Warby Parker continues to impress. The company got its start as an online eyewear retailer before opening its first brick-and-mortar location in 2013, and has since expanded rapidly to operate over 200 stores nationwide.
What is driving its success? We dove into the data to find out.
Year-Over-Year Performance: Strong Growth Vision
Warby Parker debuted its innovative retail model in 2010, disrupting an eyewear industry dominated by legacy brands. The company’s direct-to-consumer model and online try-on options proved highly popular, and as the brand moved offline, its physical stores flourished.
And more than decade after Warby Parker opened its first brick-and-mortar store, the chain’s offline locations continue to thrive. Between January and June 2024, YoY visits to Warby Parker increased significantly as the chain continued to expand – growing from 204 U.S. locations at the end of Q1 2023 to over 250 today. Over the same period, the average number of visits to each Warby Parker store also rose (except in January, when retail was hard hit by inclement weather) – showing that the brand’s growing footprint is meeting robust demand.
Seeing Success During Peak Seasons
Zooming out on Warby Parker’s monthly visit trajectory – compared to a July 2019 baseline – reveals just how well-positioned the company is heading into the summer. Aside from a brief dip during the early days of the pandemic, the company’s visits have been on a remarkable upward trend, outpacing visits to eye care retailers by a wide margin.
The baseline trend analysis also shows that Warby Parker is particularly prone to seasonal visit fluctuations – with notable foot traffic boosts during the December holiday season. And like other eye care chains, Warby Parker also experiences smaller visit increases during the summer months, as back-to-school shopping gets underway. Given Warby Parker’s strong June 2024 performance, the chain appears poised to enjoy a strong July and August this year.
Attracting Collegians
Warby Parker’s robust positioning heading into the summer may be driven, in part, by its special appeal to college students. Analyzing Warby Parker’s captured market with demographics and psychographics from STI’s PopStats and Landscape datasets shows that the eyewear brand draws customers from trade areas with significantly higher shares of this coveted demographic than the wider eyewear segment: Between January and June 2024 STI: Landscape’s Collegian segment made up 4.2% of Warby Parker’s captured market, compared to just 1.2% for the wider eyewear category. As back-to-college shopping picks up steam, college students may flock to the chain to upgrade their wardrobes with trendy eyeglasses.
And though Warby Parker’s captured market features a lower share of families with children than the category average, parents – who may also get their kids fitted for new glasses before the start of the school year – make up a significant portion of the brand’s visitor base.
20/20 Vision For The Future
Warby Parker has successfully transitioned from an online retailer to a brick-and-mortar powerhouse. Will the chain continue to meet with success as it expands even further?
Visit Placer.ai to keep up with the latest data-driven retail insights.
.svg)