Retailers to Watch in 2023: Meijer
Each year brings with it a new set of challenges to the nation’s retailers, and 2022 was no exception. Consumers evolving their shopping habits while also facing inflation rates not seen in a generation required retailers to be nimble to meet the needs of their customers.
As 2022 comes to a close, Store Brands has put together a list of 10 retailers we think are worth watching closely in the New Year. From leading grocery chains to growing e-commerce players, the coming 12 months will see retailers face new challenges, revamp product assortments and provide consumers with new options to meet their ever changing demands.
The profiles of the 10 retailers Store Brands has selected will provide you an overview along with our thoughts on why each is worth watching in 2023.
Overview
A beloved Midwestern retailer with stores in six states, Meijer has had a successful 2022 with plenty of opportunities to continue growing next year. Headquartered in Grand Rapids, Mich., the family-owned and operated chain expanded private label offerings in 2022 and continued to create new store formats.
What to Watch
Like Hy-Vee, Kroger and other grocery chains, Meijer is synonymous with the Midwest. Operating approximately 500 superstores, markets and express locations in the region, the retailer centered its private brands as a part of its growth strategy in the past year.
In 2022, Meijer announced a search for new “Midwest made” products for its Fredrik’s premium brand, launched the Crafted Market brand of convenient heat-and-eat meals, and in the clothing department, launched the Tranquil & True line of intimates and sleepwear.
Not only has Meijer’s private label enhancement been impressive, but so has its evolution towards new store formats. The retailer debuted its small-store format in 2018, with the fourth location opening in fall of 2021 in Downtown Detroit. While the neighborhood markets offer shoppers a slimmed-down experience featuring local goods, Meijer has plans for a new format in 2023: a store smaller than its supercenters, but larger than its neighborhood markets.
The first two Meijer Grocery formatted stores are slated to open in Michigan next year, giving customers a “simplified” shopping experience. The stores will offer fresh produce and dry grocery, a fresh meat counter, a bakery and more in a condensed, “quick-to-navigate” layout.
Between expanding private label offerings in the food section and beyond and launching new store formats that fit the needs of different communities, Meijer is on track to continue growing in 2023. The retailer last entered a new market in 2015 with its first store in Wisconsin, and could be well-positioned to expand into new territory in the near future.