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
Walmart Is No Longer World's Largest Retailer
Jack Ma of the Alibaba Group.   (AP Photo)

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. (More retail stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.