Value-conscious shoppers dominated 2024’s retail landscape, driving trends such as affordable fast food, online shopping, and budget-friendly home decor. Walmart and Amazon emerged as winners, expanding their services to cater to high-income customers.
The pandemic has reshaped consumer behavior, with shoppers prioritizing value over quality and seeking affordable options. Department stores like Target struggled to compete, while legacy restaurants like Red Lobster and TGI Fridays faced bankruptcy due to declining sales.
Fast casual chains like Shake Shack and Cava saw success, while fast food giant McDonald’s rebounded after introducing a $5 meal deal. Value-conscious buyers flocked to retailers like Walmart for trendy items, such as wide-leg jeans.
However, some retailers like Starbucks struggled with long lines and high prices, which led to labor disputes. The future of department stores like Kohl’s remains uncertain, but upscale brands like Nordstrom may benefit from being taken private.
As the retail landscape continues to evolve, companies must adapt to changing consumer preferences and invest in services that cater to value-conscious shoppers.
Source: https://apnews.com/article/retail-restaurants-winners-losers-bankruptcies-2024-2a5b608814960de49f741207daa7aa01