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Forty-five years ago, Wal-Mart was a single store. By radically changing the rules of retail, it evolved into the world’s largest company. Many businesses have learned to adapt quickly to the new game—from $4 generic drugs to energy-saving light bulbs. Now it’s Wal-Mart’s turn to struggle with the industry’s more prosaic problems related to slow growth.

Wal-Mart’s challenge is how to be a big brand without being a mass brand, where one-note consistency leads to the perception of mediocrity. Forty-five years later, brand loyalty is less prevalent—some say a thing of the past. Shoppers need to be courted continually with great experiences or exciting product innovations. After all, the revival of small specialty shop retailing came about because people don’t always want standardized goods at the lowest possible prices.

Best Buy proves a big brand can be creative and dexterous enough to transform itself. The consumer electronics giant has been moving from a sales-driven to a people-helping organization. Its latest format in a long line of customer-centric store experiments includes lower lighting, soft music and low-key associates trained to encourage customer questions. Early results show that women, the deciders in 90% of electronics purchases, are feeling better and buying more.

Now that the low-price bar has been set, an emotional connection is the strongest bond a brand can have today. In an industry where sameness is slow death, differentiation remains paramount. Being one-of-a-kind provides its own barrier to exit, making it hard for shoppers to go elsewhere. Private labels help. INC apparel keeps shoppers returning to Macy’s. Kobalt tools encourage home-improvement customers to stick with Lowe’s. Differentiation will always be the greatest challenge in retail, since at its heart it requires ongoing, unflagging passion and great imagination.