Deals, expansion plans, and celebrity ads help retailers top our ‘unofficial’ March ranking of interesting retailers

Last month saw consumer spending weaken, with US retail sales growing slower than expected, according to the US Commerce Department, adding pressure for retailers to innovate. Amazon debuted a Big Spring Sale to power its flywheel, while Aldi is betting billions on a bigger physical US footprint. Meanwhile, as part of a brand refresh, Wayfair launched a celebrity campaign and prepares for its first large-format store.

Here is our “Unofficial Most interesting Retailers List” for March 2024, a monthly ranking revealed on an episode of the “Behind the Numbers: Reimagining Retail” podcast.

1. Amazon

Amazon’s first-ever Big Spring Sale, open to all customers including non-Prime members, took place March 20-25, in an effort to boost sales on seasonal items and fuel its ad business.

What’s interesting:

• Amazon’s new shopping event goes head-to-head with similar Lowe’s and Home Depot promotions, which align with their busiest season for home improvement and furnishing sales.
• Prime Days have been huge in driving retail media ad spend, and its Big Spring Sale will be no different. Amazon’s flagship shopping events will help bolster $41.95 billion in US ad revenues this year, according to our March 2024 forecast.

2. Aldi

Aldi plans to open 800 new US stores by 2028, as part of a $9 billion investment. The grocer also completed its acquisition of Winn-Dixie and Harveys Supermarket brands, many of which will be switched over to Aldi stores.

What’s interesting:

• Aldi’s success in building a cult following rivals that of Trader Joe’s. Aldi’s holiday merch, released last March and September, sold out in days.
• Our analysts were divided on Aldi’s ability to put a dent in Walmart’s grocery business, with analyst Suzy Davidkhanian saying Aldi doesn’t have the footprint or variety to compete with Walmart. “It's like a one-trip-wonder kind of activity versus Aldi, which only has groceries,” she said.

3. Wayfair

In May, Wayfair will open doors to its first large-format store, boasting more than 150,000 square feet and a restaurant in Illinois. This comes amid a brand refresh and a new "Welcome to The Wayborhood" campaign that included celeb-studded ads spots during the Academy Awards and a Pinterest Creator Tour.

What’s interesting:

• “[Wayfair] is doing a lot to rebrand, reposition themselves, and to try to come out of a little bit of a slump,” said our analyst Becky Schilling.
• The retailer cut 4,270 jobs from August 2022 to January 2024, while revenue remained flat YoY at $3.11 billion.

4. Target: For announcing a paid membership to rival Walmart+ and Amazon Prime and rolling out a new in-house ad buying program for its retail media network.

5. Kohl’s: For enlarging its home assortment by 40% to better meet consumer needs.

6. Lowe's: For beta testing Google’s new retail media product and experimenting with Apple’s Vision Pro.

7. Walmart: For making its AI delivery optimization tool available to other companies and announcing early morning delivery.

8. Michaels: For launching a new online marketplace and in-store experiences.

Listen to the full episode.

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