The latest listing of the best global brands show clothing performed well, with US department store retailer Macy's increasing its brand value by more than 25%, and H&M ranking as the top retailer in its region.

Interbrand's annual rankings show Macy's as "a great example of a retailer that has effectively managed its brand". The retailer has been quick to respond to shoppers' new digital behaviours and rapidly become a leader in omnichannel retailing, the report noted.

"It also keeps its brand well protected through the use of private label and has shown commitment to elevating the store experience. With three consecutive years of sales growth there is also increased confidence in the optimism around their financials."

Outdoor and sports retailer Cabela's also achieved brand value growth of over 25% this year, having found success in smaller footprints with more flexible floor plans.

Wal-Mart topped the list as the most valuable retail brand in the world, with a brand value of US$131.8bn. But beyond North America, H&M ranked as the top retailer in Europe with a brand value of $18.17bn.

Dirk Defenbaugh, MD of Interbrand Design Forum, said: "The world's best retail brands understand the complex and challenging relationships between analog and digital and have been quick to address changing shopper behaviors.

"By integrating the physical and virtual, making purchasing easier, enhancing service, and using storytelling, these leading brands are reimagining their offers, and creating unique experiences for consumers that convert browsers into buyers," he added.

Less successful, US retailer Coach Inc dropped from number six to nine this year, and with a 12% decrease in brand value, Nordstrom fell out of the top ten to number 12. Of the five brands that fell out of the top 50 were Guess and Anthropologie.