Target is the eighth largest retail company in the United States, with 1,926 stores nationwide. Target’s first store opened in 1962 in Dayton, Minneapolis, and began expanding its stores in the 1980s. Known as an inexpensive yet cheap addition to the industry, Target quickly took off and gained popularity. Target currently ranks 37th on the 2020 Fortune 500 list of U.S. corporations by revenue.
#1 Walmart
- Founded: 1962
- Headquarters: Bentonville, Arkansas
Need To Know
Walmart is the largest retail company in the world and began in 1962 by founder Sam Walton. With over 10,566 retail stores, including the membership only Sam’s Club, Walmart operates in twenty-eight different countries under forty-eight names. According to the Fortune Global 500, Walmart made an impressive $548.743 billion in sales in 2020, effectively cementing itself as the largest retailer globally by an impressive margin. There are over 2.2 million employees to date, and Walmart continues to be a family-owned and publicly traded company.
With the addition of grocery stores in 2019, Walmart became the largest grocery retailer in the United States, bringing in over 65% of its sales from food alone. Walmart has found great success in almost every market it has entered, with a few exceptions. Germany, South Korea, and Japan are the only ventures that have failed; however, Walmart still reigns supreme with its successes in China, the United States, the United Kingdom, and Canada.
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#2 Kmart
- Founded: 1899
- Headquarters: Hoffman Estates, Illinois
Need To Know
Kmart began its life as Kresge’s in 1899 but was renamed to its current namesake in 1977. The first store opened in 1962 and quickly gained popularity as a retail company offering low-cost, quality products. In 1994, at its peak, Kmart had 2,486 stores worldwide and2,323 discount and Super Kmart Center’s in the United States alone. In 2019, it became a subsidiary of transform SR Brands LLC.
Kmart has struggled to maintain its place in the retail world, filing for chapter 11 bankruptcy in 2002. Following this decision, the company managed to regain some success, until 2019 when it had to file bankruptcy for a second time. Although it never recovered to full capacity, several Kmart stores are still open to the public in the United States and around the world.
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#3 Costco
- Founded: 1976
- Headquarters: Issaquah, Washington
Need To Know
Costco was founded in 1976 as Price Club and assumed its namesake in 1983. Operating a chain of membership-only retail stores, Costco has gained immense popularity for its low prices on bulk merchandise. Operating globally, Costco is a multi-billion dollar company with over 86 million members and growing. There are currently 804 locations worldwide in fourteen different countries.
Costco’s largest location is in Hillsboro, Oregon, and comes in at an impressive 235,000 sq ft. The company has a strict markup rule, stating that no regular item can be marked up over 14% of its original price, and no Kirkland Signature (the companies brand) is allowed to see a markup over 15%. The company boasts an impressively small overhead, using only about 10% of its revenue. Membership costs are approximately $60/ year for Gold and $120/ year for Executive.
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#4 Amazon
- Founded: 1994
- Headquarters: Seattle, Washington
Need To Know
Amazon is an e-commerce retail company founded by Jeff Bezos in 1994. It is currently one of the Big Five U.S. companies and continues to grow at an astounding rate. Bezos started Amazon in his garage as an online book-selling marketplace, eventually expanding to sell a large variety of merchandise and earning its name as “the everything store.” As it continued to grow, Amazon gained a reputation as a “disruptor of well-established industries” since it generally offered lower prices than its smaller retail counterparts.
Currently, Amazon is the largest online retailer globally, surpassing Walmart. It offers a paid subscription, Amazon Prime, with over 200 million members worldwide, and provides free shipping and other benefits. Amazon is the second-largest U.S. employer and was recently named the world’s most valuable brand.
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#5 Lowe’s
- Founded: 1921
- Headquarters: Mooresville, North Carolina
Need To Know
Lowe’s is a retail company founded in 1921 by Lucius Smith Lowe’s. There are 2,197 Lowes Home Improvement stores throughout North America, making it the second-largest hardware chain in the world. Lowe’s prides itself in its commitment to the environment and is the winner of eight consecutive Energy Star awards for the years 2003-2010. The company is recognizable thanks, in part, to purchasing the naming rights for the Charlotte Motor Speedway, located in Charlotte, North Carolina.
Lowe’s net income is $4.281 billion, and it employs around 300,000 people to date. Although considered a hardware store, Lowe’s offers a wide variety of home design merchandise, including outdoor furniture, plants, and lighting.
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#6 Home Depot
- Founded: 1978
- Headquarters: Atlanta, Georgia
Need To Know
Home Depot is currently the largest home improvement retailer in the United States and was founded in 1978 by Bernard Marcus, Arthur Blank, Ron Brill, and Pat Farrah. Headquartered in Atlanta, Georgia, the Home Depot has retail stores in the United States, Canada, Puerto Rico, Guma, the US Virgin Islands, and Mexico. It boasts an impressive seventy distribution centers spread throughout the U.S. Home Depot acquired The Company Store in 2017, cementing its status as the nation’s largest retailer.
To date, Home Depot employs over 500,000 workers and brings in a revenue of over $110.2 billion. Customers can find a wide array of home improvement merchandise, plants, outdoor equipment, and construction material, all under one roof. Although Home Depot has seen its share of controversy regarding its CEO’s salary, it maintains its place securely as the nation’s most popular home improvement store.
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#7 Best Buy
- Founded: 1966
- Headquarters: Richfield, Minnesota
Need To Know
Best Buy is a popular electronics store founded in 1966 by Richard M. Schulze and James Wheeler. Originally named the Sound Of Music Store, they changed the name in 1983 to its current namesake. In previous years, Best Buy had multiple stores open worldwide, but as of 2020, the chain is only in the United States, Canada, and Puerto Rico. The company has expanded its businesses to include cellular phone sales and brands like Geek Squad, Magnolia Audio Video, Insignia, and Five Star.
Currently, Best Buy employs 102,000 workers and brings in a revenue of about $47.262 billion. Ranked number 72 in the Fortune 500 list of the largest United States Corporations By Revenue in 2018, it maintains its popularity among those looking for cutting-edge technology. Best Buy operates 977 locations, but its online presence is where it continues to see its most significant growth.
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#8 Aldi
- Founded: 1946
- Headquarters: Essen, Germany
Need To Know
Aldi’s has gained worldwide popularity, with over 10,000 stores in 20 countries. Originally a combination of two German discount supermarket chains, Aldi’s is known for its high-quality products with rock bottom prices. Founded in 1946 by brothers Theo and Karl Albrecht, it split in 1960; the company continues to act as one entity but is Aldi Nord and Aldi Sud.
In Germany, there are 2,500 Aldi Nord locations and 1,900 Aldi Sud stores, with Aldi Nord operating in an additional six and Aldi Sud operating in an additional 9 European countries altogether. The United States is the only country where Aldi Nord and Sud operate, respectfully, as Trader Joe’s and Aldi’s.