Despite the decline in foot traffic, Placer.ai noted shrinking reductions in visits are an encouraging sign for mid-range retailers, because stimulus payments and store reopenings primarily drove growth in 2021 after the COVID-19 pandemic shutdowns in 2020. The report also attributed the smaller gaps in visits for luxury retailers to the fact that high-income consumers aren’t feeling as much of a financial strain from inflation as their middle- and low-income counterparts.
The Placer.ai report attributes the gap in visits for Macy’s to its full-size store closures this year. In July, the retailer replaced its full-line Macy’s store in the St. Louis area with a Market by Macy’s concept at the Chesterfield Commons.
