Global Powers of Retailing

2014
Retail Beyond Begins

Q Ratio

Also Known as Tobins Q

Ratio of the publicly traded companys capitalization to the value of its tangible
assets.
Q Value > 1 Greater share of companys value derived from non-tangible assets
Q Value < 1 Failure to generate value from non-tangible assets

PLACE

SUPPLIERS
COMMUNICATION

PRODUCT

Major Challenges
- Intense Competition
- Slow growth in developed market
- Volatile input prices
- Consumers resistance to high retail price

Differentiating factors

SYSTEMS

PEOPLE

LOGISTICS
VALUE

Q Ratio

Q Ratio by Market Cap

Ross Stores, Inc.0

4.61

The Tjx Companies, Inc.0

4.64

Dollar Tree, Inc.0

4.77

0.18

0.29

4.93

CP All Public Company Limited0

4.98

B|M Birlesik Magazalar A.S0

5.13

Top 30

POD
Vertically
integrated
specialty retailers

Inditex, S.A.0

5.82

Tractor Supply Company0

5.84

H & M Hennes & Mauritz AB0

2.25

1.68

7.66
5

10

3.19

0.36

Fashion

2.04

FMCG
Diversified

2.96

0.49

France

0.76

China

0.81

U.K.

0.83

Canada

0.85

South Africa

Hardliness

0.91

Q Ratio by dominant formats

Bottom
10

Q Ratio by primary
retail sector

POD
Discounting

0.65

3.5
3
2.5
2
1.5
1
0.5
0

Germany

Top 10

Japan

Amazon.com, Inc.0

Q Ratio by Country

Hong Kong

1.34

Mexico

1.44

Russia

1.77

U.S.

1.78
0

0.5

1.5

2.02
2.07

1.85

1.53

Q Ratio by sales
1.25

1.22

0.97 0.81

0.77

0.7

1.07

1.19

Top 10
Top 30
Top Half

0.82

1.08

Bottom 10

Bottom 30

0.44
1.32

Bottom Half

Study Methodology: Based

on Non-auto retail revenue
for fiscal year 2012 of Top 250
Global powers of retailing
Sources: Annual reports, SEC
Filings, Press Releases, Fact Sheets
Planet retails for non-U.S.
retailers
Coverage: 211 markets

THANK
YOU