Deloitte ranked LuLu Group 25th among the fastest growing chain of stores in the 19th edition of its 'Global Powers of Retailing' report.
The report identifies the 250 largest retailers around the world based on publicly available data for fiscal year 2014 to June 2015 and analyses their performance based on geographic region, primary product sector, e-commerce activity and other factors.
Walmart topped the list with revenue of $485 billion in 2014, followed by Costco Wholesale Corporation and The Kroger Co, both from the US. UK retailer Tesco which announced its worst ever results last year, was pushed to the fifth position.
UAE retail major LuLu Group is ranked the 25th fastest growing retailer in the world and ranked 165th in the Top 250 Global Powers of Retailing.
Another UAE-based retailer, Majid Al Futtaim Group, which owns the Carrefour hypermarkets chain, was ranked 172nd. With an annual compound growth rate in revenues of 8.8 per cent during 2009 to 2014, the Dubai retailer reported sales turnover of $5.6 billion in 2014.
With a network of 121 hypermarkets and supermarkets across the Mena and India, LuLu Group recorded an annual retail sales turnover of $5.8 billion in 2014, according to the report published by the National Retail Federation. The LuLu Group/Emke Group reported compound annual growth rate, or CAGR, in revenues of 19.5 per cent from 2009 to 2014.
Commenting on the Deloitte ranking, Yususffali M.A., chairman of LuLu Group, said: "I am very confident of the regional retail market. We will not slow down our expansion plans."
He said the current negative sentiments in the market are temporary and companies with strong fundamentals and long-term vision would march ahead. "The next two years are very crucial for us as we enter new markets of Egypt, Malaysia and Indonesia while strengthening our presence in the GCC and India," the chairman said.
Editor’s note: This article has been edited from the source material to correct the name of Majid Al Futtaim Group from Al Futtaim Group.
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