Global Consumer and Retail

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Global Consumer and Retail

RBC Capital Markets, LLC

Research RBCCM Global

Consumer & Retail (Equity)

rbccmglblconsumeretail@rbccm.com

Nik Modi (Co-Head of

Global Consumer & Retail

Research)

(212) 905-5993,

June 16, 2026 nik.modi@rbccm.com

Steven Shemesh (Analyst)

(212) 428-2390, Global Consumer and Retail steven.shemesh@rbccm.comRESEARCH RBC Europe Limited The Times, They Are A-Changin’ 2026 Richard Chamberlain (Co-

Our view: This report looks at how the world's top Retailers, Consumer Products, Luxury and Sporting Head of Global Consumer &

Goods companies, are evolving, by sales and market cap. Our top picks include Inditex, Walmart Retail Research) +44 20 7429 8092,

and Loblaw in Retailing; P&G, Coca-Cola, L'Oreal and Diageo in Consumer Staples; and adidas, richard.chamberlain@rbccm.com

EssilorLuxottica and Hermès in Luxury/Sporting Goods. Manjari Dhar (Analyst)

+44 20 7002 2111,

Retailing – Fast Retailing in the ascendancy, US home improvement has fallen back. Over the last 30 manjari.dhar@rbccm.com Charles Perkins (Associate)

years the Retailing sector has become more concentrated and global, with market cap shifting from the +44 20 7002 2309,EQUITY UK and Europe, to the US and Asia. Structural themes have included a shift to digital and the rise of charles.perkins@rbccm.com

discount retailing, with Chinese ecommerce retailers, eg Shein and Temu gaining share in recent years. James Edwardes Jones

(Analyst) In terms of sales, Amazon took over from Walmart as #1 in 2025 vs 2024, while Aldi rose into the top 10 +44 20 7002 2101,

at 9th, Target fell back, and Tesco rose from 17th to 15th. In market cap terms, Home Depot fell to 5th, james.edwardesjones@rbccm.com

replaced by Alibaba in 4th, while Lowes (8th to 10th) lost ground to TJX and PDD (Temu).