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1、*IfyoulikedtheEbookvisitGetPedia.comtosupportmyCatMEME.*Morethan500,000InterestingArticlesarewaitingforyou.*TheEbookstartsfromthenextpage:Enjoy!(110-117)Retailbrandsv3.56/26/002:18PMPage110110RETAILBuildingretailbrandsTerilynA.HendersonandElizabethA.MihasEstablishingandcommu
2、nicatingabrandmaybeharderformultibrandretailersthanfortheirsingle-brandcounterparts,butbrandbuildingisessentialforboth.acingamarketplaceoverflowingwithstores,mostretailershaveFspentthepastseveralyearstirelesslysearchingfornewwaystogrow.Inthecaseofrunawaysuccessessuchastheappa
3、relmanufacturersNikeandCalvinKlein,thesecretappearstobestrong,well-leveragedbrands,which,McKinseyresearchshows,addfivepointsonaveragetoshareholderreturns.Doretailershavethesameaccesstobrandmagic?Verticallyinte-gratedonescertainlydo.Companies,suchasGapandVictoria’sSecret,thatT
4、eriHendersonisaprincipalinMcKinsey’sBostonoffice,andLizMihasisaprincipalintheChicagooffice.Copyright©2000McKinsey&Company.Allrightsreserved.ThisarticlecanbefoundonourWebsiteatwww.mckinseyquarterly.com/retail/bure00.asp.(110-117)Retailbrandsv3.56/26/002:19PMPage111PHILFOSTER(
5、110-117)Retailbrandsv3.56/26/002:19PMPage112112THEMcKINSEYQUARTERLY2000NUMBER3design,manufacture,andmarkettheirownproductshaveverysubstantiallong-termgrowthexpectationsembeddedintheirshareprice,reflecting,inpart,theexpectationscreatedbytheirbrandstrength(Exhibit1).EXHIBIT1Som
6、eretailbrandshaveGreatexpectations:StrongbrandsinfluencesharepricesbeenbuiltfromthegroundupvirtuallyValuefromcurrentValuefromshort-termValuefromlong-termperformancegrowthexpectationsgrowthexpectationsovernight.Oneverti-Breakdownofcallyintegratedsingle-currentequityTotalsales
7、,1998,SalesCAGR,2value,1percent$billion1994–98,percentbrandretailer—OldNavy,Gap’sretro-hipTheHomeDepot2622523025discountconcept,offeringaproprietaryWal-Mart29106113814lineofvalue-pricedWalgreen3213551513familyapparel—sprangontothescenein1994.Gap321850925Fiveyearsofphenom-ena
8、lgrowthlater,OldTarget4012483110Navyhadsalesof$2.6billionandcould1AsofJanua
