Strategic acquisitions, disciplined expansion and continued investment in customer experience are emerging as the key drivers of above-market sales growth among America's fastest-growing retailers, according to the National Retail Federation's (NRF) latest Hot 25 ranking.
Compiled by Kantar, the annual ranking measures year-on-year growth in US domestic sales rather than overall company size.
Three themes stand out: acquisitions are accelerating growth, organic expansion remains a powerful engine of performance, and continuous innovation is helping established retailers stay ahead in an increasingly competitive market.
Expansion accelerates growth
Acquisitions remain one of the fastest ways for retailers to increase scale, strengthen their competitive position and enter new markets.
JD Sports topped this year's ranking after increasing its US sales by 41.5% following its acquisition of Hibbett in 2024. The deal added nearly 1,200 stores across 36 states, significantly expanding the UK retailer's footprint in the US.
Shell's US convenience retail business also entered the Hot 25 for the first time after acquiring Timewise stores from Landmark Industries and Brewer stores from Brewer Oil Co. last year.
"Acquisitions and expansions led to sales growth for many of this year's retailers," said Mark Mathews, NRF chief economist and executive director of research. He added that "several international businesses on the list continued to increase their presence in the United States".
Neil Saunders, managing director and retail analyst at GlobalData Retail, said acquisitions have become increasingly important because they provide "an immediate boost to the sales line" at a time when organic volume growth remains subdued.
International retailers also continued to expand their US operations. Primark recorded 30% sales growth, while Japan's Fast Retailing remained among the fastest-growing retailers for a second consecutive year, highlighting the continued attraction of the US market for overseas brands.
Organic expansion remains a winning strategy
The ranking also shows that acquisitions are not the only route to stronger performance.
Several retailers climbed the Hot 25 by rolling out successful business models into new markets rather than buying competitors.
Saunders said some of the strongest performers, including Sprouts and Primark, are "expanding their popular propositions to more areas of the country", demonstrating that disciplined organic expansion can be just as effective as acquisitions in driving long-term growth.
The breadth of the ranking also reflects the diversity of retail formats finding new growth opportunities. Ten companies entered the Hot 25 for the first time, including Shell, Sprouts, QuikTrip, Muji, H Mart, ampm, 99 Ranch Market, Wawa, Festival Foods and CVS.
David Marcotte, senior vice-president of global retail and technology at Kantar, said the latest list includes "a mix of new and returning retailers" that have grown by "adapting to the needs of their customers and enhancing the overall shopping experience".
Innovation keeps established retailers growing
Innovation remains another defining characteristic of high-performing retailers.
Amazon returned to the Hot 25 for the first time since 2021 after recording 9.4% sales growth. Continued investment across its marketplace, physical stores and Whole Foods business helped drive that growth, illustrating how even the world's largest retailers must continue evolving to maintain momentum.
Saunders said Amazon continues to grow through "constant innovation and finding new ways to serve and sell to customers", rather than relying solely on its scale.
Marcotte said retailers seeking sustained growth will need to "continue to invest in in-store technology, offer greater convenience and provide employee management trainings".
Multiple growth strategies are setting retailers apart
Although the Hot 25 measures sales growth rather than overall market size, it offers a valuable snapshot of where competitive momentum is building across the US retail sector.
Rather than pointing to a single formula for success, the ranking suggests that retailers achieving the strongest growth are combining complementary strategies. Acquisitions can accelerate expansion, but sustained success also depends on disciplined organic growth, investment in customer experience and continuous innovation.
For retailers, suppliers and technology providers, the findings reinforce a broader industry trend: long-term competitive advantage is increasingly built through a balanced growth strategy rather than any single initiative.
As competition intensifies and consumer expectations continue to evolve, businesses that combine strategic expansion with operational excellence and innovation are likely to be best placed to gain market share.
