Home Depot and Lowe's continue to enjoy increased business during the COVID-19 pandemic, as people use their lockdown downtime to spruce up their homes.
But some other retailers are also enjoying unexpected gains in recent weeks, according to an updated list of 2020 "pandemic winners" put out by retail analytics firms Placer.ai. Among them are BJ's Wholesale Club, Dick's Sporting Goods, and even Tuesday Morning—the purveyor of discount home goods which recently filed for bankruptcy.
According to Placer.ai's updated list, year-over-year visits to BJ's increased nearly 30% in March and 17% in May. (April saw a more modest 2% increase, according to the firm.) Those are impressive gains considering that year-over-year visits were down in January. "The combination of its membership model, recovery strength, and value proposition should help this rebound continue deeper into the year," Placer.ai said.
Similarly, the number of shoppers at Dick's Sporting Goods has been on the rise. The retailer started off the year strong, with 9% and 17% increases in visits for January and February, respectively. The number of shoppers dropped off in March and April but has climbed steadily since. "The combination of Dick's pre-COVID strength, recovery power, and a new off-price concept that is perfectly positioned for the coming months should produce tremendous confidence," the list reads.
Tuesday Morning's visits dropped off precipitously in April and May, but it has posted impressive year-over-year gains of 17% and 12% respectively in the first two weeks on June, according Placer.ai. "Off-price home goods may be the best lane to be occupying in the coming months, as a period of economic uncertainty combines with a surge in home goods shopping and we come to realize all the things we truly detested about our homes while in lockdown," the list reads. "The result is a perfectly positioned brand for a strong 2020 finish."
Placer.ai is also predicting strong 2020 performances for Nike and office suppliers such as Staples and Office Depot. Most of the firm's earlier pandemic winner picks, including Target, Chipotle, CVS, and Ulta continue to perform well, the report notes.
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Karen Sloan
Karen Sloan is the Legal Education Editor and Senior Writer at ALM. Contact her at [email protected]. On Twitter: @KarenSloanNLJ Sign up for Ahead of the Curve—her weekly email update on trends and innovation in legal education—here: https://www.law.com/briefings/ahead-of-the-curve/
