14
S
ta retention, continued inflation
and the capability to provide a better
patient experience were just a few of
the challenges that eyecare professionals and
optical retailers faced in 2023. The 2024 VM
Top 50 U.S. Optical Retailers report is based
on calendar year 2023 locations and sales
provided by companies along with VM’s esti-
mates.
VM's
research with retailers revealed
that upgrades and investments in operations
and technology, including remote and tele-
COVER TOPIC
BY VM STAFF
health equipment, continued to gain traction
among the Top 50 in 2023.
Inflation concerns again appear to be at the
top of the list for many retailers, leading to
targeted goals such as decreasing the cost of
goods and maintaining current xed expens-
es. Sta retention was another challenging
issue, leading some to invest more dollars in
sta training and technology. Opportunities to
make quality care more aordable and acces-
sible, such as by investing in the development
of AI tools, were also mentioned by several
companies. Enhancing medical care delivery
to assist ECPs in providing comprehensive
eyecare solutions to patients was another
common goal cited by retailers.
Despite these challenges, 2023 still saw or-
ganic growth, including new store and oce
openings, among the Top 50 retailers. And,
this year, there are four companies on the VM
Top 50 for the rst time. The collective sales
of VM’s Top 50 U.S. Retailers rose 8 percent
in 2023 compared with 2022, to reach an es-
timated $20.1 billion from 16,369 locations.
The Top 10 retailers accounted for 84.5 per-
cent of overall Top 50 sales. n
More
Image Credit: Getty Images / Yutthana Gaetgeaw
VM’s 2024 Top 50 U.S. Optical Retailers
Revenues Show Healthy Growth Despite Economic Uncertainty
JUNE 2024 VISIONMONDAY.COM
Facebook.com/VisionMonday
@VisionMonday
16
Key Optical Players Ranked by U.S. Sales in 2023
2023
Rank
2022
Rank
Retailer 2023 Sales
1
($ Millions)
2022 Sales
1
($ Millions)
2023
Units
3
2022
Units
3
Comments
1 1
Vision Source L.P. $2,938.0 $2,675.4 2,994 2,994
Vision Source included 2,994 practice locations in the U.S. with a
membership of 4,500 optometrists. They recently announced two
new programs: (1) The Associate OD Placement Program enables
members to offer employer-funded tuition reimbursement as
part of their associate OD compensation package; and (2) an
employee health care benefits program provides practice owners
with health plan options for themselves and their associates.
Vision Source is a part of Essilor of America, which is a division of
EssilorLuxottica. In accordance with franchise law, Vision Source
is a franchisor, and its members are franchisees who own their
respective practice(s). The collective revenue of those practices
are reported here. Essilor acquired Vision Source in 2015.
2 2
Luxottica Retail $2,620.0* $2,500.0* 2,185 2,173
Luxottica Retail is a part of the retail network of EssilorLuxot-
tica. Luxottica Retail store brands/DBAs in the U.S. and Puerto
Rico include, as of the end of Dec. 2023: LensCrafters (932 total
locations including 95 LensCrafters inside Macy’s); Pearle Vision
collectively 510 locations (Pearle corporate: 61 locations, Pearle
franchise: 449 locations); Target Optical (574 locations); For Eyes
(107 locations); Oliver Peoples (24 locations); Persol (1 location);
Ray-Ban (33 locations); OSA (3 locations); Alain Mikli (1 location).
3 3
National Vision Holdings, Inc $2,126.0 $2,005.0 1,413 1,354
National Vision (NVI), a publicly traded company on the Nasdaq
(EYE) exchange, is based in Duluth, Ga. It operated a total of 1,413
locations at the end of 2023, These include: America’s Best (957
locations); Eyeglass World (148 locations); Vision Centers inside
Walmart (225 locations); Vista Optical in select Fred Meyer Stores
(29 locations); Vista Optical in select military exchanges (54 loca-
tions). This year-end 2023 revenue includes revenues reported by
NVI in its Corporate & Other segment, which includes the results
of the e-commerce platform of 15 dedicated websites managed
by AC Lens. In 2023, NVI’s e-commerce business consisted of
six proprietary branded websites, nine third-party websites with
established retailers as well as mid-sized vision insurance provid-
ers. AC Lens handled site management, customer relationship
management and order fulfillment and also sold a wide variety of
contact lenses, eyeglasses and eye care accessories.
4 4
Walmart Inc. $2,025.0* $1,880.0* 3,421 3,422
VM estimates of Walmart’s Inc.’s optical business includes the
company-owned and operated Walmart optical departments
(2,875 locations as of the end of 2023) and Sam’s Club optical
departments (546 locations at the end of 2023).
5 5
EyeCare Partners LLC $1,728.0 $1,665.0 682 700
EyeCare Partners, a portfolio company of Partners Group,
finished the year with682ECP-affiliated locations,a mix of MDs
and ODs,that provide services spanning the eyecare continuum
in 18 states and 30 markets. Chris Throckmorton was named as
the company’s new chief executive officer in January 2024.
EyeCare Partners’ growing network of more than 1,000 doctors
and team members served more than 3.5 million patients across
18 states in 2023. It also opened the Cincinnati Eye Institute
Retina Clinic in 2023. EyeCare Partners operates under the follow-
ing banners, among others: Clarkson Eyecare, Nationwide Vision,
EyeCare Associates, eyecarecenter, The EyeDoctors Optometrists
and Grene Vision Group.
6 6
Costco Optical $1,683.9 $1,515.3 568 555
A part of Costco Wholesale (NASDAQ: COST), Costco Optical finished
the year with 568 optical departments, an increase of 13 locations
compared to 2022.
7 7
Capital Vision Services dba
MyEyeDr.
$1,400.0 $1,314.0 842 852
At the end of 2023, the MyEyeDr. organization, which is backed
by Goldman Sachs Merchant Banking, had 842 offices and 1,481
doctors. MyEyeDr. spent much of 2023 focusing on integrating
the 200 practices it acquired in 2021 and 2022, according to
company executives.
Source: VM's 2024 Top 50 U.S. Optical Retailers. When 2023 sales are the same for more than one com-
pany, the retailer with fewer 2023 U.S. stores is ranked first.
*VM ESTIMATE includes company sources and documents, reports and industry sources.
*=VM estimate. R=Revised N=Not on last year’s list.
Note: This year’s 2024 VM Top 50 U.S. Optical Retailers Report does not include references to Total U.S.
Market Sales.
1 Includes retailers’ product sales, professional services, managed vision benefit revenues and e-com-
merce sales when applicable. U.S. sales include Puerto Rico, not Canada. Numbers are for 12 months
ending Dec. 31, 2023.
2 The retailers and totals given for 2022 are different from what appeared on the June 2023 VM Top 50 list
because the Top 50 companies differ from year to year due to industry consolidation and other factors.
3 U.S. and Puerto Rico optical locations.
17
COVER TOPIC
Key Optical Players Ranked by U.S. Sales in 2023
2023
Rank
2022
Rank
Retailer 2023 Sales
1
($ Millions)
2022 Sales
1
($ Millions)
2023
Units
3
2022
Units
3
Comments
8 8 Visionworks of America, Inc. $1,173.0 $1,130.0 773 745
Visionworks closed the year with 773 locations, a net gain of 28
new locations. In 2023, the company focused on store expansion
in California and Washington state, and introduced the Vision-
works brand into three markets with multiple retail locations. Its
online scheduling tool and comprehensive exams now include
retinal imaging in all Visionworks locations. Visionworks is a divi-
sion of VSP Vision, which acquired Visionworks in October 2019.
9 9
Warby Parker $659.0* $598.1 232 200
Warby Parker (NYSE:WRBY) ended 2023, its second full year as
a public company, with 237 stores across the United States and
Canada, including 40 stores opened during the year. Full-year net
revenue totaled $669.8 million, including both online sales and
those from North American storefronts. Warby Parker operates 5
locations in Canada; this year's chart reflects VM's estimates for
the company's U.S. sales.
10 11 AEG Vision $650.0 $450.0 425 350
AEG Vision, backed by Riata Capital Group, continued its steady
growth in 2023 generating 6 percent comp sales in its base prac-
tices while adding 75 new practices, bringing its total to 425, and
integrated them onto the company’s common platform. Ninety-five
percent of the practice network is on a common platform which
includes technology, product supply chain and back-office support.
11 10 Keplr Vision $482.0 $455.0 278 284
Currently, across its 278 locations, with 605 optometrists, Keplr
reports that for calendar year 2023 and into 2024, the group has
been “maintaining above-industry averages for organic comp
growth.” In March 2023, the group announced that it had closed
$80 million in additional funding from existing investors includ-
ing Imperial Capital and Golub.
12 12
Eyemart Express $366.2 $345.0 246 241
National optical retailer Eyemart Express, backed by FFL Partners,
ended 2023 with revenues of $366.2 million at 246 locations.
The retailer expanded its footprint in Indiana with the opening
of four new stores in May of 2023. The new storefronts in Avon,
Columbus, Evansville and Fishers marked the company’s first
presence in the Evansville and Indianapolis markets.
13 13
Now Optics Holdings, LLC $312.1 $289.0 277 287
Now Optics Holdings LLC operates Stanton Optical and MyEye-
Lab locations in 30+ states and continued its investments in
proprietary telehealth and strategic patient-care technologies.
In 2023, the group rebranded over 150 stores from My Eyelab to
Stanton Optical. Now Optics operated 273 Stanton Opticals (196
company-owned and 77 franchised locations) and 4 MyEyeLab
(franchised locations).
14 15 Shopko Optical $168.0 $142.0 142 141
Shopko Optical finished 2023 with 142 locations. The company
acquired two locations during the year, Romanak Vision in July
2023, and Badger Optical in August 2023. It also integrated a
number of acquisitions in 2023 along with continuing its strategy
of providing optical services to underserved areas. The company
also continued growth with new de novo centers in existing mar-
kets and acquisitions in new markets. In June 2024, the Fielmann
Group, a global eyewear provider, announced that it has entered
into a definitive agreement in which its U.S. subsidiary, Fielmann
USA, will acquire 100 percent equity ownership in Shopko
Optical, from Monarch Alternative Capital LP. The transaction is
expected to close in the third quarter of 2024.
15 14 Cohen's Fashion Optical $150.0 $150.0 121 123
Cohen's Fashion Optical operated a total of 121 units, including
13 corporate locations and 108 franchised locations.
16 17 VSP Ventures $131.5 $119.0 91 84
VSP Ventures grew by acquisition in 2023 and operated 91
offices, seven more than the prior year. It noted, “In addition
to adding seven new additions to our network, we continued
to fine-tune our operational approach to better support our
practices and the patients and staff within them.” The company
said that its primary investment focus remains on expanding and
supporting its network of practices. The group was established
by VSP Vision in 2019.
18
17 18
New Look Vision Group (US) $117.0 $110.4 66 61
New Look Vision Group (US) is a part of Canada-based New Look
Vision Group which operates under a number of banners in
Canada. The group’s network is made up of 490 locations across
Canada and the U.S. As of year-end 2023, the U.S. business
had 66 locations, an increase of five locations from a year ago.
It includes the following U.S. banners: Edward Beiner (13 units),
Morgenthal Frederics (13 units), Robert Marc NYC (7 units), Black
Optical (6 units), Georgetown Optician (5 units), Europtics (3
units), The Eye Gallery (3 units), other DBAs (16 units).
18 N
Fielmann USA, Inc. $112.0 $103.5 82 82
Fielmann USA, Inc., based in Detroit, Mich. is a subsidiary of
the Fielmann Group AG (Bloomberg: FIE), the international
omnichannel eyewear company, which entered the U.S. market
with the acquisition of SVS Vision as well as Befitting, an online
eyewear business which has no stores, in 2023. SVS Vision
locations continue to operate under that name. The 2022
revenue and unit numbers listed in the Top 50 chart are from
SVS Vision. This month, the Fielmann Group announced that it
has entered into a definitive agreement in which Fielmann USA
will acquire 100 percent equity ownership in Shopko Optical, an
optical retailer based in Green Bay, Wis., from Monarch Alterna-
tive Capital LP. The transaction is expected to close in the third
quarter of 2024.
19 19 Total Vision LLC $110.0* $110.0 58 59
Total Vision LLC, based in Southern California, is backed by New
York City-based Bregal Partners and operated 58 offices as of
12/31/2023.
20 16
Texas State Optical $110.0 $120.7 93 104
Headquartered in Houston, Texas, the company invested in
AI-assisted digital advertising in 2023, as well as technology that
enables remote eye exams, with plans to expand these capabili-
ties this year.
21 22
Eye Doctors Optical Outlets $97.0 $92.0 56 56
Eye Doctors Optical Outlets was acquired by iCare Health Solu-
tions, a VSP Vision company, in August 2023.
22 23
BJ's Optical Centers $95.0* $90.0* 231 227
BJ’s Optical Centers are a part of BJ’s Wholesale Club Holdings,
Inc (NYSE:BJ). The company has announced that it plans to open
about 10 locations per year for the next several years, including
growth in existing markets as well as growth in new markets.
23 21 Emerging Vision, Inc. $91.6 $93.8 106 109
Emerging Vision ended 2023 with 106 locations. These included
Optica (7 locations); The Eye Gallery (3 locations); Sterling Opti-
cal with 2 company-owned units and 52 franchised locations;
The Artful Eye (1 location); and Site For Sore Eyes, with 41 fran-
chised locations. The company noted that in 2023 it remodeled
two Optica locations and opened two new franchise stores. It
also continued upgrades in equipment, including telehealth.
24 26 Vision Associates $85.2 $80.6* 212 224
Vision Associates manages optical dispensaries within ophthal-
mology practices and is a business unit of EssilorLuxottica.
25 24 Henry Ford OptimEyes $83.2 $83.2 22 22
Henry Ford OptimEyes, part of Henry Ford Health Systems, fin-
ished the year with 22 locations and revenue of $83.2 million.
The company also named Michael Dunn as vice president in 2024.
26 25 U.S. Vision $75.6 $82.2 302 323
U.S. Vision, owned by Lincoln Road Advisors since March 2021,
operated a total of 302 locations in 2023. These included JC
Penney Optical (177 locations), Boscov’s Optical (43 locations),
Meijer Optica (51 locations), Army & Air Force Exchange Services
(AAFES) (22 locations) and Forward Vision (9 units).
27 27 Marion Eye Centers and
Optical
$49.5 $47.9 32 32
Marion Eye Centers and Optical offers ophthalmology and optomet-
ric services and dispensaries to patients, and finished 2023 with 32
U.S. locations. The company, which also operates a single Ameri-
can Digital Labs, noted its expansion of lab services during 2023 as
well as investment in updated lab manufacturing equipment.
2023
Rank
2022
Rank
Retailer 2023 Sales
1
($ Millions)
2022 Sales
1
($ Millions)
2023
Units
3
2022
Units
3
Comments
Key Optical Players Ranked by U.S. Sales in 2023
Source: VM's 2024 Top 50 U.S. Optical Retailers. When 2023 sales are the same for more than one com-
pany, the retailer with fewer 2023 U.S. stores is ranked first.
*VM ESTIMATE includes company sources and documents, reports and industry sources.
*=VM estimate. R=Revised N=Not on last year’s list.
Note: This year’s 2024 VM Top 50 U.S. Optical Retailers Report does not include references to Total U.S.
Market Sales.
1 Includes retailers’ product sales, professional services, managed vision benefit revenues and e-com-
merce sales when applicable. U.S. sales include Puerto Rico, not Canada. Numbers are for 12 months
ending Dec. 31, 2023.
2 The retailers and totals given for 2022 are different from what appeared on the June 2023 VM Top 50 list
because the Top 50 companies differ from year to year due to industry consolidation and other factors.
3 U.S. and Puerto Rico optical locations.
19
28 28 Wisconsin Vision, Inc. $47.0 $41.0 38 38
Wisconsin Vision Inc. operated 38 locations throughout Wiscon-
sin as of 12/31/2023. It also operates its own lab, which only
services its locations. Total sales do not include lab revenue.
29 29 Lumina Vision Partners $45.0* $40.0* 26 24
Arizona-based Lumina Vision Partners expanded from 24 stores in
2022 to 26 locations in 2023.
30 33 Dr. Tavel Family Eye Care $41.0 $35.0 24 24
Dr. Tavel Family Eyecare is a subsidiary of City Optical Company.
The company expanded 2 of its busiest locations this year, taking
capacity up to 3 and 4 lanes, and invested in lab equipment to
perfect the manufacturing process.
31 30 Today’s Vision Licensing
Corporation
$40.0 $40.0 50 48
The company reported opening offices with its model/trade-
mark while adding existing offices that align with its mission
statement. Targets for 2024 have multiple offices under LOI. The
company is operated by independent optometrists; managing
director is Aaron Oliver, chairman is April Oliver, OD.
32 32 SEE, Inc. $39.6 $37.5 42 43
SEE (Selective Eyewear Elements) Eyewear was conceived
in 1998 by founder Richard Golden as a new type of optical
boutique business. At the end of 2023, it operated 42 locations
across the country in major markets emphasizing fashion, on-
trend eyewear, sunwear and accessories.
33 N InFocus Eyecare $26.4 N 23 N
Headquartered in Dayton, Ohio, InFocus Eyecare, backed by Re-
gal Healthcare Capital Partners, had a total of 23 stores, including
the acquisition of 15 units made within the calendar year 2023.
They reported making investments in infrastructure of systems
and processes, with lens and lab, frame distribution, and contact
lens ordering among them, as well as team learning and sharing.
34 34 J.A.K.Enterprises, Inc. dba
Bard Optical
$21.0 $22.0 21 21
J.A.K. Enterprises does business as Bard Optical, with 21 loca-
tions in Illinois. The company noted, “We closed an underper-
forming location in the Peoria, Ill. market and opened a dynamic
office in Quincy, Ill.” The company said it is planning to open two
new locations in 2024.
35 N Acuity Optical / Acuity Eye
Group
$20.3 N 40 N
Acuity Optical/Acuity Eye Group's team of optometrists, ophthal-
mologists and retina doctors provide patient care and compre-
hensive services to patients throughout California’s Arcadia,
Monrovia, Sierra Madre regions and surrounding communities.
The group’s eyecare specialists treat retina disease, cataracts
and glaucoma. In 2023, the group’s 40 locations drove sales
over 14 percent, creating a stable business model that could be
replicated, company executives told VM.
36 N VisionFirst $18.2 N 18 N
VisionFirst has been providing professional eyecare services to
families in Central Kentucky and Southern Indiana since 1973. In
2016, VisionFirst Eye Care transitioned to becoming an employee-
owned practice. Today, VisionFirst has a team of 38 optometrists
and nearly 200 staff members. In 2023, there were 18 VisionFirst
offices located throughout the Kentuckiana area. Last year, the
group celebrated the addition of the VisionFirst Pediatric Eye Care
Center, company executives said.
37 38 Maine Optometry, PA $16.4 $14.2 7 7
Providing a full range of eyecare and optical services at its seven
locations, the company reported continued growth and the
onboarding of two new associate doctors. A remodeling of the
Freeport location included a brand new optical, front desk and
new exam lanes to support three full-time doctors
38 37 Clarity Vision, LLC $15.8 $14.3 6 6
The North Carolina company operated six locations via a fran-
chised model in 2023. The company said it increased the number
of doctors to 22, allowing for more expansion of eyecare services.
39 39
Thomas Eye Group $15.1 $13.0 15 17
Thomas Eye Group (TEG) operated 15 offices in 2023. The company
noted it made a pivotal investment in broadening the scope of their
eyecare services across the metro-Atlanta region. As an integrated
care provider, TEG’s focus was on enhancing medical care delivery
and extending the reach of their doctors to provide comprehensive
eyecare solutions. In October of 2023, TEG acquired Eye Q Vision, a
single-location practice located in Cumming, Ga.
2023
Rank
2022
Rank
Retailer 2023 Sales
1
($ Millions)
2022 Sales
1
($ Millions)
2023
Units
3
2022
Units
3
Comments
Key Optical Players Ranked by U.S. Sales in 2023
COVER TOPIC
22
2023
Rank
2022
Rank
Retailer 2023 Sales
1
($ Millions)
2022 Sales
1
($ Millions)
2023
Units
3
2022
Units
3
Comments
40 40 DePoe Eye Center $13.6 $12.8 12 12
DePoe operated 12 stores in 2023. The company said it acquired
Fayette Eye Center in Fayetteville, Ga. in December of last year.
DePoe said in 2023 it worked diligently to streamline its lab, bill-
ing and insurance departments.
41 44 Optyx $13.5 $10.5 13 11
NY-based Optyx operated a total of 13 locations in 2023, com-
pared with 11 locations in 2022. The company, with locations
in New York City and Long Island, offers the latest in eyewear
technologies and a variety of luxury, brand name frames.
42 35 Standard Optical Company $13.0 $20.4 15 21
Standard Optical Company included 14 StandardOptical and 1
Opticare Vision Services location as of 12/31/2023. The company
closed six locations in July 2023.
43 41
Big City Optical $12.5 $12.0 17 16
Chicago-based Big City Optical operated 17 stores in 2023. The
company noted its focus in 2023 was on internal non-store
departments. Changes were made in accounting, HR and market-
ing to improve overall support for the store teams and to create
a better experience for patients. The company is planning to
expand its tele-optometry services in 2024.
44 45 True Eye Experts $12.2 $10.4 9 8
Based in Tampa, Fla., True Eye Experts operated nine stores in 2023.
In July of last year, the company acquired Tuskawilla Family Eyecare
in Winter Springs, Fla. Last year, their focus was on creating in-
office, patient-facing experience processes, and training their staff.
45 46 Levin Eyecare $12.1 $10.2 9 9
Levin Eye Care offers a range of optical and medical services from
optometrists and ophthalmologists across nine offices in the Bal-
timore, Md. area. Levin Eyecare said it opened a de novo location
that integrated ophthalmology and optometry in mid 2023. The
company said two key priorities in 2024 are to ensure standard-
ization of clinical workflow/patient experience, and to invest in a
broader management team for continued growth.
46 43 Eye Associates $11.3 $10.6 8 8
Based in Overland Park, Kans., Eye Associates operated eight
locations in 2023.
47 47
Eye Surgeons of Richmond, Inc.
/ Virginia Eye Institute
$10.6 $10.1 7 7
Virginia Eye Institute (VEI) is a comprehensive eyecare organiza-
tion providing a wide range of ophthalmology, optometry, and
optical services in seven locations across central Virginia.
48 42 Eyecare Plus $10.2 $10.8 8 8
Eyecare Plus operated eight offices in Tennessee in 2023, and
reported they focused on growing their education programs with
their opticians.
49 49
Missouri Eye Consultants $10.1 $9.4 7 7
Based in Columbia, Mo., Missouri Eye Consultants operated seven
offices at the end of 2023. The company said in 2023 it “concen-
trated on decreasing the cost of goods and maintaining current
fixed expenses in a time of significant increased inflation.”
50 50
Envision Professional Group $8.1 $7.6 4 4
Envision Professional Group, based in Marion, Va., operates
as Envision Eye Care with four locations as of the end of 2023.
The focus for last year was on team culture, staff retention and
increasing revenues. Envision Eye Care “invested in new refract-
ing technology to allow us to increase throughput last year,”
company executives said.
TOTAL $20,111.7* $18,628.9*
2
16,369 16,143
2
Key Optical Players Ranked by U.S. Sales in 2023
Source: VM's 2024 Top 50 U.S. Optical Retailers. When 2023 sales are the same for more than one com-
pany, the retailer with fewer 2023 U.S. stores is ranked first.
*VM ESTIMATE includes company sources and documents, reports and industry sources.
*=VM estimate. R=Revised N=Not on last year’s list.
Note: This year’s 2024 VM Top 50 U.S. Optical Retailers Report does not include references to Total U.S.
Market Sales.
1 Includes retailers’ product sales, professional services, managed vision benefit revenues and e-com-
merce sales when applicable. U.S. sales include Puerto Rico, not Canada. Numbers are for 12 months
ending Dec. 31, 2023.
2 The retailers and totals given for 2022 are different from what appeared on the June 2023 VM Top 50 list
because the Top 50 companies differ from year to year due to industry consolidation and other factors.
3 U.S. and Puerto Rico optical locations.
COVER TOPIC
JUNE 2024 VISIONMONDAY.COM
Facebook.com/VisionMonday
@VisionMonday
A 10-Year Perspective on VM’s Top 50 U.S. Optical Retailers
B
eginning in 2023, Vision Monday began tak-
ing a 10-year perspective on the VM Top 50
U.S. Optical Retailers. The growth of the top retail
groups and companies has shown a consistent
upward trajectory over the last 10 years, with the
exception of two years when the retail revenues
clocked in at double-digit growth.
Revenues for 2019 showed a healthy 10 percent
increase compared with 2018, and there was no
sign that year that trouble was on the horizon be-
fore the COVID 19 pandemic kicked into high gear
in March of 2020. Numbers posted for calendar year
2020 were understandably anemic, when global,
pandemic-driven forces led to a 5 percent drop in
revenue compared with the year before. By the end
of 2021, though, retail revenues had made a historic
recovery, showing a 21 percent gain year-over-year.
Consolidation, either through mergers or out-
right acquisitions, has been a hallmark of VM’s
signature report, especially in the last 10 years as
private equity-backed companies have played a
pivotal role in the expansion of the retail industry,
and 2023 was no exception. Many retail executives
reported to VM that their businesses expanded
last year via the addition of independent practices
and retail groups.
As in years past, the numbers tell the story—for
calendar year 2023 the VM Top 50 reached a collec-
tive estimated $20,111.7 million for the 50 retailers,
a healthy 8 percent gain over the prior year. n
Source: VM Estimates
Vision Monday’s Top 50 Sales (2014 to 2023)
Source: VM Estimates
Vision Monday’s Top 10 Sales as a % of Top 50 Sales (2014 to 2023)
($ in millions)
24
JUNE 2024
COVER TOPIC
Download a PDF of prior years of VM Top 50 U.S. Optical Retailer Reports and analysis at
www.VisionMonday.com under the VM Reports category by clicking on Top 50 Retailers.
Rank
2023
Rank
2022
Mass Merchant
(Operator)
2023 Retail Sales
($ in Millions)
2023
Units
1
Class 2022 Retail Sales
($ in Millions)
2022
Units
1
1 1 Walmart
Walmart Vision Centers
National Vision
$1,970.0*
$1,819.0*
$151.0
3,100
2,875
225
MM $1,852.0*
$1,700.0*
$152.0
3,105
2,875
230
2 2 Costco Optical
Costco Wholesale
$1,683.9 568 WC $1,515.3* 555
3 3 Target/Super Target
Luxottica Retail
$525.6 * 574 MM $466.5* 562
4 4 Sam’s Club
Walmart Inc.
$206.0 * 546 WC $180.0* 547
5 5 BJs Optical Centers
BJ’s Wholesale Club Holdings Inc.
$95.0 * 231 WC $90.0* 227
6 6 Fred Meyer
National Vision
$11.0 29 MM $11.5 29
Totals $4,491.5* 5,048 $4,115.3* 5,025
Source: VM’s 2024 Top 50 Optical Retailers
*=VM Estimate MM=mass merchant WC=warehouse club
1 optical locations
Leading Mass Merchants, Clubs With Optical Departments
Mass Merchants and Warehouse Clubs Reflect a Collective 9.1 Percent Sales Gain in 2023
NEW YORK—Despite inflation keeping a rm grip on
the economy throughout most of 2023, the lead-
ing mass merchants and warehouse clubs with
optical departments showed an increase in dollar
sales for the year based on their reports and VM’s
estimates, which reflected a collective 9.1 percent
increase for the year. Sales of these businesses
reached $4,491.5 million for 2023 compared with
$4,115.3 million in the prior-year period.
Some of the gains came through strong comps
and others through additional store openings.
The collective store count among these retail-
ers rose from 5,025 in the 2022 calendar year to
5,048 in 2023.
Walmart’s Vision Centers, those operated by
the retailer as well as those operated by an agree-
ment with National Vision, saw a slight decrease
in units but a 6.4 percent increase in sales.
National Vision Holdings, Inc. ended its partner-
ship with Walmart Inc. in February 2024. This in-
cluded supplying and operating Vision Centers
in select Walmart stores, providing contact lens
distribution and related services to Walmart and
its aliate, and arranging for the provision of op-
tometric services at certain Walmart locations in
California.
Sam’s Club had one fewer location in 2023 while
Fred Meyer’s optical departments remained the
same in the number of its locations.
Costco Optical opened 13 new locations last
year, and Target Optical opened 12 more depart-
ments than in the prior year. BJ’s Optical opened 4
additional locations in 2023. n
26
30
JUNE 2024
VISION SOURCE L.P.
Vision Source, a North American network of
independent private practice optometrists,
has once again found itself at the top of this year’s VM
Top 50 Optical Retailers list. Founded in 1991 with a
focus on and commitment to the long-term success of
independent optometry, the organization in calendar
year 2023 reported 2,994 practice locations in the
U.S. with a membership of 4,500 optometrists and
sales of $2.938 billion. At The Exchange 2024, held
in April, Vision Source announced two new programs
that expand on its oerings to members: an Associate
OD Placement Program and an employee health care
benets program.
The OD Placement Program, a student loan debt relief
initiative, enables Vision Source members to feature
employer-funded tuition reimbursement as part of their
associate OD compensation package. The program
takes a proactive approach to helping private practice
owners add associate doctors, allowing Vision Source
members to access up to $150,000 in membership fee
credits to earmark for associate doctor student loan
repayment, along with support resources to bring on
highly motivated professionals with the desire to pro-
vide patient care within a private practice setting.
In addition, an employee health care benets
program was introduced that provides practice owners
with health plan options for themselves and their
associates. All members have access to this program,
the company noted, which at time of oering included
medical insurance benets. Practices with at least two
employees can participate.
"We leverage our member network framework to
secure options for our Vision Source member practice
owners versus what is traditionally available to them
on the small employer group market,” executives
stated. "Vision Source is committed to making ad-
vancements accessible to all practice owners. Our new
programs, like the Associate OD Placement Program
and Employee Healthcare Benets, aim to empower
practices of all sizes."
Vision Source is a part of Essilor of America, which
is a division of EssilorLuxottica. In accordance with
franchise law, Vision Source is a franchisor, and its
members are franchisees who own their respective
practice(s). The collective revenue of those practices
is reported in the VM Top 50. Essilor acquired Vision
Source in 2015.
LUXOTTICA RETAIL
Part of the EssilorLuxottica retail network,
Luxottica Retail (Reuters: ESLX.PA) main-
tained its position this year in the #2 slot of the VM Top
50 ranking. Oering a diverse selection of brands, the
group added 12 units, bringing total storefronts to 2,185,
and demonstrated an approximate 4.8 percent year-
over-year growth in sales, with VM-estimated total sales
of $2.620 billion for calendar year 2023.
A notable standout this year among Luxottica Retail
brands includes Pearle Vision, the largest optical fran-
chise business in the U.S., which has been recognized
once again in Entrepreneur's Franchise 500 list as the
#1-ranked health and wellness franchise in the country.
Closing 2023 with 510 locations, including 61 corporate
and 449 franchise, Pearle Vision had a record year, dem-
onstrating total revenues of approximately $550 million,
the company told VM.
Ten years ago, the company noted, its network was
50 percent corporate owned and 50 percent franchised;
it has since doubled down on its franchise model,
complete with support and tools to help owners and
independent ODs run a successful practice. Close to 90
percent of the company’s fleet is now franchised, and
the company indicates it has plans to open several new
locations in 2024.
Other businesses within the Luxottica Retail group
include LensCraers, with 932 total locations (including
95 LensCraers inside Macy’s). In 2023, LensCraers
launched its rst virtual experience, LensCraers Eye
Odyssey, on the global immersive platform Roblox, oer-
ing participants an online edutainment experience that
provides an engaging and educational way to promote
healthy eyecare habits. Season 2 of the experience was
launched earlier this year.
Target Optical operated 574 locations (an increase
of 12 stores) and saw sales increase to a VM-estimated
$525.6 million. Additional Luxottica Retail brands
include For Eyes (107 locations); Oliver Peoples (24 loca-
tions); Persol (1 location); Ray-Ban (33 locations); OSA (3
locations); and Alain Mikli (1 location).
In May 2022, EssilorLuxottica announced the launch
of OneSight EssilorLuxottica Foundation, and in 2023,
the foundation scaled up its global eorts to help elimi-
nate uncorrected poor vision, the company stated. In
collaboration with like-minded partners, the foundation
has provided 177 million people with permanent access
to vision care, dispensed more than 14 million pairs of
eyeglasses to those in need and established more than
4,900 permanent access points, bringing vision care to
areas where it was previously unavailable.
NATIONAL VISION
HOLDINGS, INC
National Vision (NASDAQ: EYE), one of the
largest optical retail companies in the U.S. with stores
in 38 states and Puerto Rico, ended 2023 with 1,413
U.S. optical locations, and a total U.S. optical revenue
of $2,126 million. National Vision operated under six
national retail trade names in 2023: America’s Best
Contacts & Eyeglasses, Eyeglass Word, Vision Center
brought to you by Walmart, Vista Optical in select Fred
Meyer stores, Vista Optical in select military exchanges
and AC Lens. The company did not report any acquisi-
tions or divestitures in 2023.
In the 2023 scal year, National Vision opened 70
new stores, closed seven stores and transitioned four
stores to Walmart. These transitions to Walmart were
part of the partnership termination; National Vision’s
partnership with Walmart Inc. ended in February 2024.
This partnership included supplying and operating Vi-
sion Centers in 229 Walmart stores, providing contact
lens distribution and related services to Walmart
and its aliate, Sam’s Club, and arranging for the
provision of optometric services at certain Walmart
locations in California.
In addition, in 2023 National Vision announced its
decision to wind down its AC Lens operations which
primarily supported the contact lens distribution and
related services to Walmart and its aliate, Sam’s Club.
For the 2023 scal year, the combined Walmart
Vision Center and AC Lens operations generated
approximately $403 million in revenue and earnings
before income tax of approximately $17 million. Eec-
tive as of Feb. 23, 2024, the company has completed
the transition of 229 Walmart Vision Center stores and
remains on-track with its plans to wind down its AC
Lens operations by June 30, 2024.
For the 52 weeks ending Dec. 28, 2024, the company
expects net revenue to be between $1.965 billion and
$2.005 billion. The company also expects to open 65 to
70 new stores in scal 2024, most in the America’s Best
brand, according to CEO Reade Fahs. The company an-
nounced that it will convert its 20 Eyeglass World stores
in California over to the America’s Best brand.
Continued on page 32
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COVER TOPIC
Snapshots of Optical’s 10 Largest U.S. Retail Players
3
National Vision told Vision Monday, “National Vi-
sion’s greatest achievement in 2023 was that it was
another year of continued improvement to optometric
retention and a record year for optometric recruitment
coupled with the ongoing expansion of our in-house
remote optometric practice oering. In short, we were
able to provide increased access to the eye exams that
patients desire from us across the country.”
The company said, “National Vision continues to in-
vest in technology to expand patients’ access to eyecare
and oer greater flexibility to doctors.”
National Vision said it “Continues to pursue opportu-
nities to make quality care more aordable and acces-
sible, such as by investing in the development of AI tools
to analyze retinal images for biometric markers linked to
overall health risk factors, and America’s Best Contacts
& Eyeglasses becoming the rst national optical chain to
make retinal imaging an included part of comprehensive
eye exams for children.”
WALMART INC.
In its directly-managed optical business,
the departments at Walmart and Sam’s
Club totaled a collective number of 3,421 locations
in 2023. Sales increased from $1,880 million in 2022
to $2,025 million in 2023. VM estimates of Walmart’s
Inc.’s optical business includes the company-owned
and operated Walmart optical departments (2,875 lo-
cations as of the end of 2023) and Sam’s Club optical
departments (546 locations at the end of 2023).
In May of 2024, Walmart announced it would
close its 51 U.S. health clinics across ve states
and instead rearmed its commitment to its vision
centers and pharmacies. This focus on investing in
vision centers began in early 2023, when Walmart
announced it was raising wages and investing in ca-
reers for more than 7,000 opticians and pharmacists
across its locations.
“Through our experience managing Walmart Health
centers and Walmart Health Virtual Care, we deter-
mined there is not a sustainable business model for us
to continue,” the company said in an announcement.
“This is a dicult decision, and like others, the chal-
lenging reimbursement environment and escalating
operating costs create a lack of protability that make
the care business unsustainable for us at this time,”
the announcement said.
In February 2024, optical retail chain National Vi-
sion completed the transition of 229 Walmart Vision
Center stores as part of the conclusion of its 34-year
partnership with the company. Walmart also launched
a suite of optical tools, including virtual try-on capa-
bilities, in January 2024.
EYECARE PARTNERS LLC
EyeCare Partners, a portfolio company
of Partners Group, ended 2023 with 682
ECP-aliated locations consisting of ophthalmology
and optometry oces. The PE-backed group nished
the year with 314 MDs and 745 ODs under their
umbrella, with corporate total U.S. optical revenue of
$1.728 billion consolidated from clinically integrated
operations.
While the company made no public disclosures re-
garding acquisitions or divestitures in 2023, it did open
the Cincinnati Eye Institute Retina Clinic at The Landings.
According to a company executive, its singular focus on
medical and surgical treatment of the retina is the larg-
est of its kind, and the site is unique with state-of-the-art
retina equipment, including the most advanced imaging
platforms available. The site also supports expansion of
clinical trial and research services.
EyeCare Partners’ growing network of 1,000+ doc-
tors and team members served more than 3.5 million
patients across 18 states in 2023, according to company
executives, leveraging its physician-led model of clini-
cally integrated eyecare, along with innovation and
research advancements.
Chris Throckmorton was named as chief execu-
tive ocer at EyeCare Partners in late January 2024,
succeeding the role held by Ben Breier as interim CEO.
Other leadership appointments followed this year, with
Joel Day named as executive vice president of nance
and chief nancial ocer, eective June 1, 2024. In April
2024, the company appointed Mark Barron as chief
growth ocer.
For the duration of 2024, EyeCare Partners plans to
stay assertive in seeking out opportunities that “best
t its vision.” Company executives told VM in April,
“EyeCare Partners will remain aggressive on opportu-
nities that t our long-term strategic vision and reflect
appropriate valuations in this inflated cost environ-
ment. We also remained focused on new clinic and
ASCs builds, site expansions, innovation and other
strategic growth initiatives.”
COSTCO OPTICAL
Part of Costco Wholesale (NASDAQ: COST),
Costco Optical ended 2023 with 568 U.S.
optical locations, an increase of 13 compared with its
555 U.S. locations at the end of 2022. Costco Optical
also reported a corporate total U.S. optical revenue of
$1,683.9 million.
Costco Wholesale is a worldwide business. Ron Vachris
was appointed to the role of CEO, eective January 1, 2024.
Costco Optical did begin oering remote or tele-
optometry exams prior to 2023 and intends to expand
those eorts in 2024, company executives said.
CAPITAL VISION SERVICES
DBA MYEYEDR.
MyEyeDr. nished 2023 with a total of 842
oces, 1,481 doctors, and $1,400.0 million in revenue.
Executives told VM in April, “MyEyeDr. spent much
of 2023 focusing on integrating the 200 practices we
acquired in 2021 and 2022. We took the time to ensure
the patient, doctor and associate experience was up to
MyEyeDr.’s standards. We partnered with 10 additional
practices in 2023 and accelerated our practice acquisi-
tions and integrations through the fourth quarter of 2023
and into 2024.”
The senior leadership team at MyEyeDr. also said
the organization will continue to integrate technology
and service operations, invest in clinical excellence and
training, and accelerate its acquisition activities in 2024.
MyEyeDr. co-founder and CEO, Sue Downes, said,
“Investors continue to be interested in vision care due
to the stability of the sector. With consistent global
turbulence over the last four years, optometry and the
optical industry remains strong and growing.”
Downes also told VM, “From an acquisition per-
spective, we plan to accelerate activity, and partner
with new practices at a rate similar to our pre-COVID
time frame. We will also grow in selected markets
by opening 10 locations as ‘cold‘ We continue to
strengthen our class-leading patient experience by
making signicant investments in medical equipment
and practice management technology.
“We have plans to support and promote our doctors’
medical and specialty practices in new and exciting
ways in 2024, while better meeting our patients’ needs
through omni-channel expansion,” Downes said.
Continued from page 30
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Continued on page 34
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VISIONWORKS OF
AMERICA, INC.
Visionworks of America, a VSP Vision
company, unied its stores across the U.S. under the
Visionworks name. It closed 2023 with 773 loca-
tions and revenues of $1,173.0 million. Online sales
accounted for $2.3 million, mostly in contact lenses
(76.7 percent) and in eyeglasses (21.9 percent). VSP
Vision acquired Visionworks in October 2019.
In 2023, the company said it “continued simplify-
ing the customer journey by creating an experience
that is straightforward and hassle free.” This included
its online scheduling tool and comprehensive exams
that include retinal imaging in all Visionworks loca-
tions. The company also noted that it completed
its rst full year of organizing its frame selection by
shape and price, along with a seamless checkout
process, complete with digital order tracking. The
company also oers a 100-day guarantee on all
purchases.
In 2023, the company said it focused on store
expansion in California and Washington state. It also
introduced the Visionworks brand into three markets
with multiple retail locations.
Visionworks continued to employ some remote
exam/tele-optometry technology in its group prior to
2023 and said it expects to expand that this year.
WARBY PARKER
Warby Parker (NYSE:WRBY) ended 2023,
its second full year as a public company,
with 237 stores across the United States and Canada,
including 40 stores opened during the year. Full-year
net revenue was reported at $669.8 million, includ-
ing both online sales and those from North Ameri-
can storefronts. Warby Parker operated 5 stores in
Canada. VM estimated that the company's U.S. sales
for the year ended 12/31/24 were $659 million.
“2023 marked our second full year as a public com-
pany and one in which we executed on our commit-
ment to growing sustainably, delivering double-digit
revenue growth each quarter while improving margins
and creating exceptional customer experiences,” said
co-founder and co-CEO Neil Blumenthal.
Warby Parker ended 2023 with $216.9 million in
cash and cash equivalents. The company also entered
into a new $120 million revolving credit facility with
JPMorgan Chase Bank, N.A., Citibank, N.A., and
other lenders from time to time party thereto, which
remains undrawn, the company said.
In January 2023, VM reported that for the third
consecutive year, 20/20 Onsite, a leading provider
of on-site vision care, partnered with Boston Public
Schools, the New England College of Optometry and
Warby Parker to provide free vision screenings, eye
exams and glasses to Boston public school children.
The program, called Vision for Boston, brought eyec-
are to students in their schools.
Warby Parker has designed a line of glasses
specically for students that are part of this program
through Warby Parker’s Pupils Project initiative.
“Warby Parker created Pupils Project in 2015 to
eliminate barriers to vision care access in schools
across the country, while also helping students feel
excited by and condent in their glasses," said Dave
Gilboa, co-founder and co-CEO of Warby Parker.
"Since then, we’ve seen the positive impact that
prescription eyeglasses have on students’ learning
experiences. We’re excited to continue this impor-
tant work in Boston alongside our Vision for Boston
partners.”
In February 2024, Warby Parker expanded its
relationship with Versant Health, Inc., a wholly-owned
subsidiary of MetLife, Inc., and one of the nation’s
leading administrators of managed vision care. This
expansion will bring an additional 15 million lives
in-network with Warby Parker, nearly doubling the
number of lives with in-network access to Warby
Parker to more than 34 million. The company expects
members under these plans to be able to access their
in-network benets later this year.
“Looking to 2024, we’re excited to meet millions
of customers where and how they want to shop as
we expand our retail presence, deploy disciplined
marketing spend to support growth across our om-
nichannel experiences, and nearly double the number
of insured lives who can use their in-network vision
benets with Warby Parker to over 34 million individu-
als,” added Gilboa.
AEG VISION
Company executives said AEG Vision
continued its steady growth in 2023
generating +6 percent comp sales in their base prac-
tices along with strong earnings growth. Seventy-ve
new practices were added and integrated onto AEG
Vision’s common platform, the company said. Today,
95 percent of the practice network is on a common
platform that includes technology, product supply
chain and signicant back-oce support, AEG told
Vision Monday.
AEG Vision nished calendar year 2023 with 425
practices. The company, backed by Riata Capital
Group, ended 2023 with revenues of $650 million and
moved to number 10 on the VM Top 50 U.S. Retailers
Chart.
“We have grown steadily during the past three
years, adding between 70 to 90 practices annually,”
Eric Anderson, CEO of AEG Vision, told Vision Monday
in April of this year. “Our acquisition activity has
not been impacted by external factors and we have
not experienced any lack of interest from potential
sellers.”
The company’s community of 4,000 doctors and
associates allows it to deliver elevated levels of
eyecare to more than 2 million patients each year,
Anderson noted. “Our business strategy remains
unchanged, given the success we have experienced,”
he said. “We look to partner with leading optom-
etrists across the U.S. who wish to elevate their
practice. We make signicant investments in each
practice (e.g., technology, equipment, back-oce
support) that elevate outcomes for all of our doctors,
associates and patients,” Anderson said.
Looking ahead for the remainder of 2024, AEG
Vision is planning to stay the course, searching for
partnership opportunities while helping optometry to
meet its goals along the way, Anderson said. “In 2024,
we plan to continue the same steady growth we have
demonstrated over the past several years,” he noted.
“Our goal is to continue to help elevate optometry
wherever we operate—while maintaining the strong
positive culture that has been the cornerstone of our
success.” n
JUNE 2024
Continued from page 32
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Snapshots of Optical’s 10 Largest U.S. Retail Players
COVER TOPIC
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