The store brand shift: from imitation to innovation
Growing acknowledgment of the power of private brands has retailers doubling down on their private brand businesses. As a result, one of the biggest trends happening in 2020 is the ongoing shift from imitation to innovation and the expectation that retailers of all types will continue to see their sales penetration rate of stores brand climb.
In fact, research from Daymon shows that 85% of shoppers said they trust private brands just as much as national brands and 81% buy private brands on every shopping trip. In short, Nicole Peranik, senior director of retail transformation at Daymon, see a major balance of power shifting. She shared her outlook of the state of store brands in 2020 with Drug Store News.