global business travel group i

The Offer is being made to all holders of the Company’s Warrants, consisting of (i) the Warrants sold as part of the units in Apollo Strategic Growth Capital’s (“APSG”) initial public offering of APSG’s securities on October 6, 2020 (“IPO”) (whether they were purchased in the IPO or thereafter in the open market) (the “Public Warrants”) and (ii) the Warrants sold as part of the units in a private placement that occurred simultaneously with the IPO (the “Private Placement Warrants”). The Company is offering to all holders of the Warrants the opportunity to receive 0.275 shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”) in exchange for each Warrant tendered by the holder and exchanged pursuant to the Offer. Pursuant to the Offer, the Company is offering up to an aggregate of 10,849,043 shares of its Class A Common Stock in exchange for the Warrants.

Concurrently with the Offer, the Company is also soliciting consents from holders of the Public Warrants and the Private Placement Warrants to amend the warrant agreement that governs all of the Warrants (the “Warrant Agreement”) to permit the Company to require that each Warrant that is outstanding upon the closing of the Offer be converted into 0.2475 shares of Class A Common Stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). Pursuant to the terms of the Warrant Agreement, the vote or written consent of holders of at least 50% of the outstanding Public Warrants and 50% of the outstanding Private Placement Warrants are required to approve the Warrant Amendment. Parties representing approximately 40.56% of the Public Warrants and 100% of the Private Placement Warrants have agreed to tender their Warrants in the Offer and to consent to the Warrant Amendment in the Consent Solicitation, pursuant to a tender and support agreement. Accordingly, if holders of an additional approximately 9.44% of the outstanding Public Warrants consent to the Warrant Amendment in the Consent Solicitation, and the other conditions of the Offer are satisfied or waived, then the Warrant Amendment will be adopted. The offering period will expire at one minute after 11:59 p.m., Eastern Standard Time, on October 7, 2022, or such later time and date to which the Company may extend (the “Expiration Date”), as described in the Company’s Schedule TO and Prospectus/Offer to Exchange (each as defined below). Tendered Warrants may be withdrawn by holders at any time prior to the Expiration Date. The Company’s obligation to complete the Offer is not conditioned on the tender of a minimum amount of Warrants.

The Offer and Consent Solicitation are being made pursuant to a Prospectus/Offer to Exchange, dated September 9, 2022 (the “Prospectus/Offer to Exchange”), and Schedule TO, dated September 9, 2022 (the “Schedule TO”), each of which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and more fully set forth the terms and conditions of the Offer and Consent Solicitation.

The Company’s Class A Common Stock and its Public Warrants are listed on the New York Stock Exchange under the symbols “GBTG” and “GBTG.WS,” respectively. As of September 8, 2022, a total of 39,451,067 Warrants were outstanding, consisting of 27,226,933 Public Warrants and 12,224,134 Private Placement Warrants. If all Warrants tender at the offer rate of 0.275, the Company will have (i) up to 67,794,076 shares of Class A Common Stock outstanding, (ii) 394,448,481 shares of Class B Common Stock outstanding and (iii) no remaining Public Warrants and Private Placement Warrants.

The Company has engaged BofA Securities as the Dealer Manager for the Offer and Consent Solicitation. D.F. King & Co., Inc. has been appointed as the Information Agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company has been appointed as the Exchange Agent. Requests for documents should be directed to D.F. King & Co., Inc. at (866) 342-4883 (for Warrant holders) or (212) 269-5550 (for banks and brokers) or via the following email address: [email protected] .

About American Express Global Business Travel

American Express Global Business Travel is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals in more than 140 countries, our customers and travelers enjoy the powerful backing of American Express Global Business Travel.

Visit amexglobalbusinesstravel.com for more information about GBTG. Follow @amexgbt on Twitter , LinkedIn and Instagram .

Important Additional Information Has Been Filed with the SEC

The Offer described in this press release commenced on September 9, 2022. On September 9, 2022, a registration statement on Form S-4 and an exchange offer statement on Schedule TO, including an offer to exchange, a letter of transmittal and consent and related documents, were filed with the SEC by GBTG. The offer to exchange the outstanding Warrants of GBTG will only be made pursuant to the Prospectus/Offer to Exchange and Schedule TO, including related documents filed as a part of the exchange offer. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROSPECTUS/OFFER TO EXCHANGE AND SCHEDULE TO FILED OR TO BE FILED WITH THE SEC CAREFULLY, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE EXCHANGE OFFER, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to D.F. King & Co., Inc. at (866) 342-4883 (for Warrant holders) or (212) 269-5550 (for banks and brokers) or via the following email address: [email protected] . Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by GBTG under the “Investor Relations” section of GBTG's website at amexglobalbusinesstravel.com .

No Offer or Solicitation

This press release shall not constitute an offer to exchange or the solicitation of an offer to exchange or the solicitation of an offer to purchase any securities, nor shall there be any exchange or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Offer and Consent Solicitation are being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange.

None of the Company, any of its management or its board of directors, or the Information Agent, the Exchange Agent or the Dealer Manager makes any recommendation as to whether or not holders of Warrants should tender Warrants for exchange in the Offer or consent to the Warrant Amendment in the Consent Solicitation.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “suggests,” “projects,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “could,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on market opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors in existing and new markets and offerings; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) intense competition and competitive pressures from other companies in the industry in which we operate; (6) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (7) the impact of the COVID-19 pandemic, Russia’s invasion of Ukraine and related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (8) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (9) the effect of a prolonged or substantial decrease in global travel on the global travel industry;(10) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in person business meetings and demand for travel and our services); (11) the effect of legal, tax and regulatory changes; and (12) other factors detailed under the section entitled “ Risk Factors ” in the Prospectus/Offer to Exchange.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “ Risk Factors ” in the Prospectus/Offer to Exchange. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Media: Martin Ferguson Vice President Global Communications and Public Affairs, American Express Global Business Travel [email protected]

Investors: Barry Sievert Vice President Investor Relations, American Express Global Business Travel [email protected]

What an Amex GBT-CWT Merger Means For Expedia and Booking.com

Dennis Schaal , Skift

March 27th, 2024 at 8:05 PM EDT

As in the planned American Express Global Business Travel Group merger with CWT, many marriages have in-law issues.

Dennis Schaal

Corporate travel could get complicated: Expedia Group has a big stake in Amex Global Business Travel. Booking.com is partners with CWT. What happens to those relationships if the merger between Amex GBT and CWT goes through? Amex GBT CEO Paul Abbott specifically noted CWT’s ties to Booking.com for Business as an upside to the deal as it tries to reach more small businesses customers.

“As you know, SME (Small and Medium Enterprise) is an important strategic focus area for us,” Abbott said in a conference call Monday to explain the proposed merger. “And it also represents an important strategic focus for CWT, who have been focused on expanding further in this area including a relationship with Booking.com for Business….”

Expedia Group, one of Booking.com’s largest rivals, had a 16% stake in Amex GBT at the end of 2023. Expedia also has a 10-year lodging supply agreement with Amex GBT that gives its clients access to Expedia hotel inventory.

What to Make of the Expedia-Booking.com Mashup

Skift reached out to several analysts about the potential rivalry in hotel supply between Expedia and Booking.com.

“There’s room for only one winner at the top of the podium,” said Atmosphere Research Group’s Henry Harteveldt. “Unless there is something in the contracts with either Booking or Expedia that guarantees one of them the place as the surviving provider, I would expect that Amex GBT will have Expedia and Booking participate in a type of bake off where the two make their case for being retained. It would, of course, be easier for Amex GBT to retain Expedia, since they are the incumbent, but Amex GBT may view this as an opportunity for a fresh look — and, perhaps, the opportunity to negotiate more favorable economic terms.”

On the other hand, Richard Clarke, managing director at AB Bernstein, didn’t see the mashup as an issue.

“Why not have both?” Clarke said. “My understanding is there is no cost of connection (for businesses) and this way you can pick the cheapest price of a hotel from each. I believe Trip.com has a similar relationship with both.”

Asked whether China’s Trip.com Group indeed has a supply relationship with both Expedia and Booking.com, a Trip.com executive wouldn’t get into specifics but said, “We are a platform so we do multi-sourcing.”

Indeed, Amex GBT already has a supply relationship with Booking.com, as it does with the three major global distribution systems, but they seem small when compared with the strategic relationship between Amex GBT and Expedia Group.

For its part, Expedia Group expects its supply partnership with Amex GBT to continue.

Asked about the implications of the Booking-CWT relationship and its own with Amex GBT, an Expedia Group statement said: “At Expedia Group, we power thousands of partners around the world with our best-in-class API technology and vast inventory. Our long-term agreement to provide lodging supply to Amex GBT was an important step forward in our ambition to power the entire travel ecosystem and help all of our partners achieve their goals. We look forward to continuing our partnership with them.”

Expedia’s Relationship with Amex GBT

Expedia Group’s equity stake and lodging supply agreement grew out of the sale of its Egencia corporate travel business to Amex GBT in late 2021. Expedia got a stake in Amex GBT and it secured a decade-long hotel-supply marketing agreement.

Amex GBT uses Egencia to handle small and medium-size enterprises — which is what Booking.com for Business does for CWT.

More than two years after Expedia’s sale of Egencia to Amex GBT, Expedia still provides transition services to Amex GBT related to the deal.

In its fourth quarter and full-year 2023 financial results, Amex GBT reported that it notched a record of $2.2 billion in SME client wins last year.

It defines these small- and medium-size enterprises as those doing less than $30 million in total transaction value per year — and Amex GBT is looking for a lot more of these deals if it brings CWT into the fold.

With the potential addition of CWT, Amex GBT expects to increase its SME business by 35%, Abbott said during the merger call.

The Daily Newsletter

Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.

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Tags: amex , amex gbt , booking holdings , booking.com , booking.com for business , business travel , corporate travel , cwt , egencia , expedia , expedia group , m&a , mergers , mergers and acquisitions , small businesses

Photo credit: A business traveler in London. Source: Nicholas F/peopleimag/Adobe Nicholas F/peopleimages.com / Adobe

Technical Analysis of Global Business Travel Group

In terms of the stock trend, as Global Business Travel Group is a private company, there is no publicly available ticker symbol or stock market data to analyze. However, based on the industry and market conditions, the trend in the business travel sector can be described as messy. The ongoing COVID-19 pandemic and travel restrictions have significantly impacted the industry, leading to uncertainty and volatility.

Companies operating in the business travel sector should closely monitor market conditions, adapt to changing travel trends, and implement strategies to navigate through the challenges.

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World’s biggest chipmaker taps $11.6bn in US subsidies

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Darren Dodd

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Today’s top stories

US Treasury secretary Janet Yellen concluded a six-day trip to China by saying the two countries’ relationship was now on a “stronger footing”. Officials on both sides are set to meet next week to resolve US concerns about Chinese industrial oversupply . Separately, US President Joe Biden warned Beijing against meddling in the South China Sea , while the US, UK and Australia are considering expanding their security pact as a bulwark against China.

JPMorgan Chase boss Jamie Dimon warned that US inflation and interest rates could remain higher than markets expect because of high government spending. Markets are pricing in two quarter-point cuts and only a 50 per cent likelihood of a third , in a dramatic turnaround from the start of the year.

German manufacturing looks to be on the road to recovery after official data showed factory production rebounded at the start of the year, thanks to strong growth in construction and carmaking.

For up-to-the-minute news updates, visit our  live blog

Good evening.

There were further signs of a recovery in the chips market today as Taiwan Semiconductor Manufacturing Co, the world’s biggest producer, announced it would take advantage of generous US subsidies to build cutting-edge products in Arizona from 2028.

TSMC’s move , realised with $11.6bn in grants and loans available under the 2022 Chips Act, also gets the US closer to its goal of bringing 20 per cent of advanced semiconductor manufacturing onshore by 2030. The deal means that chipmakers such as Nvidia and AMD, by the end of the decade, will no longer have to rely on Asian production. 

Although tensions appear to be easing, the chip industry has for a while been at the centre of tussles between Washington and Beijing. TSMC’s move helps mitigate risks that a Chinese invasion of Taiwan could upend supply chains.

At the same time, China is also looking to replace foreign technology with homegrown solutions. It has recently blocked the use of Intel and AMD chips in government computers as well as seeking to sideline Microsoft’s Windows operating system.

The chip market is in full recovery mode after suffering a severe downturn last year. TSMC said in January that it expected a return to strong growth with revenues expected to increase by up to 25 per cent. Its bullishness was echoed last week by Samsung, which forecast a 10-fold jump in profits . 

Demand is being driven by the need for high-end chips in artificial intelligence, with dram memory chip prices up 20 per cent in the first quarter and Nand flash memory chips — used for data storage — up by as much as 28 per cent. This time last year Samsung had been among those cutting production to deal with a global glut as sector profits tumbled.

Geopolitics aside, there is another strong argument for ending Asia’s dominance in semiconductor manufacturing: the risk of earthquakes .

The smallest vibration has the ability to wreck chip production, yet nearly all advanced manufacturing takes place in the quake-prone region, particularly in Taiwan, home to the Pacific’s “Ring of Fire” line of seismic faults. Last week’s quake off the east coast led to plants being evacuated.

Listen to the latest Behind the Money podcast on how Malaysia is emerging as a surprise winner as companies look to insulate their chip supply chains from geopolitical tensions.

Need to know: UK and Europe economy

The UK Post Office Horizon public inquiry resumes tomorrow, the penultimate phase of the probe into one of the country’s biggest miscarriages of justice . It will focus on the role that company executives, government ministers and figures from Fujitsu played in handling the cases of wrongly-accused sub-postmasters.

Russia is using precision missiles to destroy Ukrainian power stations in areas less protected than Kyiv, some of which cannot be fully restored in time for next winter. Ukrainian officials said the damage was worse than in the winter of 2022-23, with the apparent aim now being permanent, irreparable damage.

Ekrem İmamoğlu’s re-election as Istanbul mayor has sent a jolt of enthusiasm through Turkey’s invigorated opposition and cemented his position as President Recep Tayyip Erdoğan’s chief adversary. İmamoğlu told the FT that Erdoğan would “shorten his political life” if he “does not get the message and continues to do the same things”.

Pro-Russia candidate Peter Pellegrini was elected president of Slovakia , consolidating the grip of Robert Fico’s ruling coalition. His narrow win followed a vitriolic campaign during which Pellegrini accused his pro-EU and pro-Nato rival Ivan Korčok of wanting to drag Slovakia into the Russia-Ukraine war.

Need to know: global economy

Gold prices continue to rise, today hitting another all-time high of $2,353.79 a troy ounce. Prices have been buoyed by the prospect of US rate cuts, fears of an escalating conflict in the Middle East and by demand from central banks and Chinese consumers.

Until recently, Japan had become an outlier in the global economy where inflation, interest rates and wage growth all remained near zero — or in some cases below it. A Big Read assesses whether the country is finally becoming a “normal economy” .

Need to know: business

Vitol , the world’s largest independent commodity trader, hit net profits of $13bn in 2023 , illustrating how much the privately owned group has benefited from disruption to energy markets caused by Russia’s full-scale invasion of Ukraine.

MBDA , a European missile powerhouse originally formed from a merger of British Aerospace’s missile manufacturing division and France’s Matra, is being held up as a model for defence industry collaboration as Europe tries to bolster military output in the face of war in Ukraine.

Global stock market concentration is at its highest level in decades , increasing risk for passive investors. US equities, led by the “Magnificent Seven” (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) now account for more than 70 per cent of global developed markets as measured by the MSCI World Index.

US regulators will investigate a new mishap involving a Boeing aircraft after a piece of engine housing fell off a Southwest Airlines plane.

Forget “ shrinkflation ,” the new catchphrase for companies trying to avoid public opprobrium for making products smaller but keeping their price the same is “ price pack architecture ,” writes Alphaville’s Louis Ashworth.

New York City’s only super-tall tower outside Manhattan, Michael Stern’s Brooklyn Tower at 9 DeKalb Street, is shrouded in gloom and uncertainty . The building goes to auction on June 10 after its lender, Silverstein Capital Partners, began foreclosure procedures because of a loan default.

The World of Work

Employers have made great strides in combating prejudice in areas such as gender and ethnicity but social class remains by far the biggest source of discrimination in the workplace, writes columnist Pilita Clark.

Why does the UK find it so hard to fix the persistent gap in numeracy skills and confidence afflicting women and girls? Evidence suggests it’s a key factor in poorer career options, financial health and general wellbeing.

Work and Careers editor Isabel Berwick outlines her five secrets of workplace success . Rule one: look in the mirror before you criticise your boss.

Some good news

Chinese scientists have come up with a device that could allow medical implants to run perpetually: an implanted battery that is driven by the body’s own oxygen .

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Travel and tourism to break records, bring over $11 trillion in 2024: report

The global travel and tourism industry is expected to be at an 'all-time high' this year.

Air travel demand is incredibly strong: TSA Administrator David Pekoske

TSA Administrator David Pekoske discusses air travel demand, flight disruptions, his experience going through TSA and firearm detections at checkpoints.

Travel and tourism is expected to be a boon for the global economy this year.

Countries around the world will see travel and tourism produce $11.1 trillion in 2024, according to a report released Thursday by the World Travel & Tourism Council.

The group said the forecasted global economic contribution would mark an "all-time high" from the roughly $10 trillion the industry brought in pre-pandemic 2019.

Countries around the world will see travel and tourism produce $11.1 trillion in 2024, according to a report. (  / iStock)

The coronavirus hit many industries hard, with travel and tourism in particular seeing negative impacts from the lockdowns and restrictions instituted in the early days of the pandemic.

CLICK HERE TO READ MORE ON FOX BUSINESS

This year,   both international and domestic tourists are expected to splash out during their travels.

The report, which involved a partnership with Oxford Economics, projected a record $5.4 trillion in spending would come from domestic travelers. That would set a record, according to the WTTC.

Meanwhile, international tourists will reportedly contribute $1.89 trillion.

The report projected a record $5.4 trillion in spending from domestic travelers. (Jeffrey Greenberg/Universal Images Group via Getty Images / Getty Images)

And the WTTC had an even rosier outlook for a decade from now, when it predicted global tourism and travel will be responsible for nearly $16 trillion and 449 million jobs.

ECLIPSE TOURISM EXPECTED TO BRING BIG BUCKS TO AREAS IN PATH OF TOTALITY

The travel and tourism industry’s performance in 2023 provided momentum for this year, the group said.

In 2023, it produced $9.9 trillion around the world .

"This isn’t just about breaking records, we’re no longer talking about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs," WTTC CEO Julia Simpson said in a Thursday statement. "There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors."

Passengers walk past a flight status board in Terminal C at Orlando International Airport, Jan. 11, 2023, after the FAA grounded all U.S. flights, reportedly due to an FAA computer system failure. (Joe Burbank/Orlando Sentinel/Tribune News Service via / Getty Images)

The head of the WTTC warned the U.S . and China could "continue to suffer whilst other countries are seeing international visitors return much faster" if they don’t.

CRUISE LINES SAILING INTO 2024 SEEING STRONG DEMAND, AAA SAYS

The group pegged 2023’s U.S. international visitor spending at "more than a quarter below the peak of 2019" and China’s "almost 60% down."

In August, the WTTC issued a prediction that the U.S. travel and tourism industry would provide $2.2 trillion in 2023. It was responsible for $2 trillion the year prior to that.

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Travel to add a record US$11.1 trillion to global economy in 2024

THE travel industry’s global economic impact continues to gain ground. This year, it’s expected to reach a record-breaking US$11.1 trillion, surpassing its prior high of US$10 trillion in 2019.

 In another decade, tourism is forecast to become a US$16 trillion industry, at which point it would make up 11.4 per cent of the global gross domestic product.

Today, 1 in 10 people are employed in jobs that relate to tourism; by 2034, that will climb, with an estimated 12.2 per cent of global jobs contributing to the sector.

All this is part of the 2024 global Economic Impact Research released on Thursday (Apr 4) by the World Travel & Tourism Council (WTTC), the leading advocacy group focused on quantifying the industry’s economic impact at a global level. The findings, produced in collaboration with research advisory firm Oxford Economics, were shared exclusively with Bloomberg ahead of wider distribution. 

In order to create its forecasts, the analysts collect data from governments and industry groups that report on topics like international tourism arrivals and expenditures in the previous year, and combine it with proprietary, forward-looking assessments of travel supply and demand. 

To the experts at WTTC, the biggest numbers are the least surprising. The growth of the tourism industry being reported now is in step with previous projections reported by the group; last year, a similar study predicted that the sector would represent US$15.5 trillion by 2033. 

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Our picks of the latest dining, travel and leisure options to treat yourself.

But details within the report provide a more nuanced and notable picture: Travel’s record-setting rebound in 2023 came without much help from the Chinese and American markets, where international arrivals continued to lag significantly behind pre-pandemic levels. The likelihood that those markets will soon recover is what sets up the potential for record-breaking numbers this year. 

The 14-figure sums headlining WTTC’s report can be broken down into three types of travel transactions. Direct travel spending includes all expenses that are most clearly connected to the act of traveling: Think hotels, tours, and transportation, plus public investment in these types of services. Then there’s indirect travel spending, which quantifies the ripple effect of spending from those businesses. Among the types of expenses included in this category are sheets and towels that hotels purchase from local vendors, or ingredients purchased in bulk for the breakfast buffet. Lastly there’s induced spending, which accounts for the trickle-down effects of hospitality employees using their salaries to stimulate their local economies.

Julia Simpson, president and chief executive officer at World Travel & Tourism Council, speaking to Bloomberg from Boston, says that the US travel sector has been one exception because of how the dollar has strengthened, making a trip to the States more expensive for people in countries that are struggling with inflation.

Ongoing visa delays have also been a factor, she adds. US inbound international visitation spending remains at more than 25 per cent below pre-pandemic levels. In China, visitor spending lags by 60 per cent, making it the least-recovered tourism economy out of 185 countries in WTTC’s report. 

Also notable is the fact that more money continues to be spent on domestic travel versus international trips. This year, it will make up a record US$5.4 trillion, a 10 per cent increase from 2019 levels. 

All told, 142 out of the 185 surveyed countries are expected to exceed their 2019 tourism performance levels in 2024, and almost all of those are additionally expected to see year-over-year growth. That means that not only will the travel economy at large be breaking records this year–assuming all pans out as expected–but it will break records at each of those local levels, too. 

“Travel isn’t just back, travel is booming,” says WTTC’s Simpson. “We’re talking about a really, really strong sector.” BLOOMBERG

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As international travel grows, so does U.S. use of tech at airports

WASHINGTON (AP) — The Belgian family of four was on their fourth trip to the United States. They had been dreading the long line at passport control when they entered the country but had heard about a new app they could use to ease their way and decided to give it a shot. Within minutes, they had bypassed the long line at Washington Dulles International Airport and were waiting for their luggage.

“It was always a long row,” said Piet De Staercke of the line to go through passport screening. He, his wife and two sons were visiting Washington and Chicago. “We were a bit scared. But now with the app, it’s amazing.”

As travel continues to boom following coronavirus pandemic-related slumps, U.S. Customs and Border Protection is expanding the use of technology like the Mobile Passport Control app the De Staercke family used in an effort to process the ever-growing number of passengers traveling internationally. And with events like a rare solar eclipse, the Olympics in Paris, and summer holidays still driving international travel, those numbers don’t look set to drop anytime soon.

Customs and Border Protection officials gave The Associated Press a behind-the-scenes look at some of the technologies they’ve been using and what to expect in the months and years ahead.

The numbers

During fiscal year 2023, the agency processed over 394 million travelers at the ports of entry. That’s a 24% increase over the previous year. When looking at the country’s top 20 airports by passenger volume, officers processed 31% more travelers while average wait times increased 11%. And at some of the busiest airports, the wait times have had negligible increases or even decreased. At JFK Airport in New York, for example, wait times went down — by 0.4 of a second on average — while CBP officers processed 33% more travelers.

Increasingly, people are traveling internationally with their families rather than going abroad alone for business.

Officials are moving more toward app-based technologies to speed passengers’ movement through the airport. The Mobile Passport Control app used by the Belgian family is one example. It’s available to U.S. citizens, but also to lawful permanent residents, certain Canadians and travelers from countries who are part of the Visa Waiver Program who’ve already been to the U.S. at least once.

Passengers upload their photos and information to the app. When they enter the screening area, they get routed to a separate line. The officer then just needs to take a photo of one member of the family and it pulls up the entire group’s photos and their information.

CBP launched the app in 2021 but is now trying to get more people to use it, including by working with airlines to allow the app to be downloaded while the plane is in flight and putting up signs at airports to let travelers know about it. Last year, a record 4.1 million people came into the country using the app.

“Any second that we can save through the process, it saves time because it adds up eventually,” said Marc Calixte, the top CBP official at Dulles.

Last September, the agency also created an app specifically for passengers who use Global Entry. That’s one of the “Trusted Traveler” programs CBP runs that allows certain low-risk passengers who make an appointment for an interview and submit to a background check to travel through customs and passport control more quickly when they arrive in the U.S.

Improvements to global entry

Last year saw a record 3.2 million people apply to the Global Entry program, and this year the agency is on track to field about 4 million applications, said Brendan Blackmer, CBP branch chief for the Trusted Traveler Programs. But passengers have complained about how long it can take to get applications processed and their struggles to get appointments. On its website, CBP says it averages four to six months to process applications. In February, 17 members of Congress wrote to CBP demanding information, saying they were fielding complaints from constituents over the wait times.

Blackmer said the agency has pushed to improve the process, including by allowing nearly 100% of people renewing their status to do so without having to come into an enrollment center. That frees up appointments for first-time applicants. And it’s pushing for more people to be able to complete the process while they’re in the airport, either leaving or returning from a trip.

There are also more appointments available, Blackmer said, although some cities like San Francisco are still seeing so much demand that appointments can take more than 90 days to get.

“We’ve done a lot of work the past year and a half, and the agency’s in a better position now and able to meet the demand for the program. And we’re going to continue to work,” Blackmer said.

Fee increases

Come Oct. 1, people using some of the Trusted Traveler Programs will see increases to the fees they pay. The cost of NEXUS, a U.S.-Canadian program designed to ease travel between the two countries for pre-approved travelers, will go from $50 to $120. Global Entry will go from $100 to $120. SENTRI, for pre-approved travelers on the southern border with Mexico, will go down, from $122.50 to $120.

But the fees will now cover all kids under 18 regardless of which program you’re in.

What’s unchanged is that approval for the programs will still be good for five years.

What’s next?

Calixte said possibly by the end of summer the airport will be opening so-called E-Gates where passengers using Global Entry can use the app, bypass an officer at a booth, and instead go to a gate where their photo is taken and matched to their passport, and, assuming no red flags arise, the gates open and they pass out of the customs and passport control area and are on their way.

Further on the horizon, Blackmer said the agency is exploring a concept called smart queuing, where the app assigns passengers to certain lines depending on information they have entered into the app, such as whether they have goods to declare.

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From Paralympian to Water Security Specialist: Meet the 2024 Class of Young Global Leaders

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• The World Economic Forum unveils 2024's most promising Young Global Leaders: A dynamic and diverse cohort of changemakers, under the age of 40, driving impact across the fields of public health, economic development, technology, sustainability, and more.
• They join the Forum of Young Global Leaders , whose members have gone on to become Pulitzer winners, UN Goodwill Ambassadors, CEOs of Fortune 500 companies and heads of state.
• Discover the new Young Global Leader (YGL) class on www.wef.ch/ygl24

Geneva, Switzerland, 4 April 2024 – The World Economic Forum announces the latest addition to its Young Global Leaders Community: The Class of 2024 – a group of nearly 90 changemakers who are shaping the future and accelerating positive change through their groundbreaking work. This year’s cohort, helping to improve the state of the world, is made up of a remarkable group of rising stars from politics, business, civil society, the arts and academia, who are united in their drive to leave a lasting impact on their communities, organizations and beyond.

For two decades, the Forum of Young Global Leaders has been at the forefront of cultivating a unique community of leaders who are dedicated to tackling the world's most pressing problems head-on. This community has served as an example of the impact that collective action can have - whether it is pioneering groundbreaking initiatives in public health and economic development or driving cutting-edge innovations in technology and sustainability , over the years.

“As we celebrate the 20th Anniversary of the Forum of Young Global Leaders, we are thrilled to welcome our newest cohort of Young Global Leaders. They represent the future of leadership, and we are confident that their perspectives and innovative ideas will contribute significantly to addressing the world's most pressing challenges,” said Ida Jeng Christensen, Head of the Forum of Young Global Leaders.

Young Global Leaders have made invaluable contributions to shaping policies and improving communities worldwide. Notable community members include Netflix Executive Producer Peace Hyde , Vogue China’s Former Editor-in-Chief Margaret Zhang , Olympian Lewis Pugh , disability activist Sinéad Burke , Peace Activist Victor Ochen , and singer-songwriter will.i.am .

As the Forum of Young Global Leaders celebrates its 20th anniversary, it remains steadfast in its commitment to nurturing the next generation of leaders who are passionate about creating positive change. Over the years, the YGL Community has launched numerous impactful projects. From Global Dignity, which supports dignity-centered leaders in over 80 countries, to TABLE FOR TWO, which has provided 1 million meals to school children in developing countries, to the Clean Air Fund, which has rallied 17 multinational businesses to take action on air pollution , YGLs have consistently collaborated to drive positive change on a global scale.

As part of the three-year leadership development programme, the Class of 2024 will have access to a range of executive education courses, learning journeys and opportunities to collaborate with trusted peers to support them in accelerating their impact.

“For two decades, we have sought out and nurtured young leaders dedicated to improving the state of the world, and today, we are proud to welcome the latest cohort of Young Global Leaders. The Forum of Young Global Leaders remains steadfast in its mission to foster collaboration and responsible leadership,” said Nicole Schwab, Board Member of the Forum of Young Global Leaders.

Meet the 2024 YGL Class Academia/Think-tank

• Anna Schrimpf, Director of Innovation, J-PAL Global, Abdul Latif Jameel Poverty Action Lab (J-PAL), United Kingdom
• Fadel Adib, Associate Professor and Chief Executive Officer, Massachusetts Institute of Technology (MIT), USA
• Kate Fitz-Gibbon, Professor (Practice), Faculty of Business and Economics, Monash University, Australia
• Nino Enukidze, Rector of Business and Technology University, Professor, Business and Technology University, Georgia
• Thomas Roulet, Professor of Leadership, University of Cambridge, United Kingdom

Arts, Culture & Sports

• Ahmad Joudeh, Artistic Director and Dancer, Dance or Die Foundation, Netherlands
• Bhumi Pednekar, Actress, Independent, India
• Birgit Skarstein, Paralympic Athlete, International Paralympic Committee, Norway
• Cong Han, Figure Skater, Chinese Figure Skating National Team, People’s Republic of China
• He Sen Liu, Owner and Chef, Ling Long, People's Republic of China
• Refik Anadol, Founder and Director, Refik Anadol Studio, USA
• Abdulrahman Tarabzouni, Founder and Chief Executive Officer, Saudi Technology Ventures, Saudi Arabia
• Adi Sariaatmadja, Chief Executive Officer, PT Kreatif Media Karya, Indonesia
• Adwaita Nayar, Chief Executive Officer, FSN E-Commerce Ventures Pvt. Ltd (NYKAA), India
• Ahmed Sobhy, Chief Investment Officer, Banque Misr S.A.E., Egypt
• Ali Mukhtar, Director of Strategy and Business Development, Fatima Fertilizer Company Ltd, Pakistan
• Arjun Bhartia, Director, Jubilant Group, India
• Azeeza Aziz Khan, Director, Summit Corporation Ltd, Bangladesh
• Camille François, Chief Innovation Officer, Graphika, USA
• Chinwe Egwim, Chief Economist and Head Economic Research and Intelligence, Coronation Merchant Bank, Nigeria
• Christian Jolck, Co-Founder and Partner, 2150, Denmark
• Christoph Pietsch, Chief Growth Officer DACH & Member of the Executive Board, Publicis Groupe Germany, Germany
• Cristobal della Maggiora, Co-Founder and President, Betterfly, Chile
• Eva McLellan, General Manager Roche Pharma, La Roche Pharma Slovenia, Slovenia
• Haikal Siregar, Managing Director and Partner, Boston Consulting Group, Indonesia
• Hector Mujica, Head of Economic Opportunity and Inclusive Technology, Google.org, USA
• Ian Glasner, Group Head of Venture Investment, Innovation and Digital Partnerships, HSBC Holdings PLC, United Kingdom
• Jaime Alfonso Antonio Zabel de Ayala, Chief Executive Officer, AC Motors, Ayala Corporation, Philippines
• Katharina Amann, Chief Executive Officer, Volkswagen Autoversicherung, Allianz SE, Germany
• Lokesh Todi, Chairman, Avasar Equity Limited, Nepal
• Marte Jerkø, Chief Financial Officer, Yara Europe, Yara International ASA, Norway
• Masao Koyama, Head of Carbon Dioxide Removal, Mitsubishi Corporation, Japan
• May Habib, Co-Founder and Chief Executive Officer, Writer, Inc., USA/Lebanon
• Melvyn Lubega, Founder and Chairman, Baobab Capital, Uganda/South Africa
• Nathan Shabot, Co-Founder and Managing Partner, LIP Ventures, Mexico
• Néné Maïga, Chief Executive Officer, Orange, Botswana/Mali
• Petra Ehmann, Group Chief Innovation and AI Officer, Ringier, and Member of the Board of Directors, Bossard, Ringier AG, Switzerland
• Priya Agarwal Hebbar, Non-Executive Director, Vedanta Limited, India
• Alicia Chong Rodriguez, Chief Executive Officer, Bloomer Health Tech, USA
• Roshan Ahmad, Global Head of Sovereign Advisory, JPMorgan Chase & Co., USA
• Sebastian Monroy, Chief Executive Officer and Co-Founder, Zubale, Brazil
• Shi Zhe, Chief Digital Officer, Foxconn Technology Group (Hon Hai Precision), People's Republic of China
• Shuyin Tang, Chief Executive Officer and Co-Founder, Beacon Fund, Viet Nam
• Shashwat Goenka, Vice Chairman, RP Sanjiv Goenka Group, India
• Sultan Olayan, Director, The Olayan Group, Saudi Arabia
• Tareq Darwazeh, Chief Operating Officer, MENA Region, Hikma Pharmaceuticals LLC, Jordan
• Temi Marcella Awogboro, Founding Partner, Alcent Capital, Nigeria
• Vidhya Ganesan, Managing Partner, McKinsey and Company, Malaysia/Sri Lanka
• Wesley Spindler, Managing Director, Global Sustainability Leadership Team, Accenture, USA
• Wemimo Abbey, Co-Founder and Co-Chief Executive Officer, Esusu, USA/Nigeria
• Yalda Aoukar, Founder and Managing Partner, Bracket Capital, Lebanon

Civil Society

• Angela Oduor Lungati, Executive Director, Ushahidi Inc., Kenya
• Ding Dang, Executive Director, Green Rose Social Work Service Center, People's Republic of China
• Judy Sikuza, Chief Executive Officer, The Mandela Rhodes Foundation, South Africa
• Julia Luscombe, Vice-President Strategic Planning and Portfolio Management, Feeding America, USA
• Natasha Latiff, Founder & Legal Director, Strategic Advocacy for Human Rights Inc., Singapore
• Raylene Whitford, Director, Canadian Sustainability Standards Board, Canada
• Rebecca Darwent, Co-Founder and Board Member, Rebecca Darwent Global Inc., Canada
• Vera Oliveira, Founder and Executive Director, Instituto C – Criança, Cuidado and Cidadão, Brazil
• Veda Sunassee, Chief Executive Officer, African Leadership University, Mauritius
• Omayra Issa, News Anchor, CPAC, Canada
• Muriel Thabile Ngwato, Chief Executive Officer and Co-Founder, Newzroom Afrika, South Africa
• Sophie Schmidt, Founder and Publisher, Rest of World, USA
• Yurina Takiguchi, Economic and Business Anchor, Globe Eight Inc., Japan

Public Figures

• Alexander Rodnyansky, Economic Advisor to the President, Office of the President of Ukraine, Ukraine
• Alice Usanase, Head, Country Relations and Equity Mobilization, Africa Finance Corporation (AFC), Rwanda
• Anielle Franco, Minister of Racial Equality, Federal Government Brazil, Brazil
• Daniel Noboa, President-elect of Ecuador, Government of Ecuador, Ecuador
• Diego Schalper, Member of the Chamber of Deputies and General-Secretary, Renovacion Nacional party, Chile
• Lelise Neme Sori, Director-General, Ethiopian Environmental Protection Authority, Ethiopia
• Naym-Osor Uchral, Minister of Digital Development and Communications, Government of Mongolia, Mongolia
• Jeevan Kumaravel Thondam, Minister of Water Supply and Estate Infrastructure Development, Government of Sri Lanka, Sri Lanka
• Liang Pei, Deputy Director, Department of Climate Change, Ministry of Ecology and Environment, Ministry of Ecology and Environment of the People's Republic of China, People's Republic of China
• Luis Donaldo Colosio Riojas, Mayor, City of Monterrey, Mexico
• Marina del Pilar Avila Olmeda, Governor of the State of Baja California, Government of the State of Baja California, Mexico
• Nadia Ahmad Samdin, Counsel and Associate Director, Member of Parliament, Tri-Sector Associates, Singapore
• Natalia Bayona, Executive Director, UN World Tourism Organization, Colombia
• Rahul Rekhi, Counselor for International Affairs, US Department of the Treasury, USA
• Parit Wacharasindhu, Member of Parliament and Spokesperson, Move Forward Party, Thailand

Social Entrepreneurs

• Nicolás Wertheimer, Chief Sustainability Officer, Waterplan, Uruguay
• Oluwatosin Olaseinde, Founder and Chief Executive Officer, Money Africa, Nigeria
• Richa Bajpai, Founder and CEO, Campus Fund, India
• Rina Akimoto, Founder and Chief Executive Officer, Vivid Garden Inc., Japan
• Sayaka Tanaka, Founder and Chief Executive Officer, Waffle.org, Japan
• Sharad Vivek Sagar, Founder and Chief Executive Officer, Dexterity Global, India
• Toshiki Abe, Chief Executive Officer, Ridilover Co., Ltd, Japan
• Alloysius Attah, Co-Founder and Co-Chief Executive Officer, Farmerline, Ghana

Notes to editors

Read more about Young Global Leaders

Read the Forum Agenda also in Spanish | Mandarin | Japanese Learn about the Forum’s impact Check out the Forum’s Strategic Intelligence Platform and Transformation Maps Follow the Forum on X via @wef @davos | Instagram | LinkedIn | TikTok | Weibo Become a fan of the Forum on Facebook Watch Forum videos at wef.ch/videos | YouTube Get Forum podcasts at wef.ch/podcasts | YouTube Subscribe to Forum news releases

The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. ( www.weforum.org ).

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Nextgreen Global partners IOI in developing zero-waste paper pulp plant

• Corporate News

Monday, 08 Apr 2024

Related News

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From left: Nextgreen IOI Pulp director Lim Kah Yee, NGGB managing director Datuk Lim Thiam Huat, IOI group managing director and chief executive Datuk Lee Yeow Chor and Nextgreen IOI Pulp director Amid Mohd Hafiz Amid Khalid

In a statement, NGGB said the parties will establish a private limited company, Nextgreen IOI Pulp Sdn Bhd, which will be 55% held by NGGB and 45% by IOI.

Nextgreen IOI Pulp will develop and operate a paper pulp production facility, which will have an initial capacity of 100,000 tonnes per annum of chemical bleached pulp made from oil palm empty fruit bunches (EFB) using NGGB’s patented Preconditioning Refiner Chemical-Recycle Bleached Mechanised Pulp (PRC-RBMP) technology.

The plant will transform agricultural waste like EFB, a biomass by-product waste from oil palm industries which is typically unutilised, is transformed into green and sustainable products such as wood-free paper, tissue paper, premium packaging paper and pulp moulded packaging.

NGGB said the development phase will take 18 to 24 months, at a cost of about RM600mil.

"By adopting the waste-to-value concept, this bio-integrated zero waste process ensures that by-products from every part of the pulp production process is fully utilised through conversion into green products and renewable energy in a closed-loop system.

"This collaborative venture unifies our proactive ESG measures, contributing actively to the nation’s efforts to achieve the United Nations Sustainable Development Goals," said managing director Datuk Lim Thiam Huat.

IOI group managing director and chief executive Datuk Lee Yeow Chor added that the utilisation of palm-based biomass for value-added applications is an important activity within the circular economy.

"Together with our palm wood venture utilising oil palm trunks, this joint venture will help IOI to take significant strides towards achieving our group-wide Net Zero emissions target.”

Tags / Keywords: Nextgreen Global , IOI , paper , pulp , waste

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A look at the 2024 Top 50 Global Retailers

The Top 50 Global Retailers is a fresh look at the 50 most impactful international retailers based on their operations from the start of 2023. 

View the complete  Top 50 Global Retailers 2024 list .

The Top 50 Global Retailers of 2023 reflect the economic uncertainties stemming from a potential global recession and disrupted supply chains. These new challenges come on the heels of the difficulties retailers weathered during the pandemic.

Retailers started to reinvest in physical stores and ecommerce integration in 2023, but were saddled with added costs from higher wages, product sourcing and cybersecurity. In many countries, a rise in retail-related crime had moderated by the end of the year.

For most companies in this ranking, retail sales and profits grew even as shoppers changed their work and personal routines and the channels they shopped. China suddenly ended its zero-COVID policy at the end 2022 and started to allow its citizens to travel abroad as 2023 progressed. Retail sales initially surged in China but fell back due to a general slowdown in critical manufacturing sectors. The Top 50 list reflects this dynamic, with all Chinese companies falling a number of places relative to their spots on the 2022 list.

Operational, logistical changes and challenges

Most of the severe limitations on global and regional supply chains eased as 2023 went on. By the end of the year, most areas of the logistics industry had far more capacity than demand, which resulted in significantly lower costs.

For example, the price to ship a 40-foot container from Shanghai to Los Angeles/Long Beach, Calif., went from a historical high of over $20,000 in late 2022 to less than $2,000 by December 2023. Trucking, rail and air all declined as well to pre-2020 rates. Warehousing costs also dropped over the same period as excess inventory from unpredictable fulfillment in 2022 gradually eased.

Even though the Russia-Ukraine war ground on in 2023, most markets had adjusted to shipping and route disruptions. The grain trade from Ukraine was largely restored once routes safe from Russian attacks were established in the Black Sea. The Russian oil trade also continued despite attempts to limit it with international trade rules and sanctions.

However, a new logistics challenge arose when the Israel-Gaza conflict erupted in October 2023 and effectively closed the Red Sea, which came under missile and armed drone attacks from Yemen in support of the Palestinian cause. Excess capacity allowed shipping companies to rapidly reroute vessels around southern Africa, which raised costs going into 2024.

Retail labor remained an issue in 2023 in many countries. However, the major shortages and turnover that were common in 2022 were not as severe in 2023 since new workers and more training re-established this critical workforce.

The exceptions were pharmacists and in-store technicians to the point where over 1,000 drugstores closed in the United States alone. Labor costs continued to rise in 2023, with a number of successful union negotiations and strikes resulting in better pay and benefits. The severe retail labor shortage in most regions impacted not only in-store services (especially pharmacies), but also warehouse management and logistics. The use of self-checkout that had accelerated in 2022 continued to do so in 2023.

Global inflation had moderated in most countries by the end of 2023, but food prices continued to rise, making shoppers more aware of the cost of their overall baskets. Most countries investigated and recommended actions on food prices, including, in a few cases, price freezes and price reversals on key food items. Inflation in other retail channels had less impact on shoppers’ perceptions and decisions.

Explore NRF's supply chain content, events, resources and advocacy issues here .

Apparel retailers returned to slow growth in most markets with added competition from Chinese online retailers Shein and Temu. Most supply chain issues resolved in 2023 and were less of a planning factor than they were in 2022.

In most countries outside the U.S., Canada and Western Europe, malls and shopping districts returned to the aggressive growth and remodels that were the norm in 2019.

Cybersecurity continues to be a major concern across retail. Internationally, the financial impact appears to be rising, with several large CPG companies and retailers losing up to a full quarter of net margin from attacks that froze systems and disrupted partner integrations. Ransoming data became hackers’ preferred way of getting victims to pay to regain control of their IT environments.

While hackers have redirected their attacks to public institutions and medical facilities, viewing them as soft targets likely to pay more rapidly than those in retail, investments to protect retail from these attacks are draining industry funds.

Methodology

Any comparison of retailers operating in multiple countries is made difficult by currency exchange rates. In addition, retailer rankings are normally created using reported consolidated revenues, which dilute the impact that joint ventures, franchises and marketplaces can have on helping retailers take their operations international. Most retailers generate the bulk of their sales from domestic operations, allowing those with the biggest domestic markets to appear to have the largest international operations, which is not always the case.

Kantar has worked with NRF to produce this ranking of the Top 50 Global Retailers that seeks to maximize discussion, debate, education and exploration opportunities.

Kantar’s ranking methodology uses a system that awards points to retailers based on their domestic and international retail revenues. To qualify for the ranking, retailers need to have a direct investment in at least three countries.

In alignment with Kantar’s Retail IQ methodology, only retail-specific revenues determined ranking points even as the largest global retailers expand outside of retail revenues.

Most retailers in Kantar’s scope of coverage operate in the food, drug and mass merchandise channels. To offer users a robust view of global retail trends, Kantar also covers retail leaders across all channels globally, but not exhaustively.

The top 10 most international

Walmart remains the world’s largest retailer domestically and internationally, with significant commitments to a new online marketplace and fulfillment model. Within the Top 50, Walmart continues to face competition from Amazon, Schwarz Group, Aldi and Costco.

The major Chinese online players Alibaba, Tencent and JD.com still lead retailers in the overall group but have struggled due to changes in China’s regulatory environment that have limited each company’s advantages in financial technology, innovation and logistics.

The Top 10 retailers did not change in 2023 from 2022, and all retained their positions within the Top 10 from 2022. Retailers in the Chinese market that had been the fastest growing before the pandemic have slowed considerably due to the impact of the zero-COVID lockdowns on domestic trade. In addition, their international markets have softened. Government engagement and new regulatory limits on company size and complexity have also impacted their growth.

Alibaba underperformed in 2023 relative to 2019 due to proposed changes in its financial and logistics divisions. JD.com is focusing more on its logistics expertise and has partially backed away from new financial technology. PDD Holdings, on the other hand, successfully expanded to international markets with its Temu ecommerce site. The fast-rising Shein has been disrupting global markets with its low-cost, fast-fashion business model.

Walmart held its position as the largest global retailer despite relatively little store growth. It maintained its ranking with a robust online marketplace and a range of new financial resources for shoppers. These new tools, which have been particularly effective in Mexico and Chile, make online shopping accessible for lower-income shoppers and offer them new ways to manage their budgets.

Walmart’s large retail media platform, Walmart+, has become a predictable income stream that continues to expand outside the U.S. The Mexican and Central American division has returned to 2019 growth levels with over $40 billion in sales. The retailer continues to invest in its membership programs for omnichannel retail and ecommerce infrastructure for continued growth.

Amazon continued to post double-digit growth, though with different strategies than it has followed in the past. Its shift to focusing on profits and limiting some of its more unproductive experiments has resulted in strong net margins. The company’s third-party marketplace fees and requirements have resulted in higher profits — and more scrutiny from the EU and U.S. government on its business practices. Outside the U.S., the company struggled with growth and profits in most markets. The stores division centered its shift to grocery on the 800-store Whole Foods chain, resulting in greater revenue overall, even while a number of underperforming Amazon-bannered stores were closed.

Amazon is expanding its fulfillment and logistics services globally to support its core business and third-party services. Strong results from the AWS cloud group provided a predictable base for capitalization and cash flow while supporting the retail media platform that contributed significantly to the company’s operating margins throughout the year.

3. Schwarz Group

The Schwarz Group had a successful 2023 as Europe’s largest retailer and fourth largest in the world. Its Lidl and Kaufland banners remained strong performers across most value channel formats. Revenue is also increasing at the group’s PreZero environmental division and in the manufacturing group that makes own-label products for its stores.

Schwarz Group has been able to fund store growth while broadening store remodels, online penetration and fulfillment capabilities in its Western European markets. The company is investing in supply chain automation and digitalized operations. The group has evolved its Schwarz Media Platform and StackIT cloud operation that has enabled it to operate a closed-loop, wholly owned infrastructure.

The Aldi organization has a wide geographical reach, especially in Europe, but both the Aldi Süd and Aldi Nord divisions will always look for new markets for international expansion. Aldi’s international growth had been steady in 2023 until it announced the surprising purchase of 400 Winn-Dixie and Harvey’s supermarkets in the southeastern U.S. in August 2023.

Aldi continues to prioritize the U.S., U.K and Australia for investments and innovation. The store assortment is more localized than is typical for a value grocer, while stores remain solely focused on execution as the company invests in better store experiences and online access. As the strongest retailer in Central Europe, Aldi has benefited from predictable markets that fuel further global expansion.

Costco expanded its warehouse format to a range of countries outside the United States in 2023 by appealing to the generally common aspirations and needs of the global middle class. This focus allowed it to execute its product and services model in a standard format while retaining over 90% of members in all countries where it operates.

Costco is now firmly the second-largest retailer in Canada and continues expanding in Europe and the Asia-Pacific region, upsetting stable markets with new shopper expectations for unique products and experiences. In response to members’ needs, Costco has moved cautiously into online sales in most markets. Its low SKU count and product rotation have worked in its favor given international inventory requirements. Costco is reinvesting in services to keep driving member value.

6. Ahold Delhaize

The unified company in the U.S., Ahold of the Netherlands and Delhaize of Belgium, built on the strong performance of remodeled stores across most of its banners, digital tools for shoppers and expanded omnichannel fulfillment capabilities. Merchandising excellence from the European Ahold chain continues to show in department refreshes and messaging. Its value banners have been an integral part of the retailer’s ongoing growth in the U.S. and Europe with an improved in-store experience, stronger shopper messaging and better-integrated loyalty apps.

Ahold Delhaize in Europe continues to leverage best-in-class smaller grocery stores combined with an effective real estate strategy. Own-label improvements were evident in the U.S. with larger assortments in the basket.

7. Carrefour

Carrefour’s growth has shifted from the retailer’s hypermart formats to grocery, online and the “atacado” cash-and-carry format. Latin America has emerged as Carrefour’s largest market, contributing close to 40% of revenue despite sales declines in Brazil due to store closings.

Franchise arrangements have allowed Carrefour to grow in the Middle East and North Africa while maintaining market share in the highly competitive markets of France and Central Europe. Carrefour’s overall European operations are doing well with almost all revenue growth coming from online retail and greater volume from small express pantry stores. Carrefour is also expanding its retail media capabilities in partnership with Publicis Groupe under the name Unlimitail.

8. Seven & I

Seven & I Holdings is facing demographic challenges in its home market of Japan. The majority of Seven & I’s holdings are in the 7-Eleven convenience banner in the U.S. and Japan with franchise holdings in South Asia, Canada and Mexico. Most of the retailer’s 80,000-plus stores are convenience stores located in the U.S. with fuel operations.

In 2023, Seven & I revealed plans to close its 110-store department store chain in Japan; however, it later chose to leave the chain open for another year with the expectation that “retail tourists” will visit Japan now that pandemic lockdowns have lifted. The retailer’s 7Now ecommerce and fulfillment division continues to grow and expand in the U.S. and Japan.

9. The Home Depot

The Home Depot’s stronger-than-expected 2023 built on the solid uplift in home improvement sales during the pandemic. Sales at the largest home improvement retailer in the U.S., Canada and Mexico continued to grow in 2023 thanks to strong pro (contractor) sales in these markets and robust home furnishing and household appliance sales in Mexico.

Partnering and providing dedicated merchandising space to higher-quality tool makers like Milwaukee and Ryobi reinforces The Home Depot’s position as a dedicated source for professionals. The retailer’s loyalty program is well targeted to the business-to-business needs of pro shoppers who drive channel revenue growth and help the retailer capture more of that critical shopper base. The Home Depot is widely regarded as having best-in-class ecommerce and omnichannel integration.

Ikea renewed its store growth in 2023 with 71 new locations as the home furnishings retailer looked to fulfill more at-home needs. In all markets where it operates, Ikea focuses on shoppers in transition: young adults moving into their first apartments, newlyweds, parents and older homeowners transitioning to new housing.

Ikea has been reducing prices in its main product lines through new sourcing and designs. Evaluating its global logistics networks has been part of that effort to ensure lower-cost inventory. New smaller-format stores are opening in a range of urban locations around the world.

Just missing the international cut

Aside from the previously mentioned Chinese retailers, the strength of value retail in multiple markets in 2023 drove changes among the remaining 40 retailers on the Top 50 list .

Vertically integrated apparel companies such as Inditex did well in most markets, though H&M and Fast Retailing fell several positions compared with their 2022 placements.

Shoppers in 2023 repeatedly said they needed more convenience from retailers. Hong Kong-based A.S. Watson, Japan’s FamilyMart and Canada-based Couche-Tard (usually under the Circle K banner) all fulfilled that demand.

In urban markets, small pantry grocery formats operated by Tesco, Auchan, Casino and Spar International did well. All these retailers continued to open stores in existing markets. Jerónimo Martins, known for its discount formats in Colombia and Poland, also expanded its chain of large atacado stores in Colombia.

Walgreens Boots Alliance held its position despite selling its Latin American holdings. Due to their mix of formats, Germany’s Rewe and Japan’s Aeon were able to hold their own in the markets where they compete.

Casino continued to do well in Latin America but still plans to sell most of its assets in that market to support new growth in Europe. Chilean retailer Cencosud did well in 2023 while starting to leverage best-in-class merchandising from its newly acquired U.S. grocer, Fresh Market. Falabella, on the other hand, found its success in Mexico tempered by declining ecommerce and department store chains in Latin America.

All of these retailers have made big investments in omnichannel and integrated financial services across multiple groups. Carrefour Brazil has become the main revenue driver for the overall group after buying a number of chains, including the former Walmart banners. It also entered into a franchise agreement with Sam’s Club in Brazil with over 40 locations.

The consumer electronics business continued to regroup internationally with aggressive promotions in the last quarter of 2023. Apple continued to do well with new product lines. While all experienced small sales drops, Best Buy, Ceconomy and Euronics held their positions in the Top 50.

Based on what Kantar saw at NRF 2024: Retail’s Big Show, expect more digital enablement in stores and more practical uses of RFID. Greater resolution and a broader color palette have improved LED signs and tags to boost engagement. Self-checkout continues to evolve, combining RFID, QR codes and UPC reads along with improvements to visual product recognition. Omnichannel is still a growth area but with more emphasis on store integration and enablement. Labor shortages are an ongoing concern, though the impact has softened and employee retention is improving the store experience in most markets.

In 2024, expect more movement in the retail rankings as the market changes to respond to these realities.

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Universal Studio Group Taps Former eOne Exec Blossom Lefcourt As Global Head of Business Affairs

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Universal Studio Group has found its new business affairs chief – three months after the departure of Masami Yamamoto.

Former eOne exec Blossom Lefcourt has been hired as Global Head of Business Affairs. She was previously EVP, Global Business & Legal Affairs, Television and left in January.

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Deadline revealed in November that Yamamoto, who was President, Business Operations at USG, was leaving at the end of the year.

Lefcourt will work across NBCU’s four television studios: Universal Television, UCP, Universal Television Alternative Studio and Universal International Studios.

Jeremy Adell has been acting as interim lead and will now report to Blossom.

Chairman Pearlena Igbokwe said in an internal memo, which you can read below, that Lefcourt had the “technical expertise, deep industry knowledge and collaborative approach” to head its global team.

Dear USG Team,

I’m very pleased to announce that Blossom Lefcourt, will be joining our team as our new Global Head of Business Affairs. Blossom has the technical expertise, deep industry knowledge and collaborative approach needed to head our global team and support all of USG’s diverse business needs across our four studios. In addition to her resume, Blossom’s energy, passion for the role and commitment to reinforcing a positive culture proved that she was the right fit for our USG family, and I am confident she will be an excellent addition to our remarkable Business Affairs team.

Blossom was most recently EVP, Global Business & Legal Affairs, Television for eOne. During her tenure, she was widely recognized as a motivating, supportive, and respected leader who worked across multiple platforms and projects ranging from Yellowjackets to A Gentleman in Moscow. She oversaw all overall and first-look deals, including Mark Gordon, Alexi Hawley, Beau Willimon and more.

Blossom is a graduate of Cardozo School of Law and Bard College. She volunteers at the Cardozo Filmmakers Legal Clinic and Center for Visual Advocacy and is also on the DEI Oversight Committee at La Cañada Unified School District.

I’d like to thank Jeremy Adell for filling in as Interim Head during this search. It goes without saying that Jeremy is a tremendous asset to USG and will continue to drive our business as part of Blossom’s team.

As we constantly strive to deliver ambitious and entertaining projects from the industry’s most visionary storytellers, it is our innovation, collaboration, and creativity that truly propel our success. Thank you all for being part of our extraordinary team.

Pearlena Igbokwe

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