Placer.ai Data Shows an Impressive Q1 for Retail

Despite ongoing concerns, the economy is not preventing retail from performing well, according to Placer.ai’s Q1 2024 Retail & Dining Review, which assesses Q1 2024 for multiple asset classes.

Overall, nationwide retail visits have been elevated year-over-year and are increasing — with visits up 6.1% during the week of March 25.

“Though prices remain high and consumer confidence has yet to fully regain its footing, retail’s healthy Q1 showing may be a sign of good things to come in 2024,” the white paper notes.

Value-oriented segments and chains are leading the way in performance with discount & dollar stores such as Dollar General and Five Below, emerging as Q1 winners. They are experiencing consistent YoY visit growth nearly every week of the quarter — especially in the run-up to Easter.

In grocery, value chains like Aldi also thrived in Q1, remaining relatively unscathed by January’s inclement weather and also experiencing a visit spike during the week of Easter.

Given that consumers entered the new year motivated to achieve their wellness goals, value-oriented gyms, including EōS Fitness and Crunch Fitness, were tops, though pricier alternatives also found success.

Costco Wholesale paced a healthy performance by superstores in Q1, with YoY weekly visits to the category increasing significantly as Easter approached.

Coffee chains such as Dutch Bros Coffee and fast-casual chains led the restaurant industry, and full-service restaurants also saw a slight YoY visit increase.

“This is perhaps a turnaround for the hard-hit industry,” Placer.ai writes.

Home improvement and furnishings maintained a YoY visit gap for most of Q1. Harbor Freight Tools in particular was exemplary.