This article investigates the relationship between brand characteristics - awareness level and image - and their influence on consumers' perceptions of retail image. The article proposes a model of relationships between the number of recognizable brands carried by a retail establishment, the presence/absence of an anchor brand, and perceptions of retail image. The article presents the analysis and results of a study designed to test the model. In addition, the article develops and tests a measure of retail store image. It is indicated that one tactic for ensuring a favorable retail store image is a merchandise mix composed of a relatively high number of brands possessing high brand awareness, and one or more brands with a strong brand image. The article offers recommendations for both brand and retail managers