Shoppers Drug Mart narrowly edged out Lululemon as Canada’s largest retail brand in the latest survey from research firm Interbrand.
In all, three Canadian retailers -- Shoppers, Lululemon and Canadian Tire -- made Interbrand’s list of the top 50 North American retail brands.
The winner, once again, was Walmart. At $131.8 billion, it’s the world’s most valuable retail brand.
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Interbrand estimates the Shoppers name is worth about $3.1 billion -- down five per cent from last year’s survey. Loblaws bought Shoppers last year for $12.4 billion, though of course that includes the pharmacy chain’s physical assets, and not just the brand.
All three of the ranking Canadian retailers saw the value of their brands decline in the past year, evidently the result of the tough competition in Canada’s market since the arrival of Target and other U.S. retailers.
With Lululemon there were other problems -- namely, last year's controversy over too-sheer yoga pants. The fashion retailer “suffered a year of turmoil. A much publicized product recall and attempted correction caused supply chain delays, late inventory, and quality complaints,” Interbrand says.
Lululemon saw its brand value decline 13 per cent over the past year, to just more than $3 billion, by Interbrand’s estimate.