Placer.ai, a retail data tracking company, is already identifying trends just three weeks into 2022.
In a recent blog post, Ethan Chernofsky, vice president of marketing at Placer.ai, detailed which retailers have seen success so far this year and what predictions could be drawn from the foot traffic data. Late last year, Placer.ai released a report detailing how private brands could see good results in 2022.
Target, one of the major players in private label and Store Brands’ 2021 Retailer of the Year, is predicted to have another strong year given a boost in traffic to close out 2021.
“Not only did Target have a dominant 2021 – only one month of the first eleven of the year was down compared to 2019 – but the reasons the retail giant succeeded show no signs of dissipating,” said Chernofsky. “The investments in omnichannel have been impressive, enabling the brand to thrive no matter the wider circumstances, and they have also displayed a uniquely strong understanding of who their customers are and what draws them to a store.”
On the grocery front, Wegmans, Trader Joe’s and H-E-B are all expected to have strong years according to Placer.ai, with Trader Joe’s private label strength being a key factor in the retailer’s rebound to pre-pandemic levels. All three chains showed strong results in data group dunnhumby’s latest Retailer Preference Index.
“The unique brand strength came into full display as visits continued to track towards pre-pandemic levels – and 2021 saw visits up compared to 2019 in each of the first eleven months of the year,” said Chernofsky. “The clear takeaway is that betting against Trader Joe’s offline performance is an unwise decision. Add to this the fact that the wider grocery sector saw increasing strength throughout the year and the likelihood that this will continue into 2022, and reasons to be bullish about all three chains abound."
Finally, Costco, fueled by its Kirkland Signature brand, has seen major growth even as its competitors like BJ’s Wholesale Club and Sam’s Club have succeeded.
“Costco will also see the returning value of other elements of their business like travel and in-store services,” Chernofsky added. “The result is a very strong brand in a sector that is enjoying a wider wave of success where the retailer maintains its leadership position. The obvious result of such an equation is another great year for Costco.”