The insight: Department stores had a disappointing holiday season, despite solid overall spending, as shoppers opted for online and budget retailers instead.
- Foot traffic to department stores declined 5.4% YoY in October, 2.6% YoY in November, and 3.6% YoY in December, according to our Industry KPIs data provided by Placer.ai.
- At the same time, visits to discount and dollar stores grew 4.1% YoY and 2.7% YoY in October and November, respectively, as shoppers searched for savings.