Every year, brand valuation consultancy, Brand Finance, tests over 5000 brands and publishes reports ranking them across all sectors and countries. This year, Amazon has again been named the world’s most valuable retail brand, with a brand value of US $299.3 billion. This value has increased by 36 percent since the pandemic and is more than double the brand value of Walmart.
Amazon also has the highest sustainability perception value of any brand due to its renewable energy initiatives. As the most significant global corporate buyer of renewable energy, Amazon is committed to powering all its operations with a cent percent renewable energy by 2025.
“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 how we shop but has challenged and overhauled traditional business models,” said Richard Haigh, Managing Director of Brand Finance.
“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.”
After parent brand Femsa’s enormous expansion plan, Mexican retail brand OXXO entered the retail 100 ranking as the fastest-growing brand this year. At the same time, Spain’s El Corte Inglés’ acquisition of the Sánchez Romero supermarket chain bolstered the brand’s presence in the high-end supermarket segment and shot up its brand strength rank to the sixth position.
Argentinian MercadoLibre became the largest e-commerce company in Latin America, gaining consumer trust through its secure transaction platform, MercadoPago, which processed over $100 billion in transactions in 2022. The brand’s advertising efforts further enhanced its brand recognition and consumer awareness.
Major online fashion retailer ASOS drops out of the ranking, with its brand value falling by more than 40 percent. Its customers are spending less on fashion due to rising living costs. The brand had to write off over £100 million worth of stock after experiencing a slowdown in sales growth.
While Amazon saw remarkable growth, Walmart and Home Depot remained stable in their respective second and third ranks. Walmart has benefited from changing consumer spending habits in the post-pandemic world and expanded its advertising initiatives through Walmart Connect. Home Depot has also been enhancing its strong reputation for quality and customer satisfaction and bolstering its sustainability initiatives.
