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The authors identify a new type of brand concept, which they term as a compound brand. Compound brands have their brand associations multi-created such that the focal brand entity, their tenants, and ancillary entities all act as sources of primary brand associations. To test the possibility of compound brands, two potential compound brands are studied, airports and shopping malls. This was completed by undertaking 480 semi-structured interviews (240 for each entity) to identify the underlying brand association structure and which associations are important for consumer brand choice. Thematic analysis was used to analyse the qualitative data. Participant responses support that compound brand association structures are created by the focal branded entity (e.g., an airport), its tenants (e.g., shops and restaurants), as well as ancillary entities (e.g., location and customers). The contributions of tenants and ancillary entities towards the brand association structures of airports and shopping malls were also statistically significant with large effect sizes. A continuum exists as to how much of the compound brand’s association structure is created by its tenants, with statistically significant differences between airports and shopping malls in terms of how much tenants contribute to overall brand association structures for the compound brand.