In an industry marked by repeated crises, corporate deals, and restructurings, Marks & Spencer managed to become one of the world’s largest retail conglomerate operating also a department store in 2025. With 24.8% growth, the company surpassed both El Corte Inglés and Macy’s, until now the industry leader, suffered one of the three declines in revenue in 2025, with sales falling by 2.4%. The other two declines were recorded by two other U.S. retailers: Kohl’s, with a 4% drop, and Dillard’s, with a 0.1% decline. In contrast, El Corte Inglés continues its upward trend with a 3.4% increase in sales, reaching €17,2bn. Up to five American groups are in the middle of the table, with figures ranging from €10 to €14bn. Along with Kohl’s, this group includes John Lewis, Nordstrom, El Puerto de Liverpool and Falabella. The ranking:
1 – MARKS & SPENCER
Increased its overall sales (department stores, supermarket, finance etc.) by nearly 25%, to £17.3bn pounds, but its profit fell by 19% and free cash flow plummeted by more than 70%, in a year marked by the severe cyberattack it suffered in the spring. The group expanded its international presence by bringing its fashion offerings to the United States through Nordstrom.
2 – MACY’S
Macy’s (Macy’s, Bloomingdale’s, Bluemercury etc.) fell below the $22bn mark for the first time in years, but reported an increase in net income. The group’s year was marked by the continued implementation of the ‘Bold New Chapter’ restructuring plan, under which the company closed 66 stores in 2025 and announced 14 more closures for 2026, as part of a three-year plan to reduce its store network from about 500 to 350, while strengthening a core of 125 strategic stores with additional staff and new product offerings.
3 – EL CORTE INGLÉS
El Corte Inglés (Department Stores, Supermarkets, Hypermarket, Travel etc.) posted its best financial results in the last five years, driven by the fashion sector. The arrival of Cristina Álvarez as the group’s seventh president has led to a reorganization of the management team and the purchasing department. This fiscal year that marks the consolidation of the recovery for a group that has closed 18 stores in five years.
4 – NORDSTROM
Nordstrom (Nordstrom, Nordstrom Rack etc.) delisted from the New York Stock Exchange after 50 years of trading, in a $6.25bn deal that left the family with 50.1% of the equity and the Mexican group El Puerto de Liverpool with the remaining 49.9%. The company returned to pre-pandemic revenue levels, growing by more than 5% to $15.9bn.
5 – JOHN LEWIS
The John Lewis Partnership (department stores, supermarket, finance) ended its latest fiscal year with rising sales, improved margins, and increased cash flow, but posted a loss of €43mn due to a tax impact resulting from new regulatory charges. The company increased its investment in stores, technology, and the supply chain by 26%.
6 – KOHL’S
Kohl’s (1,150 locations in 49 states) ended 2025 with a decline in sales but a 2.5-fold increase in net income. The improvement in earnings is due to a $219mn reduction in general and administrative expenses and a $129mn one-time gain from a legal settlement, rather than a genuine business recovery.
7 – FALABELLA
Falabella (department stores, malls, finance in Chile, Peru, Colombia etc) closed out 2025 with record results: revenue rose 9% to $14,679mn, and net income tripled to $1,485mn, driven by the revaluation of its real estate assets to market value. The Chilean group is heading into 2026 with a $900mn investment plan, including 17 new stores in Chile, Peru, and Mexico, as well as renovations, technology, and logistics.
8 – EL PUERTO DE LIVERPOOL
El Puerto de Liverpool closed out 2025 with revenue up nearly 7%, to MXN 229,137mn ($13bn), driven by the strong performance of the El Buen Fin campaign, but with net income falling 26% to 845mn ($48mn), and EBITDA falling by nearly 5%, in a fiscal year marked by a slowdown in Mexican consumer spending and the new U.S. tariff environment. Online sales now account for 30% of the Mexico City-based group’s business.
9 – ISETAN
Isetan Mitsukoshi (the group operates roughly 60 locations across Japan, Southeast Asia, and China) closed out 2025 with new records for both revenue and net income. The financial results confirm the upward trend of recent years, driven by the strong performance of its flagship department stores.
10 – DILLARD’S
Dillard’s (300 department stores across 29 states, online, clearance stores) ended the last fiscal year with sales virtually flat and ebitda down slightly, weighed down by rising personnel expenses. The company ended the year with $1.07bn in cash and short-term investments, repurchased $107.8mn worth of shares, and paid out the largest dividend in its history.