These are Australia's 8 most valuable brands for 2015

Scott Barbour/Getty Images

Woolworths has maintained its place as Australia’s most valuable brand despite a 17% drop in value and a global decline in retailers.

The supermarket chain brand is now valued at $8.964 billion.

However, close behind and a real challenger is Telstra which put on 5% in value to $8.708 billion.

The four major banks dominate the top eight places in Australia, according to Brand Finance‘s Global 500 report. Telstra, BHP Billiton and Coles occupy the remaining places.

In terms of growth, the Commonwealth, Australia’s largest home lender and the biggest company by market capitalisation on the ASX, is the winner. It’s brand value has grown 37% to $7.52 billion.

Mark Crowe, Brand Finance Australia managing director, says Australia has seen a decline in retail led by the two biggest players.

Woolworths has lagged behind Coles in terms of growth because it over expanded into categories which haven’t grown such as home improvement.

Here are the top eight brands by vaue:

Australia’s most valuable brands. Source: Brand Finance.

Fierce competition has led to each branching out into new segments, including finance. Both have insurance and banking offerings on top of petrol and liquor.

“Supermarkets as a whole globally have not done well this year,” Crowe says. “Food price inflation has caused loss leaders to compete for share by maintaining low prices (and thinning their margins) but hasn’t seen customers buying more from them.”

Telstra’s strong financial performance continues.

“Globally, most of the telecom carriers are highly involved in mergers and acquisitions,” Crowe says. “The so called merger mania has gripped the sector as companies seek alternatives to cope with slowing of subscriber growth and high level of capital expenditures needed to keep ahead of competitors and address the growing traffic by customers.”

“Telstra’s prioritising of customer advocacy is a critical component to maintaining a competitive edge and further increasing its brand equity. If successful, Telstra is well positioned to become Australia’s most valuable brand.”

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.