"The following sentence might cause anxiety. As Thanksgiving looms near, it's time to begin holiday shopping. The current level of inflation makes that even more stressful. How can you show your love without breaking the bank? It turns out, shoppers are turning to off-price retailers such as Ross, T.J. Maxx, and HomeGoods, according to recent earnings reports and data from location analytics company Placer.ai."
"Placer.ai uses mobile-device data that is anonymized and aggregated to analyze customer behavior. It estimates how much foot traffic certain stores get and how long customers linger. According to the analytics platform, things are good for off-price retailers. TJX HomeGoods, which includes both HomeGoods and Homesense stores, saw a 9.6% increase in shopper volume in the third quarter, according to data shared with Fast Company."
Rising inflation is increasing holiday shopping stress and driving consumers toward lower-cost options. Off-price retailers Ross, T.J. Maxx, Marshalls, and HomeGoods are seeing measurable gains in shoppers and sales. Ross Stores reported Q3 earnings of $1.58 per share and $512 million profit, with year-to-date sales of $16.1 billion, a 3% increase. Mobile-device analytics from Placer.ai shows TJX HomeGoods saw a 9.6% increase in shopper volume and TJX Marmaxx saw an 8.1% increase in store traffic in Q3, while Ross store visits rose 9.4%. Target experienced a 2.7% year-over-year decline in store visitors in Q3.
Read at Fast Company
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