Retailers to Watch in 2023: Thrive 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
Thrive Market continues to, well, thrive, and 2022 was another strong year for the membership-based retailer. The company continues to expand its customer base and on the product side, private label remains a focus with sales of its own-branded products topping $100 million. The company has more than 500 Thrive Market branded products in its assortment and that number continues to grow.
What to Watch
From a macro perspective, the continued growth of Thrive Market will be something we’ll continue to watch into 2023. The company has struck a nerve in a positive way with consumers and it continues to expand its product mix utilizing feedback from its shoppers.
The other story that hits closer to home is the continued growth of its private label assortment. The initial step into the world of own-branded products started with about a half dozen items that were viewed by the company as being innovative and offering its shoppers something different.
With its private label selection having expanded significantly, Thrive is continually searching for opportunities to bring to market something that is unique, but that is also offered at a strong value.
One example is the late summer debut of its f.a.e. proprietary beauty care line. The line was designed to bring to market an assortment of products accessible to a broad range of consumers. The line’s name f.a.e. means “for all, everywhere” and its goal is to take care of “every face, every race, and every age.” More than two dozen products in hair care, skin care and body care are included in the assortment.
All items are priced $6.99 and lower. Christine McNerney, senior director of Home, Health + Beauty, for Thrive Market, told Store Brands just after the launch of f.a.e., “The beauty industry is notorious for being exclusive, whether it’s pricepoint, branding or shade ranges. Beauty and wellness should not be a privilege and f.a.e. takes the privilege out of wellness.”
Future growth proprietary product assortments such as f.a.e. along with the additional private label product expansion will be something we’ll be watching in the year ahead.