US retail sales are expected to grow by 6-8% this year after recording a 14% increase last year. Which retailers have benefited the most from this hike in consumer spending? The NRF has released its 2022 Hot 25 Retailers List as compiled by Kantar, examining the fastest-growing retailers in 2021 by US retail sales growth. The list indicates that each of the top 25 had sales increases of at least 25% and all in the top 10 registered gains of at least 40%.
The rankings “are determined by increases in domestic sales between 2020 and 2021; all retail companies with global sales in excess of $2 billion were eligible.”
The list shows that Harbor Freight Tools, a tool and equipment retailer, has the distinction of being the fastest-growing retailer in the US last year, with its domestic sales growth almost doubling year-over-year (+93.4% to $4.726 billion).
Next on the list is Spanish multinational clothing company Inditex, whose US sales grew by 76.6% to $933 million. It’s not the only European company in the top 25: Swedish apparel retailer H&M came in at #9, while the fast fashion retailer from Ireland, Primark, clocked in at #21.
Meanwhile, Inditex, in its #2 position, is followed by off-price department store retailers Burlington at #3 (+65.8% to $9.342 billion) and TJX Companies at #5 (+51.3% to $38.082 billion). Sandwiched in between those off-price department stores is the upscale chain Dillard’s, which experienced 53.2% growth to $6.735 billion.
Rounding out the top 10 are Ross Stores (+51%), Wine.com (+50%), Designer Brands (+48.7%), H&M (+47.2%) and Five Below (+45.2%).
According to Kantar Senior Vice President David Marcotte, the primary lesson to be learned from the list is that “the biggest change year-over-year is the reopening of malls and recovery of apparel and department stores.”
Indeed, the list looks very different if comparing 2021’s figures with the pre-pandemic days of 2019. That list instead predominantly features online retailers, led by Wine.com, with a 2-year sales jump of 222.7%. Other notable names are boohoo, an online apparel retailer, which saw its sales more than double, Overstock (+90.1%), and 1-800-Flowers.com (+83.3%).
For more, check out the analysis here.