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Migros ranks 41st, Coop 43rd. In 2021 Switzerland was no longer among the top 40 retailers in the world. Last year, Migros was 36th and Coop was 39th. International competition was also ahead in growth.
While Coop was growing, Migros even lost its sales. This is demonstrated by study conducted Wednesday by consulting firm Deloitte.
Migros and Coop are developing in the opposite direction of the trend. According to Deloitte, global retail growth intensified for the third consecutive year in 2021. Global sales reached $5.6 trillion. World number one was still clearly Walmart. The US group generated sales of approximately US$573 billion.
big competition in switzerland
It was just over $28.3 billion in 2021 at Migros and $27.6 billion at Coop. However, the latter managed to win a place in the Swiss duel. Because while Cooperative sales grew by 4.7 percent, Migros sales decreased by 3.1 percent.
However, in an international comparison, both Coop and Migros performed relatively poorly. Deloitte justifies this with a tense situation in this country.
Migros and Coop have a significant market presence and a high identity value in Switzerland. But according to research, the Swiss market is small and the competition from discounters Aldi and Lidl is great.
Amazon is growing fast
In addition to department stores, online retailers have also been a driver of global growth. Online giant Amazon ranks second in the Deloitte rankings. With a good $239 billion in sales, the gap with Walmart is still huge.
But at 12 percent, Amazon grew significantly faster than Walmart (+2.4 percent). German online clothing retailer Zalando grew even faster, with sales reaching US$12 billion, a 30 percent increase.
Luxury segment among the winners
Fast fashion brands such as H&M or Next, which mainly relied on the online sale of their products alongside the stationery business, have been similarly successful. This is surprising as the trend for more sustainable consumption is increasing at the same time.
But the luxury segment was also one of the big winners, according to Deloitte 2021. For example, two French luxury goods groups LVMH (+51%) and Kering (+40%) recorded significant growth.
Swiss jewelery and watch manufacturer Richemont also managed to make significant gains in 2021, despite the corona pandemic not being over yet. The Geneva-based group managed to enter the top 250 among the world’s largest retailers, with a sales increase of 46 percent, reaching $17 billion. (nim/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
