Pan Pacific International Valuation Multiples

Since its founding in 1962, Walmart has become the world’s largest retailer, operating over 10,700 stores globally (including 4,600 namesake locations on its home turf and another 600 Sam’s Club outlets) and growing its e-commerce presence, attracting 270 million customers weekly. In aggregate, the firm posted more than $680 billion in fiscal 2025 sales. Its core operations span three reporting segments: Walmart US (68% of fiscal 2025 sales), Walmart International (18%), and Sam’s Club (14%). Within the US, nearly 60% of its $465 billion in fiscal 2025 revenue came from its grocery offerings, with another quarter from general merchandise. Internationally, Walmart’s operations are concentrated in Mexico, though it also has budding exposure to India.

Home Depot is the world's largest home improvement specialty retailer, operating 2,364 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The 2024 tie-up with SRS will help grow professional demand in roofing, pool, and landscaping projects, while the 2025 purchase of GMS will lift building product sales through 1,340 distribution locations.

Target’s start dates back to 1962, but now it is one of the largest discount retailers in the United States (where it derives all of its sales), operating just under 2,000 stores and generating over $106 billion in fiscal 2024 sales. The company offers a broad assortment of merchandise across categories including apparel and accessories (16% of fiscal 2024 revenue), beauty and household essentials (30%), food and beverage (23%), hardlines (15%), as well as home furnishings (16%). Target’s model is anchored in its physical store base, which fulfills more than 97% of sales. Around 30% of sales are derived from its own private-label brands.

Founded in 1919, Loblaw is Canada’s largest food and pharmacy retailer, operating around 2,500 stores and generating over CAD 64 billion in fiscal 2025 sales. Its core operations span two main retail divisions: food (about 70% of sales) and drug, anchored by Shoppers Drug Mart (30%). Loblaw’s grocery banners include Loblaws, No Frills, and Real Canadian Superstore. The company also boasts a robust portfolio of private-label offerings (about 30% of sales), such as its well-known President’s Choice, No Name, and Joe Fresh brands.

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. The company generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States.

Wal - Mart de Mexico SAB de CV is the owner and operator of Wal-Mart branded self-service stores in Mexico and Central America. Wal-Mart de Mexico is a subsidiary of Wal-Mart Stores Incorporated, based in the United States. The company generates the majority of revenue in Mexico and a small proportion of revenue from the rest of Central America. The company operates discount stores, hypermarkets, supermarkets, wholesale stores, and pharmacies. The company also engages in the import and sale of goods, property development, and real estate management activities.

Tesco is a large food retailer, operating thousands of stores in the United Kingdom, Ireland, and Central Europe. The majority of Tesco’s sales are from the UK, where the firm has over 24% market share, more than double the second-largest peer, Sainsbury’s, according to Euromonitor. Tesco also holds 30% e-grocery market share in the UK, holding a dominant position online. Tesco gained exposure to the cash-and-carry and out-of-home delivery industries with the GBP 4 billion acquisition of Booker in 2018.

Mexico-based Femsa is a beverage and retail conglomerate in Central and South America. The holding company owns controlling stakes in bottler Coca-Cola Femsa (47% economic stake, 56% voting rights), in addition to operating 100%-owned retail assets, including convenience stores under the Oxxo banner, drugstores, and gas stations. The firm divested its 15% stake in Heineken and its distribution business in 2023. Coca-Cola Femsa and the Oxxo chain made up 75% of total company revenue and over 90% of profits in 2024.

Dollarama is Canada’s largest dollar store chain that sells a broad range of everyday consumables and household items at low fixed price points, currently capped at CAD 5. General merchandise and consumables make up 90% of total sales, and the rest is from festivity-related seasonal items. The retailer operates more than 1,600 stores across Canada, mostly in convenient locations in metropolitan areas, midsize cities, and small towns. It also holds a 60% stake in South American value retailer Dollarcity, which operates more than 600 stores across Colombia, Guatemala, El Salvador, Peru, and Mexico. In 2025, the firm closed its CAD 234 million acquisition of Australian retail chain The Reject Shop, which operates 395 stores.

Founded in 1883, Kroger is the largest pure-play supermarket operator in the United States, operating roughly 2,700 stores across more than 30 banners. Kroger’s business is primarily grocery-led (roughly 79% of sales), spanning fresh food and private-label offerings, complemented by fuel centers (9%) and pharmacies (12%). The firm also generates income from advertising, data analytics, and manufacturing.

Woolworths is Australia's largest retailer. Operations include supermarkets in Australia and New Zealand, and discount department and pet stores. Woolworths also supplies businesses, like restaurants and cafes, following the acquisition of PFD Food Services. The Australian food division with its supermarkets constitutes the majority of group EBIT, followed by New Zealand supermarkets and PFD, while Big W is a minor contributor.

Ahold Delhaize is an international food retail group created by the 2016 merger of Ahold and Delhaize Group. It operates through local supermarket and online retail brands serving customers in the United States and Europe, with additional participation in joint ventures. Its brands sell fresh food, packaged groceries, household goods and private-label products through stores and digital ordering channels. Local businesses retain their customer-facing identities while the group coordinates capabilities such as sourcing, technology and the sharing of retail practices. Revenue principally comes from product sales to household customers, supplemented by the activities of its online retail businesses. For 2025, Ahold Delhaize reported €92.4 billion in net sales, 9,551 stores excluding joint venture stores and approximately 77 million weekly customer visits across stores and online.

Dollar General is a United States discount retailer headquartered in Goodlettsville, Tennessee. The business began in 1939 as J. L. Turner and Son, and its first Dollar General store opened in 1955. It operates small neighborhood stores selling frequently purchased household products, including food, snacks, health and beauty items and cleaning supplies, alongside apparel, housewares and seasonal merchandise. Its customers purchase goods for everyday use, and the company earns revenue through retail product sales. At the time of the 2007 KKR-led acquisition, Dollar General operated more than eight thousand stores. The business focuses on convenient locations and low prices, with a merchandise assortment designed around recurring consumer needs. It later returned to public ownership through a stock-market listing while continuing to expand its store network.

Founded in 1986, Dollar Tree operates almost 9,000 small-box discount stores across the United States and Canada, offering roughly 85% of its merchandise under $2. The chain targets value-conscious suburban and urban shoppers with a mix of consumables (49% of sales), variety (45%), and seasonal goods (6%). In fiscal 2024, Dollar Tree generated over $17 billion in sales, through its multi-price strategy, higher-margin discretionary assortments, and private-label products that account for nearly one-third of sales.

Avenue Supermarts Ltd is an India-based company engaged in the business of organized retail and operates supermarkets under the brand name of D-Mart. It provides products under the categories of Foods, Non-Foods (FMCG) and General Merchandise and Apparel. Foods category includes products such as dairy, staples, groceries, snacks, frozen products, processed foods, beverages and confectionary and fruits and vegetables. Non-Foods (FMCG) comprises home care products, personal care products, toiletries and other over-the-counter products. General Merchandise and Apparel include bed and bath, toys and games, crockery, plastic goods, garments, footwear, utensils and home appliances. The business operations of the company are principally carried out in India.

Coles is one of Australia's largest retailers, operating the second-largest supermarket chain behind market leader Woolworths, and the country's second-largest liquor chain. The group has an extensive store network of over 1,800 stores and roughly 80% of Australians live within a 10-minute drive from a Coles store. The retailer employs some 120,000 people, who process some 20 million individual customer transactions a week. This compares with Woolworths processing about 30 million customer transactions per week from Australia's population of 27 million.

AEON Co Ltd is a holding company engaged in comprehensive finance, development, and services with a focus on retail businesses. The Comprehensive Finance segment covers credit cards, banking, insurance, and related services. The Developer segment handles shopping center development, leasing, facility management, amusement, and restaurants. The Discount Store (DS) segment operates discount stores, while the General Supermarket (GMS) segment includes supermarkets and bento delicatessen specialty stores. The Health & Wellness segment runs drugstores and pharmacies. The International segment focuses on retail in ASEAN and China. Services/Specialty Store includes casual fashion, footwear, and variety goods. Supermarket (SM) operates supermarkets, convenience stores, and small outlets.

Falabella SA is involved in offering products and services in five business divisions: department stores, home improvement, supermarkets, financial services, and real estate. All business segments operate in South American countries. The largest division by revenue, financial services offers access to credit by combining traditional financial business with proximity to customers through retail formats. Home improvement has a diverse customer base: from individuals to construction-sector players and corporates. This segment's main categories are construction materials, home improvement products, home accessories and furniture. The department stores segment offers various brands such as private brands, second generation, exclusive brands, and international brands.

Unibail-Rodamco-Westfield operates as a real estate investment trust. The company develops and owns large, efficient office buildings in prime locations in Paris and La Defense. It also owns offices, hotels and residential assets in Europe and the USA. Its portfolio includes shopping centers, office , and convention & exhibition centers. Its segments include Southern Europe, including France, Spain and Italy; Central Europe, including Germany, Austria, Poland and the Czech Republic; Northern Europe, including Sweden, Denmark, The Netherlands, and The UK; and The United States.

Metro is the third-largest grocery retailer in Canada (behind Loblaws and Sobeys) and also owns the top pharmacy chain in Quebec, Jean Coutu, following the 2018 acquisition. Its grocery banners include supermarket chain Metro, discounters Super C and Food Basics, and ethnic food grocer Adonis, while its pharmacies primarily operate under the Jean Coutu and Brunet trademarks. Metro operates both as a food retailer and a franchisor, licensing its trademarks and supplying merchandise to registered pharmacists. The firm also acts as a wholesaler and distributor to serve smaller, neighborhood grocery stores. Unlike peers Loblaws and Sobeys that operate chain stores across Canada, Metro’s operations are concentrated in Quebec and Ontario, with no presence in western Canada.

Founded in 1959, Carrefour is a multiformat retailer with operations in over 40 countries. Approximately 75% of sales stem from Europe and the rest from Latin America. In France, where Carrefour generates nearly 50% of its total revenue, the firm has a grocery market share of 22%, behind market leader E.Leclerc (24%), according to Kantar. Carrefour operates over 15,000 stores in hypermarket, supermarket, convenience store, and discount store formats. In 2024, Carrefour completed the acquisition of the Cora and Match banners from Louis Delhaize group for an enterprise value of EUR 1.05 billion.

BJ’s Wholesale Club, founded in 1984, operates a membership-based warehouse club model primarily along the US East Coast, with roughly 260 clubs and a growing domestic presence across 21 states. In fiscal 2025, the company generated over $21 billion in revenue. BJ’s offers a value-oriented assortment skewed toward grocery, perishables, and consumables (72% of sales), general merchandise (11%), and gasoline (17%). Its business model is supported by recurring membership fee income and private-label brands such as Wellsley Farms and Berkley Jensen.

CP All PCL is the sole operator of 7-Eleven convenience stores in Thailand. Almost half of the stores are located in Bangkok and its vicinities, with the remaining located in provincial areas. The company also operates other related businesses, such as bill payment collection services, manufacturing and sale of convenience food and bakery products, sale and maintenance of retail equipment, payment for products and services, information technology services, logistics services, marketing services, educational institution, and training and business seminar services, including catalog sales and e-commerce businesses. The company has four reportable segments: convenience stores, wholesale, retail and mall, and others. The majority of its revenue from Convenience stores segment.

Marks & Spencer is a British multichannel retailer with stores across Europe, Asia, and the Middle East. The majority of revenue stems from the firm’s UK operations, selling predominantly its own-brand food, clothing, and home merchandise. The food segment includes value products (dairy, poultry, meat, fresh produce), ready-made meals, and healthy items. The clothing and home division sells womenswear, lingerie, menswear, kidswear, beauty, and home products. The remaining revenue comes from international sales, where M&S sells through a mix of its own stores, franchises, and online channels.In 2020, the firm entered into a joint venture, purchasing 50% of grocery e-commerce business Ocado Retail. Ocado is the exclusive online distributor of M&S food within the UK.

Shoprite Holdings Ltd is Africa’s food retailer, headquartered in Cape Town, South Africa, with a widespread presence across multiple African countries. The company's main business is supermarket retailing through brands such as Shoprite, Usave, and Checkers. The company organizes its operations into three main segments: Supermarkets RSA, which covers its core supermarket retail operations in South Africa. The company segments include Supermarkets Non-RSA, covering supermarket operations in other African countries; and Other Operating Segments, which include franchise stores, pharmacies, pet products, clothing, and other specialist retail formats.

SM Investments Corp is a Philippines conglomerate with operations in retail, banking, property, and Portfolio investments. The retail division operates department stores and food retail stores. The property division is mainly present in Southeast Asia and is focused on malls, residences, office buildings, resorts, hotels, and convention centers. SM Banking provides financial services through BDO Unibank and China Banking Corporation. China Banking Corporation is servicing emerging companies and small- and medium-scale enterprises. BDO has diverse operations from credit cards, insurance, and leasing to investment banking, and asset management. The majority of its revenue comes from the retail segment that engages in the trading of merchandise such as dry goods, wearing apparel, and others.

Founded in 1869, Sainsbury's is the second-largest UK grocery chain with around 10% market share. It operates around 600 supermarkets and 800 convenience stores in the UK. The company has diversified away from core food by selling clothing, fuel, and other nonfood items. In September 2016, it took a step further into nonfood retailing with the purchase of Home Retail Group, operating the Habitat and Argos chains (general merchandise and electronics stores), for GBP 1.10 billion.

Dino Polska SA operates a network of medium-sized grocery supermarkets located close to customers' places of residence. The Group's main business activity is the retail sale of multiple products, mainly food, beverages, and fresh groceries, including culinary meat products. Sales revenue is recognized at the point of transfer of goods to customers. The company conducts retail sales through non-specialized stores where food, beverages, and tobacco products predominate.

Bim Birlesik Magazalar AS is a Turkey-based company that is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of items, including a number of private label products which includes Fresh Meat Products, Milk and milk products, Beverages, Legumes and Bakery, Snacks and Sweets, Fruits and Vegetables, Frozen Food, Cleaning Supplies, Oils and Cosmetics and papers. The company also operates abroad including in Morocco and Egypt.

Zabka Group provides the ultimate convenience ecosystem. It has three basic business units: Zabka Polska focuses on retail activities for the operational and commercial aspects of the business, including the running and development of the modern physical convenience store network and the nationwide logistics network, Zabka International is responsible for the development of new markets and supervises the implementation of the foreign expansion, and Zabka Future is responsible for accelerating the creation of a digital convenience ecosystem with synergies between its parts and ensuring optimal technology for the multi-directional development of Group. It also includes Maczfit, which is a direct-to-consumer meal provider.

Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division operates through Empire's subsidiaries Sobeys, National, Farm Boy, and Longo’s, and represents nearly all of the company's income. This segment owns, affiliates, or franchises various stores in different provinces, under retail banners including Sobeys, Safeway, IGA, and Foodland. The company's investment and other operations segment include the investment in Crombie REIT, which is an open-ended Canadian real estate investment trust.

El Puerto de Liverpool SAB de CV is a retail company that operates throughout Mexico in three business segments: Liverpool, which offers clothing, home goods, furniture, and cosmetics in Liverpool stores as well as boutique locations; Suburbia, which includes Suburbia stores selling consumer products of its own brands; The credit segment is a complement to the Liverpool and Suburbia commercial segment. The company finances its clients in the form of Liverpool and Suburbia departmental credit cards, which customers can buy exclusively at company stores and real estate, which leases commercial space to tenants of its Galeria shopping malls. The Liverpool segment brings in the majority of revenue, with the Maximum portion coming from Mexico City and the surrounding areas.

President Chain Store Corporation, along with its subsidiaries, is engaged in managing convenience stores, restaurants, drugstores, department stores, supermarkets, and online shopping stores under different brands. It focuses on offering various daily consumer goods, such as fresh food, beverages, cosmetics, and household items. One of its key operations includes the management of 7-Eleven stores across Taiwan and other regions. The group operates in Taiwan, Mainland China, the Philippines, and Japan. Its reportable segments are Convenience stores, which derive maximum revenue, Retail business group, Logistics business group, and Other operating segments. Geographically, the group derives a majority of its revenue from Taiwan, followed by other regions.

BBB Foods Inc is a company offering a grocery hard discount model in Mexico. Also that operates through three subsidiaries namely Tiendas Tres B, Tiendas BBB and Desarrolladora Tres BSA de CV of which the main activity of Tiendas Tres B is the sale, purchase, distribution and marketing of all types of products, items and goods, as well as the establishment, and operation of individual stores and distribution centers for the sale of such products.

Pepco Group NV is a pan-European, multi-format discount chain of multi-branch stores under the Pepco, Dealz, and Poundland brands. The group's stores offer clothing, home furnishings, including toys and seasonal products, as well as FMCG products. The revenue is derived from geographical segments, namely the United Kingdom, Poland, the Republic of Ireland, and the Rest of Europe.

Macerich invests in premium mall assets. The company owns 27 regional malls in its consolidated portfolio and 10 regional malls in its unconsolidated portfolio along with a power center and seven other real estate assets. The company's total portfolio has 39.9 million square feet of gross leasable area and averaged $867 sales per square foot over the 12 months ended in September 2025.

99 Speed Mart Retail Holdings Bhd is a grocery retailer in Malaysia. The company's outlets carry daily necessities comprising mainly FMCG such as food and beverages, personal and baby care products, as well as household products. It has a single operating segment, namely retail of consumable merchandise and other household products.

Albertsons is the second-largest supermarket operator in the United States with about 2,300 stores across a variety of banners. Around 80% of the firm’s sales comes from nonperishable and fresh food, of which 26% comes from its portfolio of private brands. The company operates fuel centers at about 20% of its store locations and pharmacies at 75%. Albertsons went public in 2020 following years of ownership under private equity firm Cerberus Capital Management, which still owns about a fourth of the outstanding shares.

Sprouts Farmers Market Inc offers a specialty grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspire wellness naturally with a carefully curated assortment products paired with purpose-driven people. The company continues to bring products made with lifestyle-friendly ingredients such as organic, plant-based, and gluten-free. It approximately has 407 stores in nearly 23 states. The Company has one operating segment that is healthy grocery stores.

Cencosud SA is a multi-brand retailer in South America. Headquartered in Chile, the Company has organized its reportable segments into: Supermarkets, Shopping Centers, Home Improvement stores, Department stores, Financial Services, and Others., the company is involved in commercial real estate development by leasing shopping mall space to third parties. Cencosud also provides private-label credit cards and financial services to retail customers. The company generates the majority of its revenue from the Supermarket segment.

Axfood AB operates food retail and wholesale businesses in Sweden. The company operates various food retail grocery chains, discount stores, hypermarkets, restaurants, cafes, and pharmacies through different brands. The company's operating segments include Willys, Hemkop, Dagab, City Gross, and Snabbgross. A majority of its revenue is generated from the Willys segment, which is a discount grocery chain, offering various products in both group-owned stores and online. This segment also includes the partly owned cross-border grocery chain Eurocash.

Central Retail Corp PCL is a multi-format and multi-category retailing platform in Thailand. It is a pioneer in omnichannel retailing in Thailand, complementing its retail store network and merchandise offerings with positions among store-based retailers in online traffic. The company operates under a diverse slate of retail banners divided into three segments: Hardline, Food Products, and Fashion. The majority is generated from Food Products. Geographically, the majority of revenue is from Thailand.

Ollie's Bargain Outlet Holdings Inc is a retailer of closeout merchandise and excess inventory. The company sells name brand household related items that consumers use in their everyday lives at prices that are heavily discounted below traditional retailers. It offers customers a broad selection of brand name products, including housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics. It operates stores across the Eastern half of the United States. Its differentiated go-to-market plan is characterized by a fun and engaging treasure hunt shopping experience, compelling customer value proposition, and witty, humorous in-store signage and advertising campaigns.

Pricesmart Inc is principally engaged in operating U.S.-style membership shopping warehouse clubs that offer consumer goods at low prices. The company is headquartered in San Diego, California, United States, and operates stores in the Caribbean, Costa Rica, Panama, and other regions. The company's revenue consists of net warehouse club sales from merchandise sales, membership income from annual membership fees, export sales, and other income. Its operations consist of four reportable segments; Central America, the Caribbean, Colombia, and the United States. A majority of the company's revenue is derived from Central America.

Colruyt Group NV is a family business which, over three generations, has grown into a retail group with a diverse portfolio of food and nonfood. Its main activity is the operation of supermarkets under the brand name Colruyt Lowest Prices. It operates in the retail sector. It is also active in food services and the food wholesale trade, and has an expanding portfolio of health and well-being activities, including fitness centres and the distribution of medical and related products. It also operates as a retailer of clothing and bicycles. Its segments are Food; Health &Well-being and Non-food; and Group activities, Real Estate and Energy. Majority of revenue comes from Food segment. It has presence in Belgium, France, and Other of which majority of revenue is from Belgium.

DFI Retail Group Holdings Ltd is an Asian retailer that operates in five segments: Food, Health and Beauty, Home Furnishings, Convenience, and Other Retailing. Convenience is the Group's 7-Eleven businesses. Food comprises the grocery retail businesses (including Robinsons Retail operating in the Philippines and Yonghui operating on the Chinese mainland up to their respective dates of divestment). Home Furnishings is the Group's IKEA businesses. Restaurants is the Group's associate, Maxim's, a food and beverage company. Other Retailing represents the department stores, specialty and Do-It-Yourself (DIY) stores of Robinsons Retail. The majority of revenue is derived from the Food segment.

Organizacion Soriana SAB de CV is a Mexican company with a multiformat strategy. Soriana offers a diverse range of products: food, clothing, healthcare, and basic services. The company operates self-service stores, warehouse clubs, and convenience stores. Store formats are diverse, from hypermarkets with 7,000-square-metre average sales floor area, as with Soriana Hiper; to stores offering low prices on basic commodities, as with Soriano Mercado; to stores offering high-quality products, as with Soriana Super.

Tanger Inc is an owner and operator of outlet and open-air centers in the United States and Canada. It is a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. Its consolidated portfolio consisted of 31 outlet centers and 2 open-air lifestyle centers.