Amazon has overtaken Schwarz Group to become Europe’s largest retailer by gross merchandise value (GMV), according to the latest European Top 50 ranking from Retail Cities. The report includes companies in the consumer goods, restaurant, specialty, fashion, and e-commerce sectors. However, the report underscores the continued dominance of grocery retailers, which occupy every position from second to twelfth place.
While Amazon’s rise reflects the growing influence of ecommerce and platform-based models, the rankings reveal that traditional food retail remains the backbone of European consumer spending. Schwarz Group, alongside other major grocers such as Aldi, Edeka and Tesco, continues to command significant scale, with the grocery sector benefiting from its essential role in household expenditure.
The 2026 report, based on Retail Cities’ business intelligence database, uses GMV to measure total ecosystem sales across physical stores, ecommerce and franchise operations. This methodology highlights the resilience of large supermarket groups, whose extensive store networks and increasing investment in digital capabilities have enabled them to maintain strong positions in the rankings.
European retail spending exceeded €4.5 trillion in 2025, growing by €162 billion, or 3.7%. The Top 50 retailers captured €103 billion of this increase—around 64% of total growth—raising their combined share of consumer spending to 41%.
Although ecommerce players recorded faster growth rates overall, no physical retail segment matched the scale and consistency of grocery. The concentration of grocers in the upper tier of the rankings illustrates the sector’s defensive strength, even amid subdued real-term growth and inflationary pressures.
According to the Retail Cities European Top 50 Report, the findings point to a dual dynamic in European retail: rapid innovation at the top, led by Amazon, alongside enduring market power among large grocery operators that continue to anchor the industry.