There's a lot of uncertainty over how shoppers will choose to spend their money in 2023. Last year, inflation reached a 40-year high over the summer, pushing prices up and causing many people to pull back on unnecessary buys. Now, there are plenty of signs of improvement, but still no sure way to know how people will be spending for the rest of the year. With that in mind, some of the most popular retailers are making moves to try to entice customers their way. Ross, Dollar General, and Michaels have all revealed expansion plans in the last week. Read on to find out what you can expect from these stores soon.
READ THIS NEXT: 5 Warnings to Shoppers From Ex-Dollar General Employees.
Retail sales rose at the beginning of 2023.
Farknot_Architect/iStockDespite ongoing inflation, consumer spending saw a notable increase at the start of this year. Retailers experienced a disappointing holiday shopping season, with declining sales at the end of 2022. But in January, advance retail sales increased by 3 percent, CNBC reported.
"If they have money, they’ve shown us they’re going to spend it," Shannon Seery, vice president and economist for Wells Fargo’s corporate and investment bank, told CNN.
On the other hand, Carman Allison, vice president of thought leadership for North America at consumer research firm NielsenIQ, told the news outlet that shoppers are still being selective with their purchases, and that means avoiding some stores entirely.
"Right now, we have a consumer that is more loyal to their wallet than they are to brands and retailers," Allison said.
To win back shoppers, retailers are now thinking about what else they can offer.
Ross has started opening up new stores.
ShutterstockOne major discount retailer is hoping to connect to more consumers this year by expanding its physical presence. In a March 6 press release, Ross Stores, Inc. said it had just opened 19 new locations in February and March.
This expansion brought about 11 more Ross stores and 8 new dd's Discounts, which is the company's budget-friendly brand that boasts even cheaper prices than Ross does.
"Both chains expanded into existing markets including locations in California, Texas, and Florida," the release stated. "For dd's, growth also included their first store in the state of Wisconsin."
But these new openings are just part of Ross' overall expansion plans for 2023. The company plans to add approximately 100 new stores—75 Ross and 25 dd's Discounts—to its retail footprint this year, according to the press release.
"These recent openings reflect our ongoing plans to continue the expansion of our two chains," Gregg McGillis, Ross Stores, Inc.'s group executive vice president of property development, said in a statement.
McGillis added, "We now operate a total of 2,034 Ross Dress for Less and dd's Discounts locations across 40 states, the District of Columbia, and Guam. As we look out over the long term, we remain confident that Ross can grow to 2,900 locations and dd's Discounts can become a chain of 700 stores given consumers' ongoing focus on value and convenience."
Dollar General revamped one of its private brands.
Dollar GeneralDollar General is dedicating its recent expansion efforts to specific products. In a March 7 press release, the discount retailer revealed that it has "reformulated and rebranded" its cat and dog food line.
Dollar General is positioning Nature's Menu as an "elevated, now premium brand pet food at a value price," adding that the revamp was "developed in response to consumer insights," according to the release.
"Our team of brand managers and buyers strive to ensure each private brand item we develop focuses on the needs of our customers and their families. Such is the case with Nature’s Menu, Dollar General’s exclusive super premium dog and cat food brand," Jackie Li, senior vice president of private brands and global sourcing at Dollar General, said in a statement. "Nature’s Menu is made by a family-owned and operated company in the U.S.A and, like other DG private brands, is backed by our 100 percent satisfaction guarantee."
The new Nature's Menu dry pet food is now available nationwide at Dollar General stores, ranging from $7 to $20 per bag. The company also revealed that the brand will "debut a newly reformulate wet pet food" later this summer.
Michaels has launched a new online marketplace.
ShutterstockMichaels is also bringing new products to shoppers this year. As part on an ongoing digital transformation, the arts and crafts retailer announced the launch of its new online marketplace on Feb. 27.
This marketplace has expanded Michaels' offerings by increasing its online assortment from 250,000 items to more than one million products for shoppers to chose from, according to the press release.
"The launch of Michaels’ curated marketplace for arts, crafts, and décor is the next phase of our ongoing digital transformation to be the destination for all creatives to get inspired, learn, shop and create," Heather Bennett, executive vice president of marketing and e-commerce at Michaels, said in a statement. "By more than quadrupling our online assortment across categories including candle and soap making, leather work and more, Michaels will ensure every customer can find what they need to bring their creative dreams to life no matter their craft."
The new marketplace connects Michaels shoppers with a curated selection of third-party sellers. The craft company said it is currently "accepting applications from sellers in categories including arts and crafts supplies, candle and soap making, leather and wood work, baking, tools and tech, yarn, stitchery, kids, toys, education, journaling, seasonal products and more."
