Dollar General reported solid Q4 2022 sales and earnings growth with comparable-store increases of +5.7%. Management is pleased with market share gains in both consumables and non-consumables.
Q4 2022 updates for off-price retailers reaffirmed many past themes including the the importance of “value” and “surprise and delight” merchandise as well as physical stores.
Q4 2022 results for specialty apparel retailers were mixed with those catering to the more affluent and associated with wear-to-work wear outperforming on sales and profitability.
2022 was a tough year for home furnishing retailers, but the start of 2023 saw the category narrow the gap with other discretionary retail categories and benefit from inventory clearance events.
We analyzed visitation metrics for breweries, sports bars, and pubs to understand how consumers are embracing out-of-home experiences and getting together with friends.
Grocery-anchored centers proved to be the most resilient during Covid and remain a steady source of foot traffic. These centers are some of the best-performing malls in 2023.
With Dick’s Sporting Goods Q4 2022 update this week, we revisit some of our previous analysis on the chain and trends in the broader sporting goods retail category for the long-term.
Ulta’s Q4 2022 confirmed the durability of the beauty category as a whole, and supported the idea that consumers are returning to the office, events, and other social activities.
Fiscal Q4 2022 was a disruptive period for department stores. Tailwinds were few and headwinds – substantial, impacting the end of year results for Macy's, Dillard's, Kohl's and Nordstrom.
Grocery Outlet and Sprouts Farmers Market reported positive Q4 2022 updates and both companies are seeking to accelerate openings of new locations and markets in 2023 and 2024.
March celebrates Women’s History Month, and thus we are turning attention to female entrepreneurs who have created iconic brands that we see in retail and dining.
Updates from Kroger's Q4 2022 update including the impact of food inflation, wage investments, and order fulfillment channels. Additionally, the Albertsons merger remains on track.
Target's Q4 2022 update reported clean inventories and the continued success of the Ulta Beauty partnership. Target's December visitation momentum carried well into the new year.
On its Q4 2022 earnings release, Dollar Tree’s new CEO Rick Dreiling noted the positive direction of the chain and his ambition to drive further store productivity and accelerated growth.
Auto parts retail enters 2023 at a continued high pace as miles driven, the increasing age of vehicles on the road, high used car prices, and plentiful jobs continue to drive demand.
Barnes & Noble's strong foot traffic goes hand in hand with the chain's announcement that it will increase its physical footprint in 2023. We reviewed the recent visit trends in the book retail category.
Major media companies and movie studios are pivoting their priorities from solely streaming to giving more consideration to the theatrical window and the exhibition industry.
As inflation for groceries has remained higher and for longer than management expected, the double-digit rate is depressing sales of Walmart’s discretionary merchandise, which carry higher margins.
On its Q4 2022 update The Home Depot called for a “year of moderation in demand for home improvement”, citing an increase in price sensitivity and the ongoing shift away from goods to services.
The last few years have driven increased demand in self-storage as more people worked from home and migrated to other parts of the country and businesses reassessed their real estate needs.
Golf was one of the sports that saw a resurgence during Covid-19 as people sought out amply spaced outdoor activities. And golf course foot traffic has remained relatively resilient.
L'Oréal reported an exquisite Q4 2022 and its outlook for 2023 implies ongoing outsized growth for the beauty category and its retail partners. Beauty, especially prestige beauty, is one of the most durable growth categories of consumer spending.
2023 is shaping up to be the year where restaurants and retailers look to take the learnings from the past several years and maximize returns on their physical store assets.
With Valentine’s Day this past week, sweets, flowers, cards, and jewelry purchases immediately come to mind. And indeed these categories saw a spike in foot traffic around the holiday.
The results from Airbnb and Expedia demonstrate that the 1H 2023 is going to be a bountiful period for travel and tourism. Both companies stated that demand, in the form of bookings, remains high.
Bob Iger first became CEO in 2005 and his return is a chance for him to “course correct” some of Disney’s approaches and priorities, mainly the streaming and theme parks businesses.
Toyota has reconsidered its approach to the internal combustion engine and is now embracing EV, accelerating development of parts and manufacturing methods optmized for electric vehicles.
With Cava and other dining chains looking towards potential initial public offerings, this marks the most activity for restaurants looking to tap the public equity markets for funding since 2H 2021.
Numerous news articles have begun to circulate about grocers looking to prevent shoppers from turning to discount stores as well as concerted effort to sharpen the value of their private brands.
JD Sports hosted a “capital markets day” where they provided an update on the brand's business strategy. This includes an acceleration of store openings and conversions.
HOKA brand sales increased +$225M YoY (or +$1B annualized) during the company's December-end quarter, and the brand has a good chance of nearing $2.8B in retail sales this year.
VF's divisional details show The North Face holding onto growth, while Vans continues to falter with sales down -13% in the U.S. This is a trend that is expected to continue in the near term.
In December, Under Armour announced Stephanie Linnaritz as its new President, CEO, and board member effective at the end of the month. She is also a member of Home Depot's board.
Weaker December-quarter results and 2023 guidance sent Capri Holdings stock price down -30%. Chairman and CEO John Idol: “Our performance in the third quarter was more challenging than anticipated."
Las Vegas shopping destinations are back in full force in Q1 2023. The outlook for 2023 is trending positive as we saw an uptick in YoY shopping center foot traffic in January 2023.
We dive into gas station chains and examine what they might reveal about the current state of the consumer. Similar to other retail categories, value is top of mind at the pump.
McDonald’s Q4 2022 update this week reinforced some of the ways brands are finding to navigate the inflationary environment – its effective loyalty program and other marketing strategies.
Premium-plus spirits have experienced little to no downtrading despite inflation and concerns about the economy. And industry data for spirits shows that out-of-home revenue growth was ahead of at-home growth.
With Placer.ai’s new Shopping Center Benchmark function, CRE executives are able to look at shopping centers based on their categorization and filter based on additional metrics including visitors, visits/sq ft, visit frequency, and average dwell time.
February ushers in the beginning of Black History Month, which gives us an opportunity to look at various locations and brands in the US that celebrate the history and accomplishments of Black Americans.
Early 2023 trends for non-discretionary retail categories show that macroeconomic headwinds continue to weigh on consumers. But some categories have already posted year-over-year visitation growth.
Primark's comparable-store sales were down modestly for its most recent quarter (Oct. 14-Jan. 7) in which it opened four new locations. Placer.ai data indicates visits per location decreased by 4%.
Sears was once the largest retailer in the U.S. and operated throughout the country. When it filed for bankruptcy in 2018 it began selling off locations, some of which have exploded with foot traffic.
Opportunity for luxury retail exists in luxury resale, which is often seen as the gateway to customers purchasing full price as they trade up or become more familiar with a brand.
All of the top 5 busiest airports in the US saw increased travel in Sept 2022 compared to the previous year, with the past six months being particularly promising for LAX.
Overall visits to Universal Parks by domestic guests were down about 5% for Q4 2022 compared to Q4 2021. Universal's California parks produced a robust YoY increase, while Florida posted a decline.
Tesla reported better-than-feared Q4 2022 results this week. However, the "new" news was CEO Elon Musk reporting that reaching 2M units in production and sales was an achievable stretch goal for 2023.
In-N-Out Burger’s announcement that it plans to open stores in Tennessee by 2026 as well as an Eastern U.S. territory office could have major implications across the QSR and CRE categories.
This year we will be highlighting retailers that are expanding and that produce very strong unit economics and traffic. This week’s name is Altar’d State which is expanding at roughly 20 new locations per year.
On Jan. 22, more than a billion people globally celebrated the Lunar New Year. In honor of the occasion, we've taken a look at how Asian brands are impacting CRE in the U.S. this week.
On the whole, the restaurant chains presenting at this week’s ICR Conference were fairly optimistic about 2023 plans but also acknowledged that inflation is still an unknown heading into the year.
Workers returning to the office, on a general basis, has the opportunity to fuel wardrobe upgrades, career wear, and visitation to stores in regions where offices are abundant.
For decades, Victoria’s Secret was the undisputed queen in the lingerie category. However, newer brick-and-mortar entrants such as Aerie have begun to carve into Victoria's Secret's market share.
We looked at three Boot Barn locations varying from California to Texas to North Dakota, and it proved customers can’t get enough Western Wear, especially as a Christmas gift under the tree.
Albertsons' comparable-store sales increased +7.9% for the November-end quarter and loyalty members increased an impressive +16% YoY. Jewel-Osco was the outperforming brand in the portfolio.
With Tesla CEO Elon Musk in the news almost daily since his takeover of Twitter, does the Musk mystique begin to wear thin and have an effect on Tesla showroom visits?
Holiday sales were strong in the two weeks leading up to Christmas despite adverse weather. We expect sales to be better than the foot traffic data as conversion rate and average ticket should be up.
2023 is shaping up to be the year of maximizing returns on physical retail store assets. We checked in on the pet retail brands looking to get more utilization out of their physical stores.
We compared some of Los Angeles’ popular malls with shopping streets to see how shoppers behaved over the holidays. Compared to 2021, street shopping for Holiday 2022 saw an increase in December.
Surprisingly for wintery November and December months, Easton Town Center in Columbus, Ohio had more visitors than other open-air malls in California and Florida.
Winter weather means many are heading to the slopes for skiing and snowboarding. We analyzed visit and demographic trends for leading resorts across the country.
Over the past few weeks, we have had some time to revisit the ongoing shift from internal combustion engine vehicles (ICE) to electric vehicles (EV) as well as the implications for commercial real estate.
The major wireless players continue to expand their fiber footprint in the battle to reach the most households. Many new retail locations are to be expected in the near future.
The crafting industry's post-pandemic hangover continues as traffic to JOANN remains down. JOANN continues to lag behind its hobby peers Michaels and Hobby Lobby.
For the past 30 years consumer electronics product was prominently featured at the top of the must-have items for the holidays. Yet, that doesn’t seem to be the case in 2022.
With so many Gen Z-ers taking to physical stores this holiday season, we took a look at visitation trends for some of the top brands trending on TikTok to see how they’ve fared this year
With questions rising about the health of the U.S. consumer in the final weeks of 2022, we revisited our previous analysis of the fitness industry which has so far seen 2022 visits outpace last year.
Lululemon reported increasing YoY store traffic and average unit retail (AUR). E-commerce increased 34%, making lululemon one of the rare large brands that continues to produce significant e-commerce growth.
AutoZone produced another strong and consistent quarter despite the industrywide headwind of slower discretionary sales and inflationary cost pressures, capturing market share from Advanced Auto.
Big Lots and Ollie’s both produced another weak quarter. Difficult comparisons and the pull-back of discretionary spending by lower-income consumers are two common headwinds.
Reports this week suggested a continuation of the trends that were indicated over the last several weeks when retailers reported their fiscal 3Q22 results.
2022 has been a dynamic year for the dollar store industry due to the high rate of inflation and the lapping of last year’s stimulus. The one brand that has seen its sales momentum accelerate is Family Dollar.
Kroger produced another solid quarterly result with a consistent three-year comparable-store sales CAGR, in-line with Albertsons' CAGR but behind Walmart and Publix.
Nordstrom full-line stores' sales increased +8% in the physical store segment. this puts sales per square foot for the physical stores at $394, +22% above the $324 level experienced in 3Q19.
Both Nordstrom Rack and Burlington have had a challenged year as they failed to flow the right brands, in the right categories, at the right value onto their shelves.
Allbirds' weak 3Q22 results and 4Q22 guidance will only work to further agitate anxieties about the brand's business model and its expansion plans.
Warby Parker is struggling to return store sales volumes above 2019 levels and improve customer acquisition growth. Some of this due to the industry having to move beyond the pull-forward of demand into 2021
Some of the biggest global advertising agencies are taking a pause on digital advertising. What may be doom and gloom for digital advertising might be beneficial to live events and experiential marketing.
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.
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.
3Q22 updates for the largest retailers in the U.S. took center stage this week, painting a more bifurcated outlook than many had anticipated. The summer's unwind demand for goods continued in Q3.
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.
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.
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.
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."
Amidst recent news about ending its partnership with Ye, adidas hired Puma’s CEO Bjorn Gulden as its new chief. Adidas is hoping Gulden can chart a path for growth when he starts in January 2023.
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.
Kohl’s announced that CEO Michelle Gass is leaving the company and the Board appointed Tom Kingsbury to serve as interim CEO. With the announcement, came preliminary 3Q22 results including comp-store sales down 6.9%
We don’t foresee the hiring freeze and layoff environment changing for the better until the 2H23. As such, we expect to see very large layoffs in digital services in early 2023.
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.
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.
In its quarterly update this week, Uber CEO Dara Khosrowshahi noted a sequential strengthening in October compared to 3Q22 and no sign of consumer weakness in the US or Europe.
McDonald's and Yum Brands are both beating inflation. While McDonald’s may be utilizing its marketing prowess to drive visitation growth, Yum Brands is more focused on value.
Costco's October comparable-store sales (ex-gas) increased +6.1%, which was a deceleration from +8.0% in September. The three-year CAGRs were little changed MoM.
We took a closer look at Carvana's 3Q22 update to provide a view into what’s going on with used vehicle dealers. Units sold were down 8% (below), and average selling price (ASP) of $24K increased +3% YoY.
Cosmetics has been one of the strongest performing categories in discretionary retail this year. Year-to-date, prestige beauty is the only industry that is growing in unit sales, per NPD.
Ace Hardware has flown under the radar screen, and has been one of the pleasant surprises in the home improvement category. The brand's visitation trends have outperformed the home improvement retail category this year.
Cinemark once again outperformed market expectations with its box office revenue growing 4 points faster than the market in what was a soft quarter. For 2023, theatrical releases are robust.
While inflationary headwinds certainly explain some of the migration to value-oriented grocers, we examine how execution and brand affinity play a part in the success of these chains.
Last week, HOKA, Columbia, and The North Face reported Q3 results which revealed solid sell-in and sell-through trends for the companies’ U.S. retail and wholesale businesses.