Big-box stores were among the segments that thrived in the first quarter, according to a report by Placer.ai.
Rising gas prices, Omicron and ongoing supply chain and labor challenges made for tough going for some — but not all — retailers in the first quarter of 2022.
Some retailers were able to outperform others in the sector in spite of those challenges, according to a new report from foot traffic analytics firm Placer.ai. The report names Target, Costco, The Home Depot, Starbucks, and Dollar General as the quarter’s winners, along with Planet Fitness and AMC Theatres.
Here are some highlights from the Placer.ai report.
Big Box Big-box stores were among the retailers and segments that thrived in an especially difficult Q1, according to Placer.ai’s Q1 2022 Top Performers study. During January, February, and March, respectively (compared to the same months in 2019), Target’s visits were up 10.7%, 10.5%, and 6.9%, respectively. Costco’s were up 6.4%, 6.7%, and 0.6%, and The Home Depot’s were up 11.2%, 7.6%, and 0.1%.
Target’s first-quarter performance deserves special attention, the report said. Throughout the period, Target visits consistently outpaced the category and even showed March growth while the wider segment saw visits dip into decline as a result of the significant impact rising gas prices had on visits early in the month.
“The retailer’s endless investments in innovation, new partnerships, and strengthening the customer relationship continue to pay off, enabling visit rates that consistently outperform,” said Ethan Chernofsky, VP of marketing, Placer.ai
Starbucks First-quarter visits to Starbucks consistently outpaced the wider restaurant sector, but also the overall coffee and quick-serve restaurant segments. The return of office work and the patterns surrounding it should provide Starbucks yet another boost as the push to ‘normalcy’ carries on.
Dollar General Dollar General has seen massive growth compared to 2019 – largely due to the store expansion – but even year-over-year data shows the growth. Visits in January, February and March rose 10.4%, 9.3% and 4.3% compared to the equivalent months a year prior. The retailer’s value proposition should only become stronger as wider economic effects continue to prioritize cost-conscious shopping, according to the report.