Drawing on layers of geospatial, psychographic and foot traffic data, Placer Labs Inc. identified the retailers with the best chance for success in the coming year and summarized the results in a white paper titled “10 Top Retail Brands to Watch in 2023.”
Here’s a sampling of the retailers expected to have a strong year:
Five Below
Much of the chain’s appeal lies in its position as the go-to discounter for tweens and teens who find that their pocket money can get them a treat from the chain. Five Below has been on a major growth streak recently, with monthly year-over-year foot traffic up by double-digits for most of 2022. Some of this elevated foot traffic can be attributed to the chain’s impressive expansion, going from 900 stores at the end of the 2019 fiscal year to 1,190 at the end of the 2021 fiscal year.
Whataburger
Last year was huge for many regional QSR chains, with In-N-Out Burger, Culver’s and Cook Out all gaining visitation share in their respective markets. Whataburger appears to be particularly well-positioned to replicate its success in 2023, with its devoted cult following.
The company’s store openings are often characterized by long lines of hungry customers, some of whom have waited for hours to try burgers. Recognizing the strength of the brand, BDT Capital Partners purchased the chain in 2019 with the intention of expanding Whataburger’s footprint.
Wawa
As early as 2020, reports were noting that convenience stores were becoming America’s favorite restaurants – and now, the category may even be taking market share from QSR locations. One convenience store particularly lauded for its food is Wawa, an East Coast chain with locations in seven states.
Not only has overall foot traffic to Wawa increased in recent years, but average visits per venue have also grown across all seven states it operates in. The strong performance may be incentivizing the chain to continue expanding: Wawa recently announced plans to open locations in four more states – Tennessee, Indiana, Kentucky, and Ohio. According to Wawa CEO Chris Gheysen, the company plans to operate 1,800 locations by 2030.
The other retailers identified in the paper are: Bob’s Discount Furniture, Dave & Buster’s and Main Event Entertainment, Hibbett Sports, Boot Barn, Grocery Outlet Bargain Market, Altar’d State and Total Wine & More.
For more details, click here to register to download the white paper.