Retail and dining foot traffic is up

Key stat: US retail and dining foot traffic has grown nearly every month from June 2023 to May 2024, compared with the same period a year prior, according to data from Placer.ai.

Beyond the chart:

• Physical retail will account for 83.7% of all US retail sales this year, amounting to $6.234 trillion, according to our February 2024 forecast.
• Retail stores including Bloomingdale’s, Whole Foods Market, and IKEA are embracing smaller-format stores to draw foot traffic where consumers live and work.
• These localized shopping experiences are gaining traction too, according to Placer.ai. For example, BJ’s Wholesale Club’s small-format location in Warwick, Rhode Island, outperformed its state and nationwide averages in four of the first five months of the year.
• In addition to offering a space for consumers to test, try on, and experience products, physical stores also act as a billboard to keep the brand top of mind for passersby.

Use this chart:

• Benchmark store traffic against industry trends.
• Advocate for investment in physical retail and dining space.
• Make a case for elevated in-store experiences, such as demos or events.

More like this:

• Placer 100 Retail and Dining Index
• Physical stores have more influence than any single digital channel in driving fashion discovery
• 5 charts on the importance of physical retail and improving the in-store experience
• 3 lessons from retailers that have reimagined physical retail

Methodology: Data is from Placer.ai. Placer.ai analyzes 1.5+ billion monthly visitors across 20 million devices, 13+ million venues, thousands of segments, and 500+ mobile apps. Placer.ai is a location analytics and foot traffic data company.