According to Mastercard SpendingPulse, the retail industry just capped its strongest holiday-season growth in six years. But not all retail stocks are equal. So, how can investors best put their cash to work in the new year?

We asked three top Motley Fool contributors to each choose a retail stock they think you would be wise to buy in January. Read on to learn why they like Retail Opportunity Investments (NASDAQ: ROIC), Conn's (NASDAQ: CONN), and Target (NYSE: TGT).

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Collect a 4.6% dividend while you wait

Steve Symington (Retail Opportunity Investments): Retail Opportunity Investments is a real estate investment trust (REIT) that focuses on buying and revitalizing necessity-based retail properties -- which usually means they're anchored by a large grocery chain, which helps drive traffic to other tenants -- in mid- to high-income areas along the West Coast. The company's methodical acquisition strategy makes it a fantastic way to play the retail segment without the risk you might otherwise take on by betting on the success of any one brand.

Still, Retail Opportunity Investments' acquisitions have effectively slowed to a crawl in recent quarters amid unfavorable real estate market conditions and rising interest rates. In the meantime, though, the company is focusing on improving the financial performance of its existing portfolio; last quarter, the company managed to achieve a record portfolio lease rate of 97.8%, raised base rents by 7%, increased same-center net operating income by 2.5%, and meaningfully reduced its debt.

And of course, management has pledged to remain "cautious and patient" with acquisitions as they wait for markets to turn in their favor. In the meantime, patient investors can collect a juicy 4.6% annual yield on their money.

High growth and low share prices -- what's not to love?

Anders Bylund (Conn's): The electronics and furniture retailer is growing its store network at a blistering pace. The company opened six new locations in 2018, it plans to introduce another seven this year, and it looks forward to opening at least 12 new stores in 2020. The resulting slate of 131 stores or more represents a 24% increase in three short years.

It's a capital-intensive strategy for sure, and many investors won't touch a company in the midst of such a large and expensive growth program. But with many stores come greater revenue intakes, and Conn's is also refocusing its product portfolio on larger TV screens and smart-home tools. That may not be a particularly bold strategy these days, since everything you buy seems to come with just a touch of artificial intelligence and data collection, but it's absolutely the right way forward. Conn's is doing its best to stay relevant in a rapidly changing consumer market.