On Friday, New York City-based publication The New York Post published the article Retailers eyeing private brand ownership as key to growth by Lisa Fickenscher. The article takes a look at the recent growth and changes in private brand and even includes a quote from me:
“The conversation in retail now is how does private brand help us to survive and win,” said Christopher Durham, president of consulting firm My Private Brand.”
Retailers eyeing private brand ownership as key to growth
An arms race is escalating in the retail sector — and the weapons of choice are store-owned labels.
Sales of private brands at big chains like Walmart, BJ’s, Dollar General and Target grew 4.6 percent last year compared to the 1.1 percent increase for national brands, according to the Private Label Manufacturer’s Association.
“Retailers are having a hard time driving traffic to their stores, which makes private label more important today than it ever has been,” said Edward Jones analyst Brian Yarbrough.
Jet.com — a hipster-focused grocery site that got snapped up by Walmart for $3 billion last year — was seen as late to the game when it announced plans last month to launch Uniquely J, a brand of household and grocery items aimed at millennials.
Its rival Boxed.com, which sells household items and groceries in bulk, launched its Prince & Spring brand 14 months ago. The new brand’s ultra-soft bath tissue has since won a four-out-of-five-star rating from Good Housekeeping.