Foot traffic at US retailers increased by 3.5% in July 2023, according to data from Placer.ai. This was the third consecutive month of year-over-year growth in foot traffic.
The increase in foot traffic was driven by a number of factors, including the continued reopening of the economy, the start of the back-to-school season, and the ongoing summer travel season.
Apparel stores saw the biggest increase in foot traffic, with visits up 31.2% year-over-year. This was followed by home improvement stores (18.2%), restaurants (16.7%), and grocery stores (14.7%).
The only sector to see a decline in foot traffic was department stores, which saw visits down 1.5% year-over-year.
The increase in foot traffic is a positive sign for the retail sector. It suggests that consumers are starting to feel more confident about the economy and are spending more money.
However, it is important to note that foot traffic is still below pre-pandemic levels. In July 2019, foot traffic at US retailers was up 8.5% year-over-year.
The retail sector is still facing some challenges, such as rising inflation and supply chain disruptions. However, the increase in foot traffic is a sign that the sector is starting to recover.
Here are some of the factors that could affect foot traffic in the coming months:
- The pace of economic growth
- The level of inflation
- The availability of goods and services
- Consumer confidence
- The weather
By monitoring these factors, businesses can better understand how to attract and retain customers.
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