Tenet has come out with their annual list of the most and least respected companies in the United States, and six of the ten least respected companies are retailers.
Here are the retailers that don’t get no respect:
- Big Lots
- Rite Aid
- Best Buy
- Foot Locker
- CVS Health
The 10,000+ people surveyed in this long-running yearly check up on respect are decision-makers in business, not consumers, so you have to wonder whether consumers agree.
It looks as though they do. Best Buy, for example, has received lowest customer satisfaction ratings in national consumer surveys, and profit margins are lower among the least respected companies than among the most respected ones.
The least-respected list was dominated by retailers, but also included two restaurants, an airline, and a tax service.
Which retailers made the most-respected list? None.
Suppliers depend on retailers, so this is not good news. However, suppliers are also in a position to help retailers develop more favorable reputations.
Where does Walmart fall? Tenet’s not telling, but they declared Walmart the #3 most powerful Back to School brand earlier this year and #52 among the 100 most powerful brands in the world, on the basis of calculations from the same survey database. Obviously this is very far from the bottom of the pile, but Walmart is not relaxing.
Walmart is working on store-level execution, investing in associates, and creating convenient new omnichannel shopping experiences. Suppliers who are able to hold on and support these efforts can expect to reap the rewards.
Contact us today to learn how we can help you thrive in the new retail landscape, with Walmart and other retailers.