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Fortune magazine has just issued its latest ranking of business enterprises, this one announcing which companies are the most admired. The list was compiled by tallying the votes by executives from both within and outside various industries, then reporting on the winners in nine different business categories.
Not surprisingly, retail enterprises were well represented among the various business groups, though not as prominent as computer and communications or financial organizations. More specifically, nine different retailing companies made the list, including Amazon (No. 3 overall), Costco (6th), Walmart (8th) and Home Depot (16th). One grocery retailer, Publix Super Markets, was 39th on the list, and one food service organization, Starbucks, placed 29th overall.
The remaining three retailers included Target (27th), Nordstrom (32nd) and Lowe’s (47th). Retailer-related companies that made the list included Procter & Gamble (at no. 19), Eli Lilly (21st), Coca-Cola (12th), Johnson & Johnson (31st), Pepsico (44th), Pfizer (38th) and L’Oréal (41st).
In overall terms, not much has changed from the previous year’s ranking. Apple repeated as No. 1 on the list, Microsoft was again No. 2, and Amazon once again was rated No. 3. Costco retained its No. 6 ranking and Lowe’s held steady at No. 47, while Walmart advanced a notch, to No. 8. On the other hand, Target slipped six points while Home Depot gained three and Publix advanced by a whopping 10 places.
Surprising to some and not so surprising to others was the absence of any drug chain from the list. In times past, one would have expected to see both Walgreens and CVS on the list of most admired retailers, and in more distant times Rite Aid might have been included. Another generation of chain drug retailers might have seen such names as Eckerd, Revco and Skaggs on the list and, if you were a chain drug authority, you might have lobbied for such names as Pay Less, Pay Less NW, K&B and Pay ’n Save. Going way back in chain drug history might have unearthed such former legends as Peoples Drug, Fay’s Drug and inch of regional drug chains by now long forgotten.
We’ll make some allowance for the few missteps Fortune might have made in compiling the list. One might, for instance, question J&J’s place on the roster, or Home Depot’s. Perhaps Lowe’s as well. And where, for heaven’s sake, are such renowned grocery retailers as H-E-B, Hy-Vee, Wegmans and several other outstanding regionals? And what about Kroger?
But there can be little argument about the omission of any chain drug retailer from this impressive list of most admired companies. Truth is, America’s leading drug chains have come upon hard times, situations largely of their own making. In defense of the absence of drug chains from Fortune’s list, one might rightly point to a dearth of creative leadership, an absence off bench strength, a lack of creativity or a willingness to accept the status quo.
Other possible explanations come readily to mind, but our respect and admiration for this uniquely American retail enterprise begs that we stop here. While pausing, it is perhaps best to remember that old precept: Tomorrow is another day.
