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1、March 2024Meeting 2024sConsumerDive into the location intelligence data to find out how theretail landscape has shifted over the past five years andunderstand what characterizes consumers in 2024.1Table of ContentsUnderstanding Todays Shopper3Slow And Steady Wins:The Changes That Are Here To Stay3Be

2、havioral Shifts Or New Trends?3Superstore Segment Shifts5The Evolution of Food Away From Home6C-Stores Gaining in the Battle of the Stomach6Food Preferences of C-Stores Visitors8Shifts In Restaurant Visitor Behavior92024s Retail Kick-Offand Todays Consumer10YoY Visits Already Up Across Categories10Q

3、uick-Service Restaurants:Weathering The Storm11Presenting the Winner of the 2024 Stanley Cup Target13A Strong Start14Key Takeaways14 2024 Placer Labs,Inc.|More insights at placer.ai|2Understanding Todays ShopperConsumer preferences have shifted over the past five years.COVID-19 and inflationimpacted

4、 shopping habits and behaviors across the retail space and while some ofthe changes were short-lived,others appear to have more staying power.Now,withmemories of the lockdowns fading,and as the inflation that plagued much of 2022and 2023 wanes(hopefully),we analyzed location intelligence data to und

5、erstandwhat the retail and dining landscape looks like today.This report leverages historical and current foot traffic data and trade area analysis tobetter understand the current retail and dining landscape and reveal consumertrends likely to shape 2024 and beyond.Which segments have benefited most

6、 fromthe shifts of the past five years?How are legacy brands staying on top of currentshopping and dining trends?Where are people shopping and dining in 2024?Andwhat characterizes the modern consumer?Slow And Steady Wins:The Changes That Are Here ToStayBehavioral Shifts Or New Trends?One of the majo

7、r retail stories of the past five years has been the rise of Discount&Dollar Stores.Category leaders such as Dollar General and Dollar Tree expandedsignificantly prior to the pandemic,which helped these essential retailers attract largenumbers of customers during the initial months of lockdowns.Duri

8、ng this period,many Discount&Dollar Stores invested in more than just theirstore count several leading chains also expanded their grocery selection,allowingthese companies to compete more directly for Grocery and Superstore shoppers.AsDiscount&Dollar Stores continued growing their store fleets and a

9、s the pandemicgave way to inflation concerns shoppers looking for more affordable consumablesoptions gravitated to this segment.2024 Placer Labs,Inc.|More insights at placer.ai|3Location intelligence shows that the rapidly opening stores and stocking them withfresh groceries is working since 2019,Di

10、scount&Dollar Stores have slowly butsteadily grown their visit share relative to the Grocery and Superstore sectors.In 2019,Discount&Dollar retailers captured 15.1%of the visit share between thethree categories analyzed.This number grew by a full percentage point between 2019and 2020 and the trend h

11、as continued,with the category enjoying 16.6%of therelative visit share in 2023.Meanwhile,Superstores relative visit share decreasedduring the same period,dropping from 41.7%in 2019 to 40.0%in 2023,while therelative visit share of Grocery Stores remained mostly stable.Still,consumers are not giving

12、up their regular Grocery or Superstore run quite yet over 80%of combined visits to Grocery Stores,Superstore,and Discount&DollarStore sectors still go to Grocery Stores and Superstores.But the data does indicatethat some shoppers are likely choosing to shop for groceries and other consumablesat Disc

13、ount&Dollar Stores.And CPG companies and category managers looking toreach customers where they shop may want to consider adding Discount&DollarStores to their distribution channels.2024 Placer Labs,Inc.|More insights at placer.ai|4The key question that remains is how much of the gained visit share

14、can the Discount&Dollar leaders maintain as the economic environment improves.This metric will bethe strongest sign of whether the short term gains made within a favorable contextdrove long term value.Superstore Segment ShiftsSuperstores visit share may be shrinking somewhat in the face of Discount&

15、DollarStores growth.But diving into the Superstore leaders reveals that these macro-shiftsare having a different impact on the various sub-categories within the widerSuperstore segment.Walmart remains the undisputed Superstore leader thanks to its 61.8%share ofoverall visits to Walmart,Target,Costco

16、,Sams Club,and BJs in 2023.But 61.8%is stilllower than the 66.3%relative visits share that the Superstore behemoth enjoyed in2019.Meanwhile,Target grew its relative visit share from 17.3%in 2019 to 19.3%in2023,while the combined visit share of the three membership club brands increasedfrom 16.5%in 2

17、019 to 18.9%in the same period.2024 Placer Labs,Inc.|More insights at placer.ai|5Some of the shift in visit share can be attributed to Walmart closing several locationswhile Target,Costco Sams Club,and BJs expanded their fleet but other factors arelikely at play.Costco and Target attract the most af

18、fluent clientele of the five chains analyzed,whichcould explain why these chains have seen significant growth at a time when manyconsumers are operating with tighter budgets.The success of these companies alsosuggests that there are enough consumers willing to spend beyond the basics asshown with Ta

19、rgets Stanley Cup success(more on that below)to support a variedproduct selection that includes higher-priced options.It also speaks to a high upsideon a per customer basis for chains that have proven effective at providing higher-endproducts alongside those with a value orientation.This speaks to a

20、 unique capacity toeffectively address“the middle”an audience that is defined neither solely byvalue-seeking nor by high-end product proclivities.Sams Club and BJs also give shoppers an opportunity to save by buying in bulk andcutting down on shopping trips and related gas expenses which may also ha

21、vecontributed to their success.The increase in the relative visit share of wholesale clubsindicates that todays consumer might react positively to more options for bulkpurchases in non-warehouse club chains as well.The Evolution of Food Away From HomeRetail is not the only sector that has seen slow

22、and steady shifts in recent years thedining space was also significantly impacted by pandemic restrictions of 2020-2021and the inflation of 2022-2023.Location intelligence reveals shifts in both the types ofestablishments favored by consumers and in the in-store behaviors of diningconsumers.C-Stores

23、 Gaining in the Battle of the StomachConvenience stores dining options have evolved in recent years,with todaysconsumers heading to Wawa for a freshly made specialty hoagie or to Buc-ees toenjoy the chains variety of specialty snacks.2024 Placer Labs,Inc.|More insights at placer.ai|6Analyzing the vi

24、sit distribution among C-Stores and other discretionary diningcategories(Fast Food and QSR,Restaurants,and Breakfast&Coffee,not includingGrocery and Superstores)showcases the growing role of C-Stores in the dining space.Between 2019 and 2023,C-stores visit share relative to the other discretionary d

25、iningcategories jumped from 24.2%to 27.1%.The relative visit share of Breakfast,Coffee,Bakeries&Dessert Shops also grew slightly during the period.Meanwhile,Restaurants relative visit share dropped from 13.8%to 11.7%and Fast Food&QSRsdipped from 51.8%to 50.6%.Several factors are likely driving this

26、evolution.Most Restaurants shutteredtemporarily at the height of the pandemic while C-Stores remained open andconsumers likely took the opportunity to get acquainted with C-Storesfood-away-from-home options.And many C-Stores expanded their footprint in recentyears,while some dining chains downsized,

27、which likely also contributed to thechanges in relative visit share between the segments.But the continued growth of C-Stores between 2021 and 2022,and again between2022 and 2023,indicates that many diners are now embracing C-Store food out of 2024 Placer Labs,Inc.|More insights at placer.ai|7choice

28、 and just due to necessity.The rise of the Breakfast,Coffee,Bakeries&DessertShops category alongside C-Stores in the past five years may also highlight thecurrent appetite for affordable grab-and-go food options.And with C-Store operatorsembracing the shifts brought on by the pandemic and actively e

29、xpanding their foodoptions,diners are increasingly likely to consider C-Stores for their portable mealsand packaged snacks.Food Preferences of C-Stores VisitorsC-Store visitors are increasingly receptive to trying new products at their local c-store.So how can C-Store operators and CPG companies det

30、ermine which products will bestappeal to customers?Analyzing the trade areas of seven major chains 7-Eleven,Wawa,Caseys,QuikTrip,Cumberland Farms,Plaid Pantry,and Buc-ees using theSpatial.ai:FollowGraph dataset reveals significant variance in food preferencesbetween the chains visitor bases.For inst

31、ance,Plaid Pantry visitors were 55%more likely than the nationwide averageto fall into the“Asian Food Enthusiasts”segment in 2023,in contrast with Caseysvisitors who are 7%less likely to belong to this psychographic.Residents of the tradeareas of QuikTrip and Buc-ees rank highest for Fried Chicken L

32、overs,whileCumberland Farms and Plaid Pantry visitors register the least interest.C-Storeoperators,QSR franchisees,packaged food manufacturers,and other stakeholderscan leverage these insights to optimize food offerings,identify promising partnership 2024 Placer Labs,Inc.|More insights at placer.ai|

33、8opportunities,and find new venues for product testing.Shifts In Restaurant Visitor BehaviorWhile C-Stores stores may be the exciting story of the day,Full-Service Restaurantscontinue to play a major role in the wider dining landscape.And despite the ongoingeconomic headwinds,several dining brands a

34、nd categories are seeing growth although location intelligence suggests that in-restaurant behavior may be changingas well.For example,the hourly visits distribution for leading steakhouse chains has shiftedover the past five years:Between 2019 and 2023,Texas Roadhouse,LongHornSteakhouse,and Outback

35、 Steakhouse all saw a jump in the share of visits occurringbetween 2:00 PM and 6:00 PM not typical steak eating hours.2024 Placer Labs,Inc.|More insights at placer.ai|9Outback and Texas Roadhouse offer early bird dinner specials while LongHorn has ahappy hour,so some diners may be choosing to visit

36、these restaurant chains earlierin the evening in order to stretch their eating out budget.Other consumers who arestill working from home most of the week may also be eating on a more flexibleschedule,and these diners may be having more late lunches in 2023 when comparedto 2019.Restaurant operators,d

37、rink providers,and menu developers may want toadapt their offerings to this emerging mid-afternoon rush.2024s Retail Kick-Offand Todays ConsumerThe data examined above shows changes within key retail and dining segments overthe past five years.So what do these shifts reveal about todays consumer?Wha

38、t areshoppers and diners looking for in 2024?YoY Visits Already Up Across CategoriesThe beginning of 2024 was marked by an Arctic blast and plunging temperatures.Consumers,unsurprisingly,hunkered down at home and foot traffic to many retail 2024 Placer Labs,Inc.|More insights at placer.ai|10categori

39、es took a dip.But the declines were short-lived,and by the fourth week ofJanuary 2024 foot traffic had rebounded across major categories.Still,zooming into weekly visit performance for key retail and dining categories for thefirst eight weeks of the year reveals that the cold did not impact all segm

40、ents equally and the subsequent resurgence boosted some sectors more than others.Discount&Dollar Stores had the strongest start to 2024,with YoY visits up almostevery week since the start of the year,and the category showing even moresubstantial growth once the cold spell subsided.The Grocery catego

41、ry also succeededin exceeding 2023 weekly visit levels almost every week,although its visit increaseswere more subdued than those in the Discount&Dollar Store segment.Superstore and C-Store experienced relatively muted YoY declines in early Januaryand saw significant weekly visit growth as Q1 progre

42、ssed,with C-Storesoutperforming Superstores by late January 2024.And Dining which suffered aparticularly heavy blow in early 2024 also rebounded with gusto,offering anotherstrong indicator of the resilience of todays consumer.2024 Placer Labs,Inc.|More insights at placer.ai|11Quick-Service Restauran

43、ts:Weathering The StormLike in the wider Dining industry,weekly YoY visits to the QSR segment quicklyrebounded following the unusual cold of the first three weeks of January 2024.Andthree chains from across the QSR spectrum legacy chain Wingstop,rapidlyexpanding Raising Canes,and regional cult favor

44、ite Whataburger are seeingparticularly strong foot traffic performances.Diving deeper into the location intelligence reveals that the three chains success maybe due in part to their visitor base composition:The trade areas of all three brandsincluded a larger share of four-person households compared

45、 to the nationwideaverage of 24.6%.2024 Placer Labs,Inc.|More insights at placer.ai|12Wingstop,Raising Canes,and Whataburgers menus all include larger orders to createshareable meals.And larger households seem to be particularly receptive to diningoptions that allow them to save money,which could ex

46、plain the significant share of4+person households that visit these chains.The success of these diverse QSR chains also indicates that,although largerhouseholds may have more expenses and might therefore be more impacted byinflation they can also drive visits to brands that cater to their needs.So di

47、ningoperators and food manufacturers looking to attract family demographics may 2024 Placer Labs,Inc.|More insights at placer.ai|13consider offering larger meal combos or larger packaging to help larger householdssplurge on affordable luxuries without breaking the bank.Presenting the Winner of the 2

48、024 Stanley Cup TargetPerhaps the most significant sign that todays consumers are still willing to spendmoney on non-essentials is the recent success of the Starbucks X Stanley“Pink Cup”.The cup has caused such a sensation that re-sellers ask for up to six times the original$50 price and for those u

49、nwilling to shell out the big bucks on the cup,enterprisingcup owners offer photo shoots with the product for$5.The Starbucks X Stanley“Pink Cup”was released on January 3rd,2024 and could onlybe bought at Starbucks kiosks located inside a Target.Viral videos of the releasecirculated on social media,

50、showing eager crowds lining up early in the morning forthe chance to be first to grab their cup.Location intelligence reveals that these earlymorning visits were significant enough to change Targets typical hourly visit pattern.Foot traffic between 7:00 AM and 9:00 AM on January 3rd,2024 accounted f

51、or 4.4%ofdaily visits,compared to 2.6%of daily visits occurring during that time slot on a typicalWednesday in January or February.And demand for the pink Stanley cup drove aspike in daily visits as well overall daily visits to Target on January 3rd were 18.7%higher than the average Wednesday visits

52、 in January and February 2024.The visit trends to Target on Pink Cup Day are particularly impressive given thefreezing weather in some regions of the country and because consumers werecoming offthe holiday shopping season.And the success of the cup shows that 2024sshopper is willing to show up espec

53、ially for a viral product.Creating buzzy marketingcampaigns,then,may be the key to driving retail success.2024 Placer Labs,Inc.|More insights at placer.ai|14A Strong StartThe retail changes of the past few years have left their mark on how people shop,eat,and spend.And keeping ahead of these changes

54、 allows companies and productmanagers to ensure they can tailor their offerings whether product selection ormarketing campaigns to the right audience.Key Takeaways1.Discount&Dollar Stores are gaining market share over Superstores.Customers are increasingly seeking out value,and Discount&Dollar Store

55、s arereaping the benefits.Although visits to Superstores and Grocery Stores stillsignificantly outnumber Discount&Dollar Store visits,the value-focused categoryis seeing its relative visit share rise,perhaps thanks to its recent emphasis onaffordable grocery offerings.2.Membership clubs are growing

56、in popularity.Within the Superstore segment,membership clubs like Costco saw an uptick in visit share,a reminder that the 2024 Placer Labs,Inc.|More insights at placer.ai|15space is highly competitive and that customers are looking for more bang fortheir buck.3.C-Stores are becoming dining destinati

57、ons and gaining in visit shares.Convenience stores are emerging as a bona fide dining destination.As C-Storescontinue to invest in their food offerings,they are seeing their relative visit sharegrow indicating a strong demand for food that is both fresh and convenient.4.QSR chains that cater to larg

58、er households are seeing visit growth.Thoughthe dining space has experienced some ups and downs in 2024,some chainsthrived and their appeal among larger households may be why.5.Mid-afternoon is emerging as a popular time for steakhouse chains.TexasRoadhouse,LongHorn Steakhouse,and Outback Steakhouse

59、 all saw their share ofmid-afternoon visits grow between 2019 and 2023.This newfound interest indining earlier or having lunch later may provide new opportunities formerchandising and for restaurant operators to gear product selection towardsthis cohort.6.Viral products bring in the customers.Stanle

60、y Cups are having a moment,andcustomers eager to get their hands on a tumbler are helping boost traffic at storesthat stock the cup.This can serve as a reminder of just how powerful viralmarketing is and how receptive todays customers are to the product du jour.2024 Placer Labs,Inc.|More insights at placer.ai|16