Interbrand Best UK Retail Brands Report 2013 - Tesco holds on to top spot with ASOS debut as the first online retailer to make Top 10
Interbrand, has released its annual global 2013 Best Retail Brands report, with Tesco only just, coming out trumps in the UK.
In the year of the Queen's Jubliee and Olympics, the British high streets were smarting from a tough performance. Despite this, store revamps across the likes of Primark, The Body Shop, Debenhams and B&Q saw them remain in the top retailers.
Online shopping was also a growth driver in 2012 with ASOS keeping up with the traditional Clicks and Mortars as the first online retailer appearing in the Top 10.
Says Justin Wartell, managing director Interbrand Design Forum: "The brands that make our list define the retail ecosystem and determine where it's going. Their relevance combined with the influence of new brands with unique business models brings the evolving world of retail into focus--interconnected, immediate, always on, dynamic, memorable and sometimes unexpected."
Each year, Interbrand studies what makes retail brands successful and documents their challenges. The brands that succeed amongst the tumultuous backdrop of the retail industry have four things in common:
- Valuable retail brands monitor customer's changing needs. In the race for relevance--that is, providing customers with a reason to choose a brand--the strongest relentlessly pursue knowledge about their consumers and incorporate those insights into their everyday behavior. With economic power distributed across an ever-growing portfolio of touchpoints, customers--not the brands themselves--set the rules of engagement.
- Leaders build a culture of efficient decision-making. The pace of retail and customer expectations around speed continues to increase. To respond, executives need to build cultures, processes and systems that enable quick decisions. This isn't just about assortment adjustments. It's about organizational commitment to moving at the speed of the retail world to remain competitive.
- It's understood that experience extends beyond the store. Even the definition of retail is changing. "Retail" no longer refers to physical stores; it refers to the complete experience created by retail brands--from physical stores to digital touchpoints to service experiences to products. Retailers witnessing big gains this year have committed to this holistic view of experience. Rather than antiquated methods of maximizing stores at the expense of other channels, top brands think in terms of groups of touchpoints and the optimization of experience.
- The best continuously optimize, scale and measure. The need to move quickly can pressure retail leaders to abandon their commitment to the tasks aligned with optimization, scaling and measurement. Many do achieve top speed, as the industry demands, where it becomes challenging to evaluate on the fly. Across the top retailers, commitment to ongoing, meaningful measurement and refinement is clear.
Says Wartell: "Last year was an exciting and value creating year in retail. The total value of the strongest retail brands increased. This trend should continue as these brands live the principles that have made them strong: the relentless pursuit of meaningful customer knowledge, an efficient decision-making culture, a commitment to the new definition of retail and the determination to optimize and scale with purpose. That's the recipe for success in 2013."
Visit BestRetailBrands.com to download the complete report.