Eye on Retail: Lowe’s and Home Depot Q2 traffic soars
If heavy shopping at D-I-Y stores is still an indicator of a strong economy, prognosticators of a downturn may want to re-adjust their predictions.
Traffic in the second quarter was up by 38% at Lowe’s and 35% at Home Depot, according to Placer.ai, a foot traffic analytics platform. Menards (+29%) and Ace Hardware (+27%) also experienced big increases over the first quarter.
Of the 10 retail chains monitored by Placer.ai, only Ikea (-5%) and Bed Bath & Beyond (-4%) showed decreases.
Home Depot and Lowe’s together accounted for more than two-thirds of store visits made in the category, with Home Depot in the lead at 39%, according to Placer.ai’s “Retail Index Q2” report.
Were store traffic to be measured in duration of visits, Ikea would have fared much better in this ranking. Visitors spent an average of 80 minutes in the huge furnishings stores, nearly twice the category average of 41 minutes.
Smart Ikea shoppers make their trips on weekdays. Placer.ai found that 48% of the company’s customers visit on Saturday and Sunday.
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