2026 Hot 25 Retailers

The 2026 NRF Top 100 Retailers list predictably saw Walmart and Amazon in the highest spots. The Hot 25, on the other hand, offers a somewhat surprising collection of retailers gaining ground. 

“It’s an eclectic list,” says Mark Mathews, NRF’s chief economist and executive director of research. Including everything from Five Below to RH (Restoration Hardware), it speaks to the ever-changing interests of today’s consumers, he says, as well as the diversity of the U.S. population. 

The list, compiled by Kantar, ranks the nation’s fastest-growing retail companies based on year-over-year domestic sales. But in between the numbers, a variety of themes surface: the importance of value, an emphasis on wellness, significant international influence and more. These themes offer a way to read the list beyond just movement in sales. 

“The main takeaway for me,” Mathews says, “is that you can do well, irrespective of this economic environment, if you have a product and approach that appeals to the consumer.” 

The value of discovery 

Rachel Dalton, head of retail insights Americas, Kantar, looks at the list and thinks “treasure hunt.” Regardless of price point or category, this year’s Hot 25 Retailers give consumers opportunities to explore. 

“There’s just that fun experience, where consumers love to discover new things and enjoy shopping,” she says. “You see that theme across the board.” 

Limited-time offers, rotating assortments and creative experiences ensure return visits and excitement. Dalton mentions retailers such Miniso (No. 1), Dick’s Sporting Goods (No. 2) and Primark (No. 4). The discovery experience is driving growth, particularly with retailers that are “innovative, fast followers to social trends.” 

As for Dick’s Sporting Goods, she says, the investment in Dick’s House of Sport has been significant and successful. “There are a lot of opportunities in how they organize their stores, make it easy and connect to athletes.” Overall, she says, “it’s high-quality experience when shopping.” 

The value of shopping  

When Mathews considers the list, he sees that people still value shopping. “They shop, they value the experience, and retailers have gotten very good at experiential retail,” he says. 

It’s clear that the consumer is concerned about affordability, and inflation is having an impact on the consumer psyche and their spending, he says. “And yet, the data shows that despite their unease, the consumer is spending. The dichotomy that we’ve seen over the last several years is that the consumer doesn’t feel great about the economy or inflation, but retail spending has remained robust.”

Spending on family and loved ones, in particular, is happening at record or near-record rates. 

“Consumers are actively choosing to spend on the things that matter to them,” he says. And where they’re cutting back — dining, travel, streaming services, etc. — seems to reside outside of retail, Mathews says. “Retail has done pretty well, and that’s reflected in the list that we see.” 

He also notes that the consumer increasingly blurs the lines between online and in-store. “The consumer simply views it as, ‘I’m doing this because I need this item, or because I want this item, and I’m going to purchase it in the way that is most convenient to me.’” 

The distinction between ecommerce and in-store sales has become increasingly flawed, he says. One retailer might count a buy online, pick up in store transaction as in-store, while another will see it as online. “The numbers don’t even make any sense anymore,” Mathews says. “We’ve actually stopped referring to ecommerce in any of our projections or any of our data. It’s really just about the experience.” 

The value of diversity 

Dave Marcotte, Kantar senior vice president, highlights the Asian influence on the list, starting with Daiso Sangyo (No. 3). “It’s a real, bona fide value discount store,” Marcotte says. “But part of what makes it so interesting is its authenticity. I think anyone would walk into a Daiso store in the U.S. and think that a Daiso in Japan would be just like it.” 

Japan continues to influence U.S. teens and college students in particular through music, art and drama, and the love affair has helped place others such as Fast Retailing (No. 6) and Muji (No. 10) on the list. The Asian influence overall continues with Miniso, as well as 99 Ranch Market (No. 15), a U.S. company built around Asian consumer culture. 

These stores also touch on the “treasure hunt” aspect mentioned by Dalton. There’s plenty of new and different to discover, Marcotte says, and they tend to be masters at merchandising. Fast Retailing (Uniqlo), for example, offers “value-oriented, scientific clothing which has its own dynamic to it,” Marcotte says. That includes items that help people stay warm as well as cool them off. 

Private label is another form of differentiation running through the list, Marcotte and Dalton say, helping retailers deepen loyalty and help consumers see value beyond price. 

“Private label is growing,” Dalton says. “It’s a huge area of focus for many of our clients, as well. Many of them are launching private label as if they are national brands, and they’re doing a lot of the same things in terms of brand building.” She gives Kirkland Signature from Costco (No. 18) as an example. “It’s one of the biggest, but many of the others have strong private labels, too.” 

One other aspect of diversity on the list: the inclusion of luxury brand RH (No. 19) amidst the many less expensive retailers. “You have high-income consumers who are looking for luxury,” Dalton says. “Restoration Hardware has done some really interesting things, and it all goes back to that unique experience. Dick’s, Miniso, others, they’ve built really cool experiences, too. But Restoration Hardware has done it in a different way.” The company’s rooftop restaurants, wine bars and other aspirational offerings redefine value. 

The value of the list  

Overall, Dalton says, the list gives retailers the chance to look beyond their own categories and channels at “up-and-comers.” “It provides a different vantage point,” she says, and perhaps even introduces some unfamiliar faces. 

“This gives retailers the opportunity to see where they stand, and to talk about some of the common themes and trends that are supporting growth.” 

It might also offer some encouragement and strategy. The ability to appeal to the consumer with the right product, the right emotion, the right identity and the right experience overcomes any economic environment. 

With this focus, Mathews says, “you’re going to find a degree of success. Because even if people are feeling tight, they’re willing to trade away other things if they desire what you’re selling.”