Branding consultancy Interbrand has released its Best Retail Brands 2014 report, with giants such as Walmart and Target losing ground in the US to competitors such as Amazon.

In Europe, the number one brand was H&M, followed by Ikea, Zara and Carrefour.

UK grocery group Tesco was fifth, despite a turbulent year in which it lost ground to competitors and pulled out of the US.

M&S was sixth, ahead of France’s Auchan, the world’s eleventh largest food retailer, with Boots coming in at eighth.

Aldi was ninth, whilst LVMH-owned Sephora rounded up the top 10 for Europe ahead of Leroy Merlin, Asda, Lidl, L’Occitane and Germany’s Edeka.

The study uses three components in the valuations, comprising the financial performance of the retailer, the role the brand plays in the purchase decision and the competitive strength of the brand.

Jez Frampton, global chief executive officer of Interbrand, said: "There is no doubt that the retail landscape has changed dramatically in recent years. Demographics are shifting, behaviors are changing, and consumer spending priorities reflect an atmosphere of economic uncertainty around the globe. As a result of these trends, in-store traffic is slowing for brick and mortar retailers and cumulative sales are shrinking by the billions."