As the retail sector moves past 2023, the current year continues to face challenges. However, these challenges also bring new opportunities for retailers to adapt and meet their customers’ evolving wants and needs. In a recent report by Placer.ai titled “10 Top Brands to Watch in 2024,” location intelligence and consumer demographic insights were used to identify ten retail brands that are preparing for growth.
The white paper examines various brands with different approaches and product categories. Some have benefited from consumers trading down, such as low-cost apparel and home furnishing stores. Others are expanding into rural or suburban areas in response to customer demand.
Despite Macy’s announcing plans of closing underperforming locations, there is still potential for growth within the department store industry this year according to the white paper’s findings.
