All articles tagged with #foot traffic
American Eagle's foot traffic has declined nearly 9% year-over-year following controversy over an ad featuring Sydney Sweeney that critics linked to eugenics themes; despite a surge in web interest and stock price after praise from Donald Trump, in-store visits have fallen, highlighting potential reputational impacts on the brand.
American Eagle experienced a 9% year-over-year decline in store foot traffic following the launch of its controversial Sydney Sweeney campaign, with some competitors also seeing declines, though less steep. The campaign has faced criticism for its perceived oversexualization and eugenic undertones, while some political figures have supported it. The direct impact of the campaign on sales and traffic remains unconfirmed by American Eagle.
Black Friday saw a resurgence in brick-and-mortar store traffic, with major retailers like Apple, HomeGoods, Target, and Marshalls experiencing significant year-over-year gains. Despite the dominance of e-commerce giants like Amazon, physical stores remain crucial for providing a curated shopping experience. Malls also reported increased foot traffic, indicating a shift towards experiential shopping. Retailers that successfully integrate both online and offline strategies are thriving, as the in-person shopping experience continues to hold value for consumers.
Hybrid work models have led to a rise in remote work on Fridays, allowing employees to enjoy more personal time and boosting foot traffic for local businesses like cafés, gyms, and salons. While downtown areas may suffer from reduced weekday traffic, many local businesses are seeing increased earnings on Fridays as workers take advantage of the flexibility to engage in leisure activities and errands.
A proposed new arena for the 76ers could have significant impacts on parking, foot traffic, and SEPTA in the area, prompting discussions about potential solutions to accommodate the increased demand.
Home Depot reported Q3 earnings that beat estimates, with sales down 3.10% YoY but higher than expected. Foot traffic dropped 2.4%, and the average ticket decreased less than expected. The company attributed the decline in earnings to customers opting for smaller projects and pressure in certain big-ticket categories. Home Depot's shares rose 1% in pre-market trading. For the full fiscal year, the company narrowed its guidance range, expecting a sales drop of 3% to 4% and adjusted earnings per share to decrease 9% to 11% YoY.
New York City's downtown recovery post-COVID ranks among the worst in the US, with foot traffic in Midtown and Lower Manhattan only at 66% of pre-pandemic levels, according to a study by the University of Toronto. The city's 33% drop in foot traffic places it 54th out of 66 cities studied. The analysis suggests that the slow recovery is partly due to commercial office tenants giving up their leases. The Partnership of the City of New York disputes the accuracy of the study, citing the presence of business districts across the five boroughs. Las Vegas, Nevada, is the only city in the rankings to exhibit greater foot traffic in its downtown than before the pandemic.
Foot traffic in New York City's business districts, including Midtown and Lower Manhattan, is still down 33% compared to pre-pandemic levels, ranking 54th out of 66 cities surveyed. The University of Toronto's analysis measured foot traffic through mobile phone presence and attributed the low recovery rate to the shift to remote work and commercial office tenants giving up their leases. However, the accuracy of the data has been questioned by the Partnership for the City of New York, which cited more recent reports showing a stronger recovery in Manhattan's commerce and tourism districts. Other major cities like Las Vegas, Miami, and Nashville have seen higher recovery rates in their downtown areas.
Costco is expected to report its Q4 earnings, with analysts predicting adjusted earnings per share of $4.76 and revenue of nearly $77.6 billion. High gas prices have likely attracted consumers to Costco's cheap fuel, leading to increased foot traffic in stores. Visits to Costco have seen a rise compared to last year, while overall visits to wholesale clubs and superstores have dropped. E-commerce sales are expected to grow by 5%, and investors will be watching for any announcements regarding a potential increase in membership fees. Costco stock has been performing well, with shares up 2.3% in the last month and 22% year to date.
Costco is expected to report strong Q4 earnings, with analysts predicting adjusted earnings per share of $4.76 and revenue of nearly $77.6 billion. The company's cheap gas prices have attracted consumers, leading to increased foot traffic in stores. Visits to Costco were up in August, while overall visits to wholesale clubs and superstores dropped. E-commerce sales are expected to grow by 5%, and membership fees are anticipated to reach $1.46 billion. Investors will be watching for any potential plans to raise membership fees, as Costco typically does so every five years and seven months.
Cracker Barrel and Olive Garden are struggling to attract older customers back to their restaurants, even as the Covid pandemic recedes. The over-65 age group, which is particularly value-conscious, has not yet returned to pre-pandemic levels of foot traffic due to health concerns and inflation. Both Cracker Barrel and Darden Restaurants, the owner of Olive Garden, have reported declining visits from older customers, while younger consumers have held up better. Despite overall traffic declines, Darden Restaurants has seen an increase in younger consumers. Cracker Barrel's sales have been driven by higher prices, while its retail stores have experienced a decline.
San Francisco's downtown retail district has experienced a significant exodus of stores since 2019, with nearly half of the stores closing. While crime and homelessness have been cited as factors, experts point to a combination of issues driving companies away, including a diminished sense of safety, sluggish sales due to the shift towards online shopping, and the rise of remote work reducing office commuters. The closure of well-known brands like Whole Foods, Old Navy, and Nordstrom highlights the challenges faced by retailers. While crime remains a concern, experts emphasize the need for a multifaceted approach to revive the city's retail sector, including addressing safety, reducing apartment rents, and creating attractions to draw visitors.
The Rochester Jazz Festival is not only a celebration of music but also a boon for local businesses. The festival attracts a lot of foot traffic from all over the surrounding districts, providing an opportunity for businesses to meet new people and gain repeat customers. The festival is a tradition that connects the community and brings people together. This year's festival includes more than 300 acts across 19 venues, 100 of which are free to attend.
Unibail-Rodamco-Westfield has decided to transfer its Westfield San Francisco shopping mall to lenders after 20 years due to declining sales, occupancy, and foot traffic. This is the latest blow to San Francisco, which has been hit hard by the pandemic and major layoffs by large tech companies. The potential for difficulties from commercial real estate to flow through to banks is also becoming a bigger worry for investors and regulators. Foot traffic in the mall decreased to 5.6 million visits last year, from 9.7 million in 2019, a 43% drop, and sales declined to $298 million in December 2022 from $455 million in 2019.
Mediterranean fast-casual restaurant chain Cava plans to go public with an IPO, offering over 14 million shares for between $17 and $19 per share, which could raise between $245.6 million to $274.4 million dollars. The chain plans to list on the New York Stock Exchange under the ticker CAVA. Cava has seen major growth in foot traffic, with visits to its locations up more than 350% since January 2019. Revenue is also up, with sales of $564.1 million in fiscal year-end 2022, a 12.8% increase from the previous year. The company plans to use the proceeds to open new restaurants and expand its physical and digital presence.