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The Anchor

Industry Intelligence for CRE and Retail

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Macy's and Kohl's: Crazy Comparison, Adverse Weather, and Inflation Squeezing the Middle-Income Consumers

Macy's and Kohl's noted the contributing factors to a sales slowdown beginning the second half of October. A late start to holiday shopping is expected to pick up as the season progresses.

Thomas Paulson
Nov 18, 2022

TJX Companies and Ross Stores: New Better & Best Brands are Driving Conversion Rate and Average Ticket Higher

In Q322 TJX and Ross took market share in apparel from the department stores. We expect consumers shifting to off-price from traditional retailers to be an ongoing trend into spring.

Thomas Paulson
Nov 18, 2022

Home Depot and Lowe’s: Structural Changes Position Home Improvement Retailers for Multi-Year Outperformance

The Home Depot and Lowe’s made news this week with relatively upbeat quarterly results. Much of the success can be traced back to structural changes in the category.

RJ Hottovy
Nov 18, 2022

Box Office: 4Q22 Will be the Test for AMC to Narrow its Gap with Cinemark

As anticipated, Black Panther: Wakanda Forever came in with a roaring $180M opening weekend, only just behind Doctor Strange in the Multiverse of Madness’ $187M and producing the 13th biggest opening of all time.

Thomas Paulson
Nov 18, 2022

Consumer Cutting Back & Trading Down: Redux of Holiday 2018

We believe Holiday 2018 offers the best parallel to the coming season. If history repeats, November/December retail sales will see a stepdown from October’s pace.

Thomas Paulson
Nov 11, 2022

Grocery Outlet and Sprouts: Wow! Factor Strong for GO, while Sprouts is Soft but Stable

Specialty grocers Grocery Outlet and Sprouts Farmers Market increased their trailing-twelve-month (TTM) sales per square foot. Grocery Outlet’s growth and expansion strategy continues to be on strong footing, while Sprouts’ remains a "to be determined."

Thomas Paulson
Nov 11, 2022

Target's New Box

Target unveiled a new format store this week that is ~20K square feet larger than its average store. Target expects almost all new stores and more than half of the remodels in 2023 to incorporate elements of the new design.

Thomas Paulson
Nov 11, 2022

Dillard's Dependably Delivers

Dillard's put up another strong quarter that portends well for its traditional competitors' quarters as well. The substantial increase in Dillard’s profitability has come from improving its average unit retail.

Thomas Paulson
Nov 11, 2022

Outlooks from Other Mass Luxury Brands

The September-end quarter from Ralph Lauren, Capri (Michael Kors), and Tapestry (Coach, Kate Spade) were all better-than-feared and reflected stability in their U.S. businesses and re-investment for growth.

Thomas Paulson
Nov 11, 2022

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RJ Hottovy

Head of Analytical Research, Placer.ai

R.J. Hottovy, CFA has covered the restaurant, retail, and e-commerce sectors for nearly 20 years as an equity analyst and strategist for Morningstar, William Blair & Co., and Deutsche Bank...

R.J. Hottovy, CFA has covered the restaurant, retail, and e-commerce sectors for nearly 20 years as an equity analyst and strategist for Morningstar, William Blair & Co., and Deutsche Bank.

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Thomas Paulson

Director of Research and Business Development, Placer.ai

Thomas Paulson spent 20 years as a Wall Street analyst and a member of asset management teams at AllianceBernstein and Cornerstone Capital, representing top-50 ownership positions including Target, Home Depot, Nike, Amazon, Google, and many more...

Thomas Paulson spent 20 years as a Wall Street analyst and a member of asset management teams at AllianceBernstein and Cornerstone Capital, representing top-50 ownership positions including Target, Home Depot, Nike, Amazon, Google, and many more.

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