Economic pressures, shifting consumer behaviors, and rapid e-commerce growth have significantly shaped the retail sector in 2024.
Consumers are more cautious with their spending these days in the face of rising inflation and economic uncertainty. Still, while some beloved chains have succumbed to bankruptcies and closures, other retailers have successfully navigated these challenges to reach remarkable revenue levels.
According to the latest rankings by the National Retail Federation (NRF) and marketing firm Kantar, companies like Amazon (AMZN), Costco (COST), and Walmart (WMT) have adapted effectively by reaching customers both in-store and online. Their vast offerings, including groceries and home essentials, have played a crucial role in their resilience.
Here are the top U.S. retailers by revenue in 2024, including some of their most noteworthy moments.
Total 2024 revenue: $117.77 billion
Noteworthy moments:In December, reports surfaced that the pharmacy giant was in talks to sell its business to private equity firm Sycamore Partners.
Still, in October, Walgreens (WBA) said it planned to close 1,200 stores to stem its $3 billion quarterly loss. The drugstore titan is among the top retailers that closed the most locations this year.
Total 2024 revenue: $151.57 billion
Noteworthy moments: In October, Home Depot said it would start requiring its corporate employees to work eight-hour retail shifts at one of its stores every three months. In August, the company said high interest rates were forcing shoppers to hit pause on home improvement projects.
Total 2024 revenue: $234.02 billion
Noteworthy moments: Meanwhile, Costco’s uniquemembership model and “treasure hunt” shopping experience continues to attract loyal customers. The retailer is fighting to keep its diversity, equity, and inclusion (DEI) programs as major companies roll back initiatives. A conservative think tank is urging the company to scrap policies, as they pose discriminatory and financial risks.
Meanwhile, in Dec., the Food and Drug Administration (FDA) issued an updated warning regarding thousands of recalled organic eggs sold at Costco, elevating the threat to its highest risk level. In November, the retailer recalled 80,000 pounds of its private-label butter brand due to the absence of allergy statement.
Total 2024 revenue: $355.11 billion
Noteworthy moments: Amazon is thriving with its fast delivery and extensive product selection, solidifying its dominance in online retail. But in December, Amazon workers at seven facilities went on strike just before the busy holiday shopping season. The strike concluded on December 24, with Amazon union employees promising they would keep fighting. Earlier that month, the company said it would delay plans for employees to work in-office five days a week due to a lack of space.
