Extant literature on brand equity in the context of the retail store is limited. This paper responds to calls for more research in this area by examining, though a quantitative design, shoppers’ perceptions of store equity, loyalty and satisfaction. Responses from 300 Spanish shoppers, in three retail contexts, were captured. Findings of CHAID analysis identify three distinct segments of shoppers. This research contributes to identifying perceived value and store image as the most relevant factors for differentiating retail customers in terms of their store equity perceptions. For theorists, this study presents a better explanation of store choice by segmenting shoppers based on perceived store equity. Management implications include the need to develop economic, functional, emotional and symbolic value propositions in view of the influence of perceived value and image on store equity creation and, ultimately, satisfaction and loyalty.

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