Fastest-Growing Retailers in the US
According to the latest figures from the National Retail Foundation, Harbor Freight Tools tops the list of the fastest-growing retailers in the US. The study analyzes the performances of retailers who brought in at least $300 million in sales and compares their total domestic sales in 2021 against their 2020 figures.
Harbor Freight Tools, a California-based tool and equipment business, saw sales nearly double from 2020 to 2021. In 2021, the company hit $4.7 billion in sales – a tremendous 93.4 percent annual increase from the $2.4 billion it recorded in 2020.
Second on the list of the fastest-growing retail companies in the US is Inditex, the biggest fast fashion group worldwide. The retailer, which owns the popular brand Zara, saw its sales in the US skyrocket 76.6 percent, from $529 million in 2020 to $933 million in 2021.
Inditex is followed by Burlington, a New Jersey-headquartered off-price department store retailer. The company’s retail operations in the US saw sales increase 65.8 percent year-over-year. In 2021, the company added as much as $3.7 billion to 2020’s sales to a total of $9.3 billion.
In summary, Harbor Freight Tools, Inditex, and Burlington are the three fastest-growing retailers in the US in 2021.
The fourth- and fifth-fastest-growing retail companies in the US are Dillard’s and TJX Companies, growing by 53.2 percent and 51.3 percent, respectively.
Dillard’s, an Arkansas-headquartered department store chain, boosted its 2020 sales by more than $2.2 billion. The company attributed its performance to the sustained high demand from consumers and an improvement in its inventory management, which resulted in decreased markdowns.
Meanwhile, sales from TJX Companies grew from $25.2 billion in 2020 to $38.1 billion in 2021, adding $12.9 billion in the process. In total, these five fastest-growing retailers in the US increased their 2021 sales by $21.5 billion.
Here’s a list of the sixth- to tenth-fastest-growing retailers in the US and their 2021 sales growth:
- Ross Stores: 51 percent (+$6.4 billion)
- Wine.com: 50 percent (+$178 million)
- Designer Brands: 48.7 percent (+$906 million)
- 9. H&M: 47.2 percent (+$1.1 billion)
- 10. Five Below: 45.2 percent (+$886 million)
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