Walmart Is No Longer World's Largest Retailer
The new king: Alibaba
By Arden Dier,  Newser Staff
Posted Apr 6, 2016 11:42 AM CDT
Jack Ma of the Alibaba Group.   (AP Photo)
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(Newser) – Walmart is no longer king of the retail castle. Alibaba says it surpassed Walmart's $482.1 billion in annual gross merchandise volume during its last fiscal year. Alibaba has yet to reveal its figures but says it reached about $476 billion 10 days before its fiscal year ended on March 31. Walmart's fiscal year ended on Jan. 31. Alibaba has "become the largest retail economy in the world … measured by gross merchandise volume (GMV) on its China retail marketplaces," the company says, per the International Business Times. It plans to reach an annual GMV of almost $1 trillion by 2020, to boot.

 

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