The National Retail Federation has released its list of 2026’s hottest retailers in the United States. The “Hot 25 Retailers” list, compiled by market research firm Kantar, ranks the fastest-growing companies by increases in domestic sales between 2024 and 2025.
Who made the top spots
Chinese retailer Miniso topped the list this year. The newcomer stocks everything from blind box toys and plushies to skincare and stationery, collaborating with brands like Harry Potter and Hello Kitty. Miniso has been expanding in the U.S., reporting 53 percent sales growth in 2025.
Dick’s Sporting Goods took second place with 49 percent sales growth following its acquisition of Foot Locker. Japanese retail chain Daiso Sangyo (26 percent), Primark (24 percent), and Five Below (23 percent) rounded out the top five.
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Several other retailers made notable moves. Ollie’s Bargain Outlet jumped to No. 7 from No. 21 last year. CVS climbed to No. 9 from No. 25, and Japanese retailer Muji entered the top 10 at No. 10, up from No. 14.
What drives the growth
Value is a central theme on this year’s list. Rachel Dalton, head of retail insights at Kantar, noted that shoppers are looking for the best prices and trading down to private labels. Even higher-income consumers are seeking deals.
The NRF Chief Economist Mark Mathews said retailers are succeeding by appealing to consumer desires. He explained that people will trade away other things if they desire what a store is selling. The “right product, the right emotion, the right identity, and the right experience” can overcome an economic slowdown.
The opportunity for exploration and discovery drives much of this success. Retailers are getting good at experimental retail, which blurs the line between in-store and online shopping. Mathews noted that how retailers categorize sales is increasingly flawed; one store may call a “buy online, pick up in store” transaction an online sale while another counts it as in-store.
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Private label brands also play a significant role. Dalton noted the running theme of private labels throughout the list, which helps build customer loyalty while offering value.
Asian retailers have mastered the art of discovery.
Markets often shift based on how companies adapt to these changes. The success of fast-growing chains relies heavily on their ability to anticipate what consumers want next.
