Jamie Spencer
Despite economic uncertainty and rising inflation, some retailers have managed to thrive by adapting to changing consumer behaviors. According to rankings by the National Retail Federation (NRF) and Kantar, companies like Walmart, Amazon, and Costco have successfully balanced online and in-store strategies to maintain impressive revenues. Here’s a breakdown of the top five U.S. retailers by revenue in 2024, along with their significant moments this year.
5. Walgreens
- Total 2024 Revenue: $117.77 billion
Noteworthy Moments
- Walgreens (WBA) faced a challenging year, highlighted by talks of selling its business to private equity firm Sycamore Partners in December.
- In October, the company announced plans to close 1,200 stores to offset a $3 billion quarterly loss, making it one of the top retailers to shutter the most locations this year.
4. The Home Depot
- Total 2024 Revenue: $151.57 billion
Noteworthy Moments
- The home improvement giant implemented a new policy requiring corporate employees to work eight-hour retail shifts every three months to better understand store operations.
- Rising interest rates have impacted consumer spending on home improvement projects, contributing to a challenging year.
3. Costco
- Total 2024 Revenue: $234.02 billion
Noteworthy Moments
- Costco’s membership model and “treasure hunt” shopping experience continued to draw loyal customers.
- The retailer faced challenges with recalls, including organic eggs flagged by the FDA as high risk and 80,000 pounds of private-label butter due to missing allergy statements.
- Costco also remained committed to diversity, equity, and inclusion (DEI) initiatives despite pushback from conservative groups.
2. Amazon
- Total 2024 Revenue: $355.11 billion
Noteworthy Moments
- Amazon maintained dominance with its fast delivery and extensive product selection, solidifying its online retail leadership.
- December saw worker strikes at seven facilities during the holiday shopping season, highlighting ongoing labor disputes.
- The company delayed its plan to require employees to return to the office five days a week due to insufficient space.
1. Walmart
- Total 2024 Revenue: $628.56 billion
Noteworthy Moments
- Walmart enjoyed a standout year, benefiting from its wide product assortment that appealed to consumers across income levels.
- In December, the U.S. government sued Walmart for $10 million in fees charged to delivery drivers.
- Walmart announced it would equip employees with body cameras to deter theft and revealed plans for the Walton family to transfer more control to the next generation.
Resilience Amid Economic Uncertainty
These retailers’ ability to navigate economic headwinds and meet consumer needs highlights their adaptability and resilience. While challenges like labor strikes, recalls, and rising costs have tested their operations, their strategic responses have solidified their positions as industry leaders.
