Placer.ai names top brands for 2024
In the competitive world of retail, consumer spending and trends lead to new growth for different brands.
Following up its list of dining and retail segments to watch in 2024, the foot traffic analytics firm Placer.ai has shared its list of the 10 top brands to watch in 2024, based on location intelligence data. The list includes home goods stores, discount apparel chains, fast-casual eateries and more.
“The past year saw a wide range of challenges facing brick-and-mortar retailers as economic fears continued to shake consumer confidence,” noted Placer.ai in the report. “But there are plenty of bright spots as the new year gets underway. These 10 brands prove that the retail world never stands still, and that the next opportunity is just around the corner.”
1. New Balance
New Balance's revival began in 2019 when the brand tapped a new creative director. The footwear brand has since become one of the fastest growing companies in the industry. In 2023, foot traffic to New Balance stores grew 3.3% year-over-year (YoY), and the brand has firmly established itself as the “ultimate retro cool,” according to Placer.ai. In 2023, New Balance’s trade area included larger shares of “Ultra Wealthy Families,” “Young Professionals” and “Educated Urbanites.”
2. Harbor Freight Tools
Harbor Freight is quickly making a name for itself as a go-to destination for affordable tools and supplies. Store visits were up YoY during every month of 2023, and Placer.ai says the retailer will continue to expand its store count and grow into new markets this year.
3. Winmark
As detailed in a recent report, thrift stores, alongside off-price retailers, are growing their share of the apparel category. Winmark Corporation, which operates five secondhand goods chains – including apparel brands Plato’s Closet (young adult clothes), Once Upon a Child (children's clothes and toys), and Style Encore (women's clothing) – has benefited from the growing demand. Visits to the three Winmark clothing banners increased an average of 5.3% YoY in 2023, and are expected to continue rising and consumers remain budget-conscious.
4. HomeGoods
Owned by TJX Companies, HomeGoods’ foot traffic grew 6.0% between 2023 and 2022. The chain carries kitchen and home decor items along with furniture, and may be benefiting from the relative strength of the houseware segment, driven in part by an increase in at-home entertainment as consumers look to trim spending. The median household income (HHI) in HomeGoods’ trade area stood at $84.7K/year compared to a $78.5K median HHI in the trade area of the average home furnishing chain.
5. Bealls
The Florida-based home and apparel retailer Bealls saw a 9.0% YoY increase in visits in 2023 after recently consolidated its two largest banners – Burkes Outlet and Bealls Outlet – under the Bealls name. Placer.ai credits Bealls’ growth to its rural consumer base. Over the past five years, the share of households falling into Spatial.ai: PersonaLive’s “Rural Average Income” segment has steadily increased, growing from 12.6% in 2019 to 15.1% in 2023.
6. Ollie’s Bargain Outlet
Close-out retailer Ollie’s Bargain Outlet has seen visits increase in the face of high inflation, with visits increasing 13.0% YoY in 2023. Placer.ai says this increase is due to the chain’s diverse shopping base. Ollie’s trade area includes larger shares of the “Blue Collar Suburbs” and “Suburban Boomer” segments when compared to the wider discount & dollar stores category.
7. Trader Joe’s
The fan-favorite California-based grocer is remaining popular among younger shoppers, largely due to the company’s focus on sustainability, unique private label products and low prices. Analyzing the chain’s trade area using the AGS: Panorama dataset reveals that Trader Joe’s attracts more “Emerging Leaders” and “Young Coastal Technocrats” (segments that describe highly educated young professionals) than the average grocery chain. Trader Joe’s saw a 12.4% YoY increase in visits in 2023.
8. Foxtrot Market
Foxtrot, the upscale Chicago-based convenience chain, is continuing to grow its store count, now at 29 across five states. The chain, which announced a merger with Dom’s Kitchen in November 2023, offers an upscale convenience store experience and is particularly known for including local brands in its product assortment as well as its strong wine curation and dining options. Placer.ai says the chain will continue to succeed with the “Wine Drinker” and “Nutritionally Aware” consumer segments.
9. Jersey Mike’s
Jersey Mike’s is one of the fastest-growing food franchises in the U.S., now operating more than 2,500 locations in the U.S. Visits in 2023 were up 14.1% YoY, and the chain plans to open 350 new stores in 2024.The percentage of “Booming with Confidence” and “Flourishing Families” (both affluent segments) in Jersey Mike’s trade area was larger than in the trade areas of the average sub sandwich chain.
10. Playa Bowls
The quick-serve chain specializing in smoothies and acai bowls enjoyed strong visit numbers in 2023, with overall visits up 23.0% and average visits per venue up 17.1% YoY. Placer.ai’s Experian: Mosaic dataset reveals that the “Power Elite” consumer segment is overrepresented in the company’s trade areas. The share of households falling into that segment from Playa Bowl’s captured market exceeded their share in the company’s potential market.