.Walmart has benefited from high inflation and economic uncertainty, and is once again the largest retailer on Forbes’ Global2000 list.
fter a pandemic-era expansion left Amazon with too many warehouses and too many workers as sales slowed, it has gone into belt-tightening mode. The retailer, which posted losses of $2.7 billion last year on $514 billion in revenues, has conducted layoffs, shelved plans for new warehouses and reshuffled inventory to shorten delivery routes.
It has fallen behind Walmart, No. 23, which has once again reclaimed its title as the biggest retailing operation on the planet. The Bentonville, AR company has benefited during a period of high inflation and economic uncertainty, attracting shoppers who are looking to save money on groceries and other household items. That has helped it add to already impressive growth, with sales up a whopping 7% to $606 billion last year.
Many retailers have suffered amid a pullback in discretionary spending. For instance, Bath & Body Works, whose 2022 revenues were down 4% to $7.6 billion, dropped 644 spots to No. 1772, with shoppers exercising more self-control when stocking up on shower gels and candles. Best Buy has also fallen 121 spots to No. 683. Many people already stocked up on big-ticket items like flat screen TVs during the pandemic, while others are thinking twice before shelling out on pricey purchases.
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