan 3.95
Sweden leads by wide margin
Q ratio by geography
© 2015 Deloitte & Touche Oy, Group of Companies35
Q ratio by region
Africa/Middle East 1.32
Asia Pacific 0.47
Asia Pacific less Japan 0.51
Europe 0.85
Latin America 0.84
North America 1.76
Q ratio by country
Canada 0.52
China 0.25
France 0.50
Germany 0.28
Hong Kong 0.84
Japan 0.43
Mexico 1.02
Russia 1.09
South Africa 0.57
South Korea 0.29
Sweden 3.47
UK 0.63
US 1.82
Apple drives dominance of electronics segment
Q ratio by category
© 2015 Deloitte & Touche Oy, Group of Companies36
Q ratio by product sector
Apparel and accessories 1.24
Diversified 0.47
FMCG 0.82
Hardlines/Leisure 2.08
Q ratio by retail segment
Apparel/Footwear specialty 1.73
Convenience 0.53
Department stores 0.60
Discount department stores 0.60
Discount stores 1.00
Drug stores 1.25
Electronics 2.39
Electronics less Apple 0.51
Home improvement 1.70
Hypermarkets 0.66
Other specialty 1.21
Supermarkets 0.80
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