Goldman cited new data in a note to clients on Monday from Placer.ai, a startup that tracks and analyzes foot traffic from mobile devices at brick-and-mortar retailers. The data revealed that consumers continue trading down to ‘off-price’ stores as elevated inflation and high interest rates financially squeeze low- and mid-tier consumers.
The team of Goldman analysts, led by Brooke Roach and Evan Dorschner, told clients they updated their “trackers for August store traffic on a visits per venue basis (sourced via Placer.ai) for department stores, off-price, and select specialty retailers and others within our coverage.”
“On balance, traffic trends sequentially improved in August across every retailer we track following weaker results in July,” the analysts said.
However, they pointed out, “Within this, off-price and thrift trends continue to outperform other consumer discretionary retailers, while department store and specialty retail traffic results have been fairly choppy YTD. Athletic brands (lululemon and Nike Factory Store) have underperformed.” […]
— Read More: www.zerohedge.com
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