Retailers to Watch in 2023: Misfits Market
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
Misfits Market has quickly become a major player in the online grocery market. Founded in 2018, the company delivers organic produce, high-quality meats and seafood, plant-based proteins, dairy, bakery, wine and other grocery items to nearly every zip code in 48 states.
2020 was a landmark year for the company. With 2023 around the corner, Misfits Market is poised to continue growing.
What to Watch
After launching the Odds & Ends line of private label products in April of this year, Misfits Market has positioned itself to greatly increase its own brand offerings following the acquisition of Imperfect Foods in September. Another online retailer, Imperfect Foods offers private label products that are made from repurposed food items that are deemed less-desirable to have been sold in stores.
The acquisition put the combined business on track to cross $1 billion in sales and reach profitability by early 2024. While still operating as separate companies, the acquisition of Imperfect Foods shows that Misfits Market is aggressively making moves to grow in an increasingly competitive e-commerce market.
“The strengths of the Imperfect Foods organization, from its in-house delivery fleet and robust private label program to its sustainability commitments and innovation, add immediate scale and depth to what we’re building at Misfits Market,” said Misfits Market CEO Abhi Ramesh at the time of the acquisition.
The company’s private label debut featured pantry items like coffee, dried fruits, nuts and snack mixes. Following the acquisition of Imperfect Foods, Misfits Market could potentially look to bolster its private label offerings with more fresh options in 2023, similar to Thrive Market, which offers a wide selection of private label items. This makes Misfits Market one of the retailers Store Brands is keeping an eye on.