Amazon has once again been named the world’s most valuable retail brand, with a brand value of US$299.3 billion, according to brand valuation consultancy, Brand Finance.
Amazon’s brand value has increased 36% since the beginning of the Covid-19 pandemic and is the world’s most valuable brand across all sectors, according to Brand Finance’s Global 500 2023 report.
Meanwhile, Mexican retail brand OXXO enters the retail 100 ranking as the fastest growing brand this year – with brand value up 56% to US$2.3 billion.
Its parent brand Femsa launched an enormous expansion plan for OXXO last year, aiming to increase the number of stores across Latin America by as much as half over the next decade.
America’s largest retailer, Walmart (brand value up 2% to US$113.8 billion) holds onto its 2022 rank in second place, while Home Depot (brand value up 8% to US$61.1 billion) maintains third rank.
Walmart has benefited from changing consumer spending habits in the post-pandemic world, while the giant has also expanded its advertising initiatives through Walmart Connect, aiming to strengthen the relationships between brands and customers across multiple channels. American home improvement firm Home Depot has also been enhancing its strong reputation for quality and customer satisfaction, in addition to bolstering its sustainability initiatives.
However, online retailer ASOS has dropped out of the ranking, having seen its brand value fall by more than 40% to US$1.2 billion.
Speaking about the results, Richard Haigh, md at Brand Finance, said: “The sheer dominance of Amazon in the retail sector – and beyond – cannot be ignored. The brand’s relentless pursuit of customer-centric innovation has not only transformed the way we shop but has challenged and overhauled traditional business models. The retail giant must now look to maintain its competitive edge amid the rapidly evolving landscape, especially as eyes are on the brand now more than ever.”
In addition to calculating the brand value, Brand Fiannce also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance.
Argentine e-commerce brand MercadoLibre was named the world’s strongest retail brand, with a score of 89.4/100 (brand value: US$3.7 billion). The brand has gained consumer trust through its secure transaction platform, MercadoPago, which processed over $100 billion in transactions in 2022.
Spanish retailer El Corte Inglés, meanwhile, (brand value: US$4.3 billion) has shot up from 53rd place to an impressive sixth for brand strength this year.
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