April 15 — Wal-Mart Stores Inc., the world’s largest retailer, reclaimed the top spot from Exxon Mobil Corp. in the Fortune 500 ranking of biggest companies, based on annual revenue, the magazine announced today.
Exxon, the world’s largest oil company, dropped to second place on the list after the U.S. recession eroded demand for its motor fuels and drove bargain-seeking consumers to Wal-Mart’s discounts. Exxon was No. 1 a year ago after surrendering the spot to Wal-Mart in 2007. Chevron Corp. remained in third place.
Two banks climbed in the rankings to join the top 10, while homebuilders disappeared from the Fortune 500 and automaker General Motors Co. dropped below the largest 2 percent of companies for the first time.
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