Fastest-Growing Retailers in the US
The retail industry in the United States experienced notable growth in 2023, and several companies stood out for their impressive year-over-year sales increases.
In this article, we highlight the 10 fastest-growing retailers based on annual sales growth. The featured companies, which span a variety of sectors, experienced substantial gains compared to their 2022 performance. Here’s a look at the fastest-growing retailers and their performance in 2023.
Fastest-growing retailers (2023)
Retailer |
Annual increase in retail sales (2023) |
1. Overstock.com |
135.1% |
2. Schwarz Group |
32.8% |
3. Fast Retailing |
32.6% |
4. Primark Stores |
23.9% |
5. Aldi |
17.0% |
6. Lululemon |
16.7% |
7. Abercrombie & Fitch |
16.4% |
8. Five Below |
15.7% |
9. Sephora (LVMH) |
15.6% |
10. Ollie's Bargain Outlet |
15.1% |
1. Overstock.com (135.1%)
According to the latest figures from the National Retail Foundation, Overstock.com currently tops the list of the fastest-growing retailers in the US. The study analyzes the performances of retailers that brought in at least $2 billion in global sales and compares their total domestic sales in 2023 against their 2022 figures.
Overstock.com, an online retailer based in Utah, saw sales more than double from 2022 to 2023. In 2023, the company hit $4.54 billion in sales—a tremendous 135.1% annual increase from the $1.93 billion it recorded in 2022. Its 2022 sales figure reflects the company’s acquisition of the rights to the online operations of Bed Bath & Beyond, a retail chain that specializes in home goods.
2. Schwarz Group (32.8%)
Second on the list of the fastest-growing retail companies in the US is Schwarz Group, which owns the popular grocery store chain Lidl. The retailer saw its sales in the US rise by 32.8%, from $2.71 billion in 2022 to $3.6 billion in 2023.
3. Fast Retailing (32.6%)
Schwarz Group is followed by Fast Retailing, which is known for its affordable, high-quality clothing through brands like Uniqlo and Theory. Ranking among the biggest clothing companies in the world, Fast Retailing’s sales rose by 32.6% in 2023, to more than $1 billion.
4. Primark Stores (23.9%)
Primark Stores, a multinational fast fashion retailer with outlets all across the US, follows in fourth place on this list of the fastest-growing retailers. The company’s retail operations in the US saw sales increase by 23.9% year-over-year. In 2023, the company added $125 million to 2022’s sales, bringing the total to $648 million.
It’s worth noting that both Primark Stores and Schwarz Group also featured on the list of the fastest-growing retailers in the US from the previous year. In 2022, Primark Stores and Schwarz Group increased their annual sales by 65.7% and 52.3%, respectively.
5. Aldi (17%)
Supermarket chain Aldi rounds out the five fastest-growing retailers of 2023, after total retail sales in the US rose by 17%, to $47.7 billion. In fact, of the 10 companies on this list, Aldi’s annual revenues are the highest, and by a large margin.
6. Lululemon (16.7%)
The sixth-fastest-growing retail company in the US is Lululemon, growing by 16.7% in 2023 to reach sales of $6.32 billion. Launched in Canada in 1998, the apparel brand expanded across the border in 2003 and now boasts more than 400 stores in North America alone. Today, it ranks among the most valuable apparel brands, just behind Nike and Zara.
7. Abercrombie & Fitch (16.4%)
Another apparel company, Abercrombie & Fitch, ranks seventh. The Ohio-headquartered firm, which had filed for bankruptcy in 1977 following years of declining sales, saw retail sales rise by 16.4% in 2023, to $3.21 billion.
8. Five Below (15.7%)
Five Below, a popular discount store chain, is the eighth-fastest-growing retailer. In 2023, the company increased its annual sales by $483 million, to a total of $3.56 billion, marking a 15.7% rise.
9. Sephora (15.6)
Ninth on this list of the fastest-growing retailers is Sephora. Owned by LVMH, the top luxury goods company worldwide, the beauty retailer experienced growth of 15.6% in 2023, as sales rose from $6.92 billion to $8 billion.
10. Ollie's Bargain Outlet (15.1%)
Completing the list of the 10 fastest-growing retailers in the US is Ollie’s Bargain Outlet. An American discount retailer known for its “Good Stuff Cheap” motto, the Pennsylvania-based company’s annual sales rose by 15.1% to $2.1 billion in 2023.