Amazon’s brand value increased 3 per cent to USD308.9 billion, reaffirming its position as the world’s most valuable retail brand, as new data from Brand Finance indicates an American retail sector struggling to maintain brand value. Household names like Walmart (-15 per cent to USD96.8 billion) and Home Depot (-14 per cent to USD52.8 billion) maintained second and third ranks, respectively, despite brand value declines.
Discount and more affordable brands such as Dollar Tree (brand value up 23 per cent to USD5.1 billion), Ross Dress for Less (brand value up 18 per cent to USD5.1 billion), Family Dollar (brand value up 15 per cent to USD3.2 billion), and the UK’s B&M (brand value up 19 per cent to USD2.3 billion) each saw improved brand values. This reflects a shift in consumer brand preferences in response to inflationary and cost-of-living pressures.
Annie Brown, General Manager, UK Consulting, Brand Finance, commented: “Brand Finance research reveals a significant trend, as major economies are witnessing declines in total brand values across the sector, with the US down 3 per cent, China down 22 per cent, Germany down 4 per cent, the UK down 12 per cent, and Japan down 9 per cent. In contrast, our Retail 100 2024 ranking indicates brand value growth in emerging markets, as Mexico’s total brand value surged 38 per cent, while Italy’s rose 18 per cent. This year’s fastest-growing brands include Mexico’s Chedraui and Italy’s Conad, with brand values increasing by 33 per cent and 27 per cent, respectively.”
With a Brand Strength Index (BSI) score of 88.2 out of 100 and a corresponding AAA rating, Australia’s Bunnings is the world’s strongest retail brand. According to Brand Finance research, Bunnings earned outstanding scores for several metrics, including promotion and word of mouth, with 70 per cent of respondents in Australia reporting having a conversation about the brand. Decathlon ranks second for brand strength with a BSI score of 87.3 out of 100 and an AAA rating and continues to score highly in terms of perceptions of its people (customer service), familiarity, and reputation, excelling in value for money and loyalty.
Lazada, one of Southeast Asia’s largest eCommerce operators, is now the world’s fastest-growing retail brand, with a 40 per cent increase in brand value to USD2.1 billion. In 2023, Lazada introduced its value offering “Choice”, aiming to compete with value brands like Temu and Shein. Up 39 per cent to USD3.0 billion, Metro is the world’s second fastest-growing retail brand, followed by Chedraui in third with a 33 per cent increase to USD2.1 billion.
India, a key emerging market, is notably absent from the top 100, despite its economic scale and growing global prominence. However, India’s retail sector is poised for rapid growth, with projections suggesting it could exceed USD2 trillion by 2030 or 2032, positioning it as a market to watch closely in future rankings.
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