1、January 202410 Top Brands to Watchin 2024This report analyzes the latest location intelligence data toidentify ten brands poised to succeed in 2024.Table of ContentsThe State Of Retail21.New Balance:From Dad To Dapper32.Harbor Freight Tools:A Wide Reach43.Winmark:Poppin Tags44.HomeGoods:Hunting For

2、Deals55.Bealls:Rural Expansion66.Ollies Bargain Outlet:Built To Last77.Trader Joes:Young And Hungry88.Foxtrot Market:The C-Store Connoisseur99.Jersey Mikes:Suburban Style1010.Playa Bowl:Surfs Up11Starting The New Year Strong13The State Of RetailNew year,new retail opportunities.And though 2023 is fi

3、rmly in the rearview mirror,the economic headwinds that characterized much of the year have yet to fullydissipate.But every challenge also brings with it new opportunities,and manyretailers are adapting to meet their customers changing wants and needs.This white paper analyzes location intelligence

4、for 10 brands poised to succeed in2024.Some,like low-cost apparel and home furnishing stores,are benefitting fromconsumer trade-down.Others are expanding into rural or suburban areas to meetcustomers where they are.Read on for some of 2024s retail winners.2024 Placer Labs,Inc.|More insights at place

5、r.ai|21.New Balance:From Dad To DapperUntil around four years ago,New Balance sneakers were commonly seen on the feetof suburban dads not exactly a recipe for high fashion.But all that began to changein 2019 when the company began collaborating with Teddy Santis,who eventuallybecame New Balances cre

6、ative director.Since then,the brands popularity has surgedamong Gen Z and X and is now one of the fastest-growing sneaker companies in theindustry,despite the increasing competition in sneaker space.In 2023,foot traffic toNew Balance stores grew 3.3%year-over-year(YoY)and the brand has firmlyestabli

7、shed itself as ultimate retro cool.Diving into the demographics of New Balance stores captured market trade areareveals the success of the chains rebranding.In 2023,New Balances trade areaincluded larger shares of“Ultra Wealthy Families,”“Young Professionals,”and“Educated Urbanites”than the average

8、shoe stores trade area highlighting NewBalances successful reinvention as a brand for the young and hip.2024 Placer Labs,Inc.|More insights at placer.ai|32.Harbor Freight Tools:A Wide ReachThe home improvement space is dominated by Lowes and Home Depot but HarborFreight Tools is quickly making a nam

9、e for itself as a go-to destination for affordabletools and supplies.Over the past few years,Harbor Freight Tools has expanded rapidly,with many of itsnew stores opening in smaller towns and cities.And the expansion appears to bepaying off,with visits up YoY during every month of 2023.And although t

10、he chain isnow operating with a significantly larger store fleet,the average number of visits pervenue has generally increased indicating that the company is expanding intomarkets where it is meeting a ready demand.3.Winmark:Poppin TagsOver a decade after Mackelmore dropped his smash hit“Thrift Shop

11、”in 2012,second-hand stores are still enjoying their time in the limelight.Shoppers,driven by adesire to reduce waste,find unique styles,and to save a few dollars at the till,continue to flock to thrift stores.And Winmark Corporation,which operates five 2024 Placer Labs,Inc.|More insights at placer.

12、ai|4secondhand goods chains including apparel brands Platos Closet(young adultclothes),Once Upon a Child(childrens clothes and toys),and Style Encore(womensclothing)has benefited from the strong demand.Visits to the three Winmarkclothing banners increased an average of 5.3%YoY in 2023.The median hou

13、sehold income(HHI)in the trade areas of Winmarks apparel chainstends to be lower than the median HHI in the wider apparel category sobudget-conscious consumers are driving at least some of the companys growth.Withmore consumers looking for ways to cut back on spending in 2024,the demand forsecond-ha

14、nd clothes is expected to grow even further and Winmark is likely tocontinue reaping the benefits.4.HomeGoods:Hunting For DealsHomeGoods,a treasure hunters dream,is the discount home furnishing retailerowned by off-price retail giant TJX Companies.The chain,which operates over 900 2024 Placer Labs,I

15、nc.|More insights at placer.ai|5brick-and-mortar stores,recently closed its e-commerce platform to focus on itsphysical locations where foot traffic grew 6.0%between 2023 and 2022.HomeGoods carries kitchen and home decor items along with furniture,and may bebenefiting from the relative strength of t

16、he houseware segment,driven in part by anincrease in at-home entertainment.And in a surprising twist,this low-cost retailerattracts more affluent visitors than visitors to the home furnishing segment overall.The median household income(HHI)in HomeGoods trade area stood at$84.7K/yearcompared to a$78.

17、5K median HHI in the trade area of the average home furnishingchain.As economic uncertainty and the resumption of student loan payments impactconsumers,wealthier shoppers seeking a budget-friendly home refresh are likely tocontinue choosing HomeGoods over pricier alternatives.5.Bealls:Rural Expansio

18、nFlorida-based Bealls,Inc.,which got its start as a small town five-and-dime in 1915 inBradenton,Florida,now operates over 600 stores across the country.The company,2024 Placer Labs,Inc.|More insights at placer.ai|6which saw an impressive 9.0%YoY increase in visits in 2023,recently consolidated itst

19、wo largest banners Burkes Outlet and Bealls Outlet under the Bealls name.One reason for Bealls success could be its appeal to rural consumers.Over the pastfive years,the share of households falling into Spatial.ai:PersonaLives“Rural AverageIncome”segment has steadily increased,growing from 12.6%in 2

20、019 to 15.1%in2023.With rural shoppers continuing to command ever-more attention from retailers,the increase in visits from this segment bodes well for Bealls in 2024.6.Ollies Bargain Outlet:Built To LastOllies Bargain Outlet was built for this economy.The chain saw a 13.0%YoY increasein visits in 2

21、023,thanks in part to its popularity among a wide array ofbudget-conscious consumers.Ollies has found success with rural shoppers whilemaintaining its appeal among value-oriented suburban segments and the chainsdiverse audience base seems to be setting it apart from other discount retailers.2024 Pla

22、cer Labs,Inc.|More insights at placer.ai|7A closer look at the chains captured market data,layered with the Spatial.ai:Personalive dataset,reveals that Ollies trade area includes larger shares of the“BlueCollar Suburbs”and“Suburban Boomer”segments when compared to the widerDiscount&Dollar Stores cat

23、egory.As the chain plots its expansion,focusing onsuburban and rural areas may help Ollies meet its customers where they are.7.Trader Joes:Young And HungryTrader Joes has managed to do what few stores can.The company does not invest inmarketing,has no online shopping options,and loyalty programs?For

24、get about it.Butdespite this unusual approach to running a business,the California native hasenjoyed consistent success over the years,with a 12.4%YoY increase in visits in 2023.Trader Joes is particularly popular among younger shoppers,perhaps thanks to thecompanys focus on sustainability and socia

25、l responsibility as well as its famously 2024 Placer Labs,Inc.|More insights at placer.ai|8low prices.Analyzing the chains trade area using the AGS:Panorama dataset revealsthat Trader Joes attracts more“Emerging Leaders”and“Young Coastal Technocrats”(segments that describe highly educated young prof

26、essionals)than the averagegrocery chain.With Gen Z particularly concerned about putting their money wheretheir mouth is,Trader Joes is likely to sustain its momentum in 2024 and beyond.8.Foxtrot Market:The C-Store ConnoisseurConvenience stores are growing up and evolving into bona-fide dining destin

27、ations.And Foxtrot,a Chicago-based chain with 29 stores across Texas,Illinois,Washington,Maryland,and Virginia,is one c-store redefining what a convenience store can be.Thechain,which announced a merger with Doms Kitchen in November 2023,offers anupscale convenience store experience and is particula

28、rly known for including localbrands in its product assortment as well as its excellent wine curation and diningoptions.2024 Placer Labs,Inc.|More insights at placer.ai|9Visitors to the chain were significantly more likely to fall into AGS:Behavior&Attitudes datasets“Wine Drinker”or“Nutritionally Awa

29、re”segments than visitors tonearby convenience stores.The company plans to ramp up store openings,particularly in the suburbs,where convenience and a good bottle of wine might justfind the perfect home as a welcome distraction from the daily grind.9.Jersey Mikes:Suburban StyleJersey Mikes is one of

30、the fastest-growing franchise dining chains in the country,operating over 2,500 locations in all 50 states.The sandwich chain has seen itspopularity take offover the past few years,with 2023 visits up 14.1%YoY and plans toopen 350 new stores in 2024.2024 Placer Labs,Inc.|More insights at placer.ai|1

31、0The company has long prioritized affluent class suburban customers and visitationdata layered with the Experian:Mosaic dataset reveals that Jersey Mikes has indeedsucceeded in attracting this audience.The percentage of“Booming with Confidence”and“Flourishing Families”(both affluent segments)in Jers

32、ey Mikes trade area waslarger than in the trade areas of the average sub sandwich chain.As Jersey Mikescontinues its expansion,focusing on suburban areas may continue to serve the chainwell.10.Playa Bowl:Surfs UpThe East Coast may not be the first region that pops to mind when thinking abouttropical

33、 smoothies but New Jersey-based Playa Bowls is making it work.Thecompany was founded by avid surf enthusiasts determined to bring the flavors oftheir favorite surfing towns stateside.Playa Bowls has enjoyed strong visit numbers in 2023,with overall visits up 23.0%andaverage visits per venue up 17.1%

34、YoY and part of the chains success may be drivenby its ability to draw wealthier customers to its stores.The Experian:Mosaic dataset 2024 Placer Labs,Inc.|More insights at placer.ai|11reveals that the“Power Elite”segment is overrepresented in the companys tradeareas:The share of households falling i

35、nto that segment from Playa Bowls capturedmarket exceeded their share in the companys potential market.As the chaincontinues expanding its domestic footprint,it seems to have found its niche among awealthy customer base.Starting The New Year StrongThe past year saw a wide range of challenges facing

36、brick-and-mortar retailers aseconomic fears continued to shake consumer confidence.But there are plenty ofbright spots as the new year gets underway.These ten brands prove that the retailworld never stands still,and that the next opportunity is just around the corner.2024 Placer Labs,Inc.|More insights at placer.ai|12