March Store Traffic Drops 53%, But Some Retailers Stay Optimistic About A Rebound
Updated: Apr 8, 2020
Forbes | April 5, 2020
Foot traffic declined across the U.S. as the month progressed, with some regions heavily impacted due to government stay-at-home orders. According to RetailNext, March traffic fell 53% for stores that closed from last year and 21% for stores that stayed open. For April, foot traffic will be non-existent in most markets as many retailers closed all of their stores. Once stores are able to reopen, there are many factors that will be top of mind for retailers to recoup lost revenue.
When stores are finally able to reopen, retailers will be forced to quickly analyze their fleets by running tests and executing nimbly as they do online. If they are unable to accomplish this, they may fall behind competitors who are able to react swiftly. Conversely, other retailers that have diversified business across many regions, product categories and channels have a stronger opportunity to offset declining revenue in one sector with another area of the business.