Tiffany & Co has been named one of the most reputable retailers in a new report ranking retail businesses in the UK.
According to the Reputation Institute, the general public find Tiffany & Co one of the most respectable retailers in the country, with the iconic jewellery brand bagging a spot in the 2018 Top 10 Retail RepTrak.
Amazon was named the UK’s most reputable retailer, despite criticism over tax and working conditions, with Sport Direct falling to the bottom of the list.
In order, the top 10 companies in the 2018 UK Retail RepTrak which are considered to have an excellent or strong reputation, are:
- John Lewis
- Tiffany & Co
The Reputation Institute’s rankings were based on ratings from 5,175 consumers and individual assessments of the 50 nominated companies.
Out of the full 50 companies, Tiffany & Co was the only jeweller to make the list, which also includes companies that work with jewellery brands such as LVMH, Selfridges, Sotheby’s, Debenhams, and John Lewis.
Stephen Hahn-Griffiths, chief reputation officer at Reputation Institute, comments: “Amazon’s combination of selection, value, personalisation, and no hassle customer service is a winning formula. Amazon has a loyal following with more than 100 million Amazon Prime subscribers ‘Prime Day’ sales have become a major retail event.
“Despite their position of strength, Amazon is faced with reputation risk based on the proposed “Amazon tax” and growing criticism of working conditions in their vast distribution centres.”
The study says, despite the well documented woes of some of the UK’s retailers and an overall fall in UK corporate reputations in 2018, the retail sector continues to enjoy a strong reputation and outperform most sectors.
Interestingly, nine of the ten most reputable retailers in the UK blend online and offline retail, suggesting an integrated retail solution is a key path to success.
Hahn-Griffiths adds: “In the battle to win over consumers in the UK, it is becoming clear that as well as offering great products/services, retailers today have to highlight they are being purposeful and socially responsible. Those who don’t prioritize ethically good values will inevitably see a reputational decline.”
“While more than 2,000 stores have closed or are at risk of closure so far in 2018, the report shows the rapid change in the retail sector creates opportunities for companies who get the balance of high quality products/services and responsible business right.”