Amazon, hhgregg, Overstock Among Fastest-Growing Retailers
WASHINGTON-Amazon.com, hhgregg and Overstock.com were high up on the list of STORES magazine's fastest-growing retailers for 2010, according to a statement from Kantar Retail, which compiled the list, and STORES Media, the publishing group of the National Retail Federation.
Coming in at number two, Amazon posted a sales gain of 46.2 percent last year. hhgregg, which capitalized on the void left by the closure of Circuit City, finished at number four by growing its sales 36.3 percent. Overstock, which now operates in 90 countries, increased its U.S. sales by 23.8 percent to finish at number 10.
Number one was Ascena Retail Group, parent of the Dress Barn, Maurices and Justice apparel chains, with a 58.9 percent sales gain.
"Consolidators like hhgregg grow as their direct competitors contract," said Bryan Gildenberg, chief knowledge officer of Kantar Retail. Gildenberg also credited online retailers like Overstock for "reinventing the way people buy."