Leading retail companies listed on ASX Australia 2023

Wesfarmers Limited was the leading retail company listed on the Australian Securities Exchange (ASX) in Australia as of November 2023, with a market capitalization of just over 60 billion Australian dollars. The market cap of Wesfarmers was significantly higher than the next leading listed retailers, JB Hi-Fi and Harvey Norman.

 Wesfarmers Limited

Headquartered in Perth, Australia, Wesfarmers Limited is a conglomerate that operates its business primarily in Australia and New Zealand. It has a diverse range of business divisions including home improvement and outdoor living, apparel and general merchandise, office supplies, and an industrials division. They own major retailers including Bunnings, the Kmart Group, and Officeworks.

In the financial year 2023, Wesfarmers reported revenue from continuing operations of over 43 billion Australian dollars. In the same year, the conglomerate saw an increase in net profit after tax, following a slight drop in 2022.

Impact of COVID-19 on retail

Wesfarmers was not the only retail business affected by the COVID-19 pandemic. Many brick-and-mortar retailers in the country turned their attention to online selling to retain customers. In 2023, online retail spending in Australia continued to show some growth across most categories. The fashion segment however, saw negative growth for both domestic and international merchants in online spending in Australia in the March 2023 quarter.