PL Poised for Growth Spurt: Kantar
Private label is ready to “explode,” as an influx of store-branded products on the coasts combined with Millennials’ growing purchase power help it achieve speedier growth than seen in recent years, reported Diana Sheehan, director of retail insights at New York-based research firm Kantar Retail.
“We have seen strong growth in private label over the last few years,” with estimated sales of store brands at $120 billion, she said during ECRM’s Store Brand Food & Beverage EPPS event in Orlando, Fla., last week. “My expectation is you are going to see private label sales increase at a faster rate in the next five years than in the past five years.”
Sheehan said while store brands have performed well at retailers throughout the Midwest, the East and West coasts have yet to fully embrace private brands. But that is about to change thanks to Lidl, Aldi and Ahold Delhaize, which all offer an array of private brands.
Read more about private label’s anticipated growth spurt in Progressive Grocer's sister brand, Store Brands, here.