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The Most Valuable U.S. Retail Brands 2009 The Most Valuable U.S. Retail Brands 2009 The Age of the What the Leaders The Upside of a Retail Brand do Right Down Economy Profiles of The Most Narrowcasting for The Curious Case Valuable U.S. Retail Fatter Margins of Walmart Brands 2009 Scale Alone Does Not Lessons from Make a Grocery Brand the Brands Contents p01 The Age of the ‘Retail Brand’ p19 Narrowcasting for Fatter Margins No longer just the focus of the marketing team, brand is being The brands that score highest on unique shopping experience, adopted as an idea that drives business strategy. exclusive private labels and differentiation fall into the hardline specialty sector. The brand idea that serves a narrower consumer p02 Interbrand Design Forum’s Most Valuable base with more specific needs will deliver more value. U.S. Retail Brands 2009 p20 Scale Alone Does Not Make a Grocery Brand p04 Profiles of the Most Valuable U.S. Retail Brands 2009 Traditional grocery earned the weakest customer loyalty scores. A snapshot of the top 50 brands and insight into what’s Over-reliance on discounts, rewards and promotions undermines driving growth. any move towards a meaningful proposition and results in low brand strength. p13 Canada’s Most Valuable Retail Brands With a look at how the top 5 brands are growing. p21 Every Brand Tells a Story Retailers have an advantage in being able to use a physical space p14 Mexico’s Most Valuable Retail Brands to tell the brand story to forge closer customer connections. To do Insights into the success of the top 5 brands. it well requires an understanding of your audience. p15 Lessons from the Most Valuable Brands p22 Location-free Shopping Of the 1.6 million retail companies that populate the U.S. Just as our definition of “phone” has come to mean a mobile shopping landscape, 50 remarkable brands rise to the top. multimedia device, so has the notion of “store” evolved to encom- pass non-traditional commerce. The best orchestrate the brand p16 What the Leaders do Right experience from start to finish. The moment consumers decide to make a purchase, they are confronted by myriad choices and interchangeable products. p23 The Upside of a Down Economy What do the Most Valuable U.S. Retail Brands do to consistently Created to address complex problems quickly, intelligent fall into their consideration set? branding can help retailers seize opportunities in a downturn. p17 Where are the Department Stores? p24 The Curious Case of Walmart Although their brands have high name recognition, department It began as an old-school discount store with goods piled high stores as a group are perceived as lacking innovation, unique and sold cheap. It grew to a wonder of operational excellence. experiences and exclusive merchandise. Now it acts like a brand. p18 The Misnomer of Specialty Apparel Fashion retail presents great opportunity and great risk—the abil- ity to generate high margins with the uncertainty of the duration of trends. However, the lack of differentiation among the top brands suggests that the field is suffering from risk avoidance. The Age of the ‘Retail Brand’ No longer just the focus of the marketing team, brand is being adopted as an idea that drives business strategy. After thirty years of creating retail brand ers and vendors have until recently made Interbrand has been studying the world’s experiences, I can tell you this: companies retail seem too complex an enterprise to be most valuable brands since 1984. Today still don’t have a clear idea of what brand is encompassed by one idea. brand decisions can be measured and thus and what it can do. And there’s an urgent held accountable for the investments that A study of the top retail brands shows need to clear up the misunderstanding. make a brand stronger. A strong brand otherwise. Case in point: Walmart tops Not just because we’re in a major recession. ensures relationships that create future the list, not simply because of its offer- But because within the downturn there are earnings by growing customer preference ing and scale, but because of its place in opportunities that brand can capture. and loyalty. shoppers’ hearts and minds. It is, in fact, So let’s cut to the chase. What is a the most valuable retail brand—proof that Which brings us to the list—our first ‘Annual retail brand? brand is not the sole province of famous Report Card’ of the most valuable retail makers such as Coca-Cola or Rolex. All the brands in the United States, plus the top 5 A brand is not just a logo, a name or a same principles are at work in retail. A clear in Canada and Mexico. It’s an assessment snappy slogan. It’s the particular set of proposition creates demand because of the of the companies that are most successful tangible and intangible assets (or liabilities) value it bestows on the product or service. at managing their brand, as well as a look that customers attribute to a retailer. A Brand thinking provides a way to orches- at those that didn’t make the cut. We’re de- brand is a shopper’s perception, the sum trate everything about the business that lighted to share the lessons from the lead- of all his or her experiences doing business attracts and touches the consumer—from ers, and give some insight into how they with that store. the real estate, to human resources, the tackle the challenges of today’s market. Shopping defines modern life. Because it supply chain, store design, e-commerce, We also hope it provides a push to those accounts for 70% of the U.S. gross domes- private labels, messaging and packaging. who still cling to the outmoded operations- tic product, the growth or contraction of In fact, retail is branding at its best and driven way of viewing their business. retail as a total market impacts us all. While most complex. The Most Valuable U.S. Retail Brands report shopper attitudes are changing rapidly due Understanding brand dynamics through its sends a clear message: The rules of success to economic conditions, the subsequent concerted analytic tools gives a company— have changed. Brand has arrived at retail. discounting and promotions are only part especially retail—the ability to measure the of the story. economic power of its brand and iden- Thoughtfully, Consumers thrive on change. They judge tify which business elements create that stores by how well they keep up with the power. The role brand plays in any business fast pace of life. Retailers have stepped up decision versus the other components of their speed-to-market imperatives to feed that choice can be gauged and connected Lee Carpenter shopper appetite for newness. Yet most to strategy. Legacy biases can be overcome Chairman & CEO Interbrand Design Forum retailers still cling to a 20th century view of so that managers can make smart deci- and Interbrand North America themselves as an operations-driven enter- sions that take brand, space and finance prise, not as brands. Numerous distribution into account simultaneously. Light can be points, hundreds of SKUs, and thousands shed on previously unrecognized market of daily transactions between custom- opportunities and new investments justi- fied. Brand helps a retailer create demand, not cater to demand. Most Valuable U.S. Retail Brands 2009 01 2009 Rank Brand Brand Value ($m) 1 129,809 2 21,981 3 20,809 The Most 4 17,111 Valuable U.S. 5 12,566 Retail Brands 6 11,695 2009 7 11,145 8 10,710 9 9,478 10 9,052 11 7,991 12 7,224 13 6,753 14 6,434 15 5,718 16 5,670 17 5,264 18 5,078 19 4,357 20 4,208 21 4,190 22 3,282 23 3,021 24 2,884 25 2,825 02 Most Valuable U.S. Retail Brands 2009 2009 Rank Brand Brand Value ($m) 26 2,568 How we calculate the 27 2,551 value of a brand 28 1,592 All contenders for the list must qualify as 29 1,552 follows: the brand must be a market-fac- ing brand, with publicly available financial 30 1,545 data, and positive Economic Value Added (EVA). Interbrand determines brand value 31 1,523 the same way analysts value other assets: on the basis of how much they’re likely to earn in the future. Those projected profits 32 1,268 are then discounted to a present value based on how risky the projected earnings 33 1,254 are; that is, Financial Forecasting. The economic value added by the brand, or 34 1,134 Role of Brand, is discovered with a propri- etary analytic framework that expresses 35 1,124 brand earnings as a percentage of Eco- nomic Value Added. It answers questions 36 1,112 like: “Are people shopping at Walgreens because the store is conveniently located 37 1,103 or because of the brand?” Last, Brand Strength is assessed by figuring out how 38 1,073 risky the future brand earnings are ac- cording to factors like market leadership, 39 959 stability and geographic coverage. This risk analysis produces a discount rate that 40 907 is applied to the brand earnings to come up with a Net Present Value, which repre- 41 641 sents the true economic value of the array of forces that make up a brand. 42 614 Although this is the first time the valuation methodology has been applied 43 603 exclusively to retail, Interbrand’s rigorous analysis of brand value has been ap- 44 564 pearing annually in BusinessWeek as “Best Global Brands” since 2001.
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