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Wondering why Dave's Hot Chicken is reportedly in talks to sell itself to Roark Capital for $1 billion? One key reason is its strong growth potential. In 2024, chicken chains outpaced the broader QSR category in both new restaurant openings and increased visits per location. Dave's Hot Chicken stands out among them, with Placer's data showing it was one of the top performers in visit-per-location growth among chains with more than 100 locations last year.
The Kroger Company is one of the largest grocery retailers in the U.S, and the company continues to play a key role in the supermarket industry in 2025. We dove into traffic data for the company as a whole and for its leading banners to understand what 2025 may hold in store for the corporation.
Kroger and its variety of banners play a key role in the U.S. grocery landscape, with the company receiving around 16% of all visits to grocery stores nationwide (excluding non-traditional grocers such as superstores and wholesale clubs). And although Kroger’s visit share varies by state, the company receives more than a quarter of all grocery visits in 18 states, including four states – West Virginia, Utah, Colorado, and Kentucky – where Kroger receives more than half of the state’s grocery visits.
It seems, then, that the company is positioned to continue having a major impact on the U.S. grocery market in 2025 – even without the addition of Alberstons’ grocery portfolio.
The company’s recent visit performance also highlights Kroger’s ongoing resilience within an evolving grocery landscape. Traffic data shows that overall visits to Kroger chains held steady in 2024, with yearly visits just 1.3% lower than in 2023.
And the visit stability continued into 2025, with year-over-year (YoY) visits up every week in January 2025 just slightly below 2024 levels in February 2025 – indicating that shoppers are remaining loyal to Kroger’s chains amidst the inflationary environment.
Kroger operates a variety of banners, each catering to different regional markets and consumer segments. And analyzing 2024 visit data for Kroger’s largest chains shows overall stability across the portfolio – although some banners experienced slightly stronger growth while others did post minor visit gaps.
California-based Food 4 Less led the way with a 2.5% YoY visit increase in 2024, and Colorado-based King Soopers posted YoY visit growth as well. Smith’s, which operates in most of the West, Ralphs in California, and Harris Teeter in the Southeast and Mid-Atlantic stayed within one percentage point of their 2023 visit performance. Arizona-based Fry’s and the company’s namesake banner Kroger also remained close to their 2023 traffic levels, while Fred Meyer and Pick ‘n Save saw minimal YoY visit gaps.
Kroger’s steady foot traffic highlights its strong consumer loyalty and adaptability. And as the grocery sector continues to shift, the company’s ability to maintain its stable performance across its portfolio and regions of operations will ensure it maintains its status as a grocery giant in 2025 and beyond.
For more data-driven retail insights, visit placer.ai.
Walmart’s recent acquisition of the Pittsburgh, PA-area Monroeville Mall signals a new chapter for the retail giant, creating opportunities for both Walmart and the mall itself. Why did Walmart choose this particular property, what makes it such an appealing prospect – and what might the company do with the space?
We dove into the data to find out.
Unsurprisingly, shoppers also interact differently with malls – including the Monroeville Mall purchased by Walmart – than they do with Walmart. In 2024, for example, 39.4% of indoor mall visits nationwide took place on weekends, compared to just 33.6% for Walmart. Mall shoppers were also more likely to travel further for their visits and stay longer, partly due to the entertainment and dining options malls typically offer. (Monroeville Mall, for instance, is home to a Cinemark movie theater). By moving into the mall space, Walmart stands to reach a new kind of shopper, both demographically and behaviorally.
Why did Walmart choose to begin its foray into malls with the Monroeville Mall? Foot traffic data points to a unique balance here: The Monroeville Mall audience is different enough to expand Walmart’s reach, yet still similar in ways that could make it easier to convert new shoppers.
Analyzing Walmart’s trade areas with demographic data from STI: PopStats, for example, reveals that, on average, indoor mall shoppers tend to be more affluent than Walmart shoppers. In 2024, the median household income (HHI) of Walmart’s captured market was $64.5K – noticeably below the indoor mall median of $88.5K. But Monroeville Mall’s captured market had a median HHI of $62.8K – slightly below that of local Walmarts in the Pittsburgh, PA CBSA. Monroeville shoppers were also more likely to visit Walmart than shoppers at other malls, suggesting a natural overlap between the two visitor bases.
At the same time, Monroeville Mall offers Walmart access to new audience segments. In 2024, Monroeville Mall’s captured market showed significantly higher proportions of “Singles and Starters” and “Suburban Style” visitors (the latter encompassing middle-aged, suburban families with upscale incomes). Meanwhile, its share of the older “Autumn Years” segment – though still high – was smaller than that of Walmart’s base, highlighting the opportunity to engage a wider range of demographics.
Walmart has yet to announce specific plans for its new acquisition – though some have speculated that its partnership with Cypress Equities to “reimagine” the space signals a mix of retail, entertainment, and other amenities. Location analytics hint at several potential directions Walmart might pursue.
As consumers have changed their shopping habits, many malls have doubled down on experiential offerings – including on-site gyms, which deliver regular, repeat visits. And location analytics show that adding a fitness club to the Monroeville property may be especially beneficial for Walmart. Over the past year, Monroeville visitors were more likely to visit leading gym chains like Planet Fitness, Anytime Fitness, and LA Fitness compared to the average mall-goer nationwide.
And examining some of Monroeville Mall’s successful tenants highlights additional potential strategies for Walmart. Malls have faced considerable headwinds in recent years, and the downturn appears to have impacted the Monroeville Mall as well, with overall foot traffic dipping somewhat year over year (YoY) in 2024. But some tenants – including Barnes & Noble and Harbor Freight Tools – saw YoY visit upticks.
Visits to entertainment-focused offerings also increased, with the complex’s Full Throttle Adrenaline Park logging a 6.1% YoY foot traffic boost. And taking a broader look at the consumer habits of Monroeville visitors reveals an affinity for eatertainment: In 2024, 14.3% of Monroeville Mall-goers frequented a Dave & Busters, compared to just 7.4% for indoor mall visitors nationwide.
While Walmart’s ultimate intentions for Monroeville Mall remain under wraps, location analytics reveal a world of possibilities. And as retail continues to shift, Monroeville Mall may stand as a powerful case study of how a traditional big-box brand can successfully bridge into the mall space, capturing new audiences and invigorating a retail property ready for reinvention.
For more data-driven retail insights, visit Placer.ai.
In February 2024, Gap Inc. hired Zac Posen as Creative Director, tasking the designer with revitalizing the companies’ portfolio of brands. A year later, we analyzed the data to understand where the company stands today and uncover untapped opportunities for growth.
In 2024, visits to most Gap brands declined slightly compared to 2023, with the company’s four banners collectively experiencing a year-over-year (YoY) traffic dip of 3.5%.
Athleta outperformed the other three brands as well as the overall apparel (excluding off-price and department stores) average, with yearly visits up 0.2% and positive quarterly traffic growth for two of the four quarters. Old Navy came in second, starting the year strong with a 4.2% YoY increase in Q1 visits and ending 2024 with Q4 visits down just 2.4% – outperforming the industry’s YoY dip of 3.3%. And though Gap did lag slightly behind the overall apparel average, the brand managed to stay relatively close to its 2023 visit levels, indicating that its performance is stabilizing.
Meanwhile, Banana Republic experienced the sharpest visit declines with 2024 traffic down 9.6% YoY – indicating that the brand continues to face significant challenges.
Banana Republic’s 2024 performance continues a multi-year trend of declining traffic, despite the brand’s relatively affluent consumer base – an audience that, in theory, should have positioned the brand to weather the current inflationary environment more effectively.
But the brand may be positioning itself for a comeback. Last year, Banana Republic underwent a leadership change, with Gap Inc. CEO Richard Dixon stating that “2024 will be about getting back to the basics.” The brand has been redesigning select stores and leaning into influencer marketing with the goal of “reestablishing the brand to thrive in the premium lifestyle space.”
And as return to office mandates continue to roll in – reinvigorating the long dormant demand for business casual and office wear – the chain is well positioned for a comeback.
Location intelligence analysis also reveals an additional growth opportunity. Banana Republic is the only Gap banner without a dedicated sportswear line. Athleta specializes in athletic wear, Gap offers GapFit, and Old Navy’s activewear line has been a core component of the banner’s success in recent years.
But the data indicates that Banana Republic shoppers are just as active as visitors of the other Gap banners – in fact, cross-visit data suggests that those who shop at Banana Republic frequent fitness chains at similar rates as Athleta customers.
Analyzing cross-visitation to leading sporting goods retailers also indicates high demand for sportswear among Banana Republic shoppers: Consumers who visit Banana Republic visit Dick’s Sporting Goods and Academy Sports + Outdoors at higher rates than Gap Shoppers, and visit lululemon and REI at higher rates than both Gap and Old Navy visitors. This data strongly suggests that Banana Republic customers would likely embrace an expanded product mix that includes premium athleisure and sportswear.
While Gap Inc. already offers premium women’s activewear through its Athleta brand, none of Gap Inc.’s existing brands cater to the growing demand for premium men’s athletic wear. Expanding Banana Republic’s offerings to include a high-end athleisure line – with a specific focus on menswear – could help the brand carve out a niche in this fast-growing segment while leveraging its existing customer base’s interest in performance apparel.
Beyond product expansion, this move could align with Banana Republic’s broader repositioning efforts, reinforcing its identity as a premium lifestyle brand that caters to both professional and active lifestyles. Given the increasing overlap between workwear and athleisure, a thoughtfully designed sportswear line could also strengthen Banana Republic’s appeal to younger, fashion-conscious consumers who seek versatility in their wardrobes.
As Gap Inc. navigates its next phase under Zac Posen’s creative leadership, identifying and leveraging untapped opportunities—such as Banana Republic’s athleisure potential—will be critical for reinvigorating the company’s portfolio. By strategically diversifying its offerings, Gap Inc. can not only address shifting consumer preferences but also carve out a more competitive position in an evolving retail landscape.
For more data-driven retail insights, visit placer.ai/blog.
Department stores continue to adapt to evolving consumer preferences and an ever-changing retail landscape. We looked at the latest location analytics for traditional and luxury department stores to uncover how they are finding success in today’s dynamic apparel space.
Consumers’ prioritization of value has significantly impacted the apparel space in recent years.
Fueled by tepid consumer confidence and rampant inflation, demand for off-price has soared, putting pressure on department stores and traditional apparel retailers. As a result, off-price’s share of total visits to the apparel space steadily increased between 2021 (36.4%) and 2024 (41.5%), while the visit shares of our traditional department stores and other apparel segments declined.
But luxury department stores, which serve a higher-income clientele, appear to have remained relatively insulated from the rise in budget-conscious shopping, as the relative share of visits to this segment held steady over the past four years.
Diving into cross-visitation trends also reveals the impact of a growing off-price segment on the department store space.
Between 2021 and 2024, the share of both Nordstrom’s and Dillard’s visitors that also visited one of the leading off-price chains increased – suggesting that shoppers at both traditional and premium department stores feel the draw of off-price apparel. (Still, the shares of Dillard’s visitors that also visited one of the off-price chains was generally larger than that of Nordstrom’s, suggesting that visitors to the more upscale department store were less inclined to also visit an off-price store.)
And it seems that leading department stores are already trying to meet the growing demand for discounts within their consumer base. Dillard’s emphasis on private-label merchandise helps keep products affordable without compromising quality. Meanwhile, Nordstrom continues to expand its off-price format – Nordstrom Rack – to capitalize on demand for value in the apparel space.
Still, value-seeking behavior on the part of the consumer doesn’t always mean prioritization of discounts, and one way that several department stores are adding value – and finding success – is by investing in the shopping experience.
Bloomingdale’s emphasized experiential events and exclusive product launches to engage consumers last year, including several pop-culture-inspired collections. The department store’s visits increased 1.5% YoY in 2024, perhaps reflecting the demand for Bloomingdale’s immersive and culturally relevant environment.
Meanwhile, Nordstrom’s digital strategy demonstrated how a seamless omnichannel platform can elevate the shopping experience. The brand’s new app uses generative AI to make personalized style recommendations and allows users to check merchandise availability or make a stylist appointment at their local store. The app’s pre-holiday release may have contributed to Nordstrom’s resounding success in 2024, including a 2.2% visit increase compared to 2023.
And the investments in in-store experiences yielding visit dividends are not limited to premium chains. Dillard's, often considered a mid-range brand, has expert stylists ready to assist, and carefully manages inventory so stores are well-stocked but clutter-free, cultivating a classy retail environment. Dillard’s saw 2.3% YoY visit growth in 2024, indicating that its in-store experience is highly valued by shoppers.
Department stores are uniquely positioned to thrive in the current apparel retail landscape. Faced with demand for lower price points, department stores can harness the opportunity with affordable private-label merchandise or off-price formats. And while value-seeking is on the rise, retailers that provide an elevated shopping experience add a different kind of value to their brand.
For more data-driven retail insights, visit Placer.ai.
Dine Brands, which owns and operates IHOP, Applebee’s, and Fuzzy’s Taco Shop, is a major name in the full-service casual-dining restaurant segment. We took a look at how its two largest brands – IHOP and Applebee’s – performed in 2024.
The full-service dining segment has experienced its fair share of challenges over the past years, with pandemic-era closures and inflation weighing on restaurant visits. And Dine Brands’ largest chains, IHOP and Applebee’s, were not immune to these challenges, with YoY visits down by 3.6% and 3.0%, respectively, in 2024.
Applebee’s closed a number of locations throughout 2024, a move that likely contributed to the relative stability of its visits per location metrics: Q4 2024’s visits per location were just 1.6% lower than in Q4 2023 compared to a YoY decline of 3.9% in overall traffic. The brand’s emphasis on value may also have helped Applebee’s narrow its YoY visit gap between Q3 and Q4, as its $9.99 Really Big Meal Deal – launched in November 2024 and extended into 2025 – likely drove traffic from budget-conscious patrons.
IHOP and Applebee’s dominate in their own distinct dayparts – IHOP in the mornings and Applebee’s in the evenings. This diversity allows Dine Brands to effectively "own the clock" and cater to a range of dining preferences throughout various times of day.
Perhaps unsurprisingly – the word “pancake” is in its name – IHOP primarily attracts guests during morning hours, with 46.6% of its visits occurring between 6:00 AM and 12:00 PM. In contrast, Applebee’s serves as a popular post-work and dinner destination, with 56.0% of its visits taking place after 6:00 PM.
And recognizing the value of owning the clock in this way, Dine Brands unveiled its newest concept – a dual-branded IHOP-Applebee’s, with the first opening in February in Seguin, Texas and another twelve slated to open throughout 2025. This approach, which Dine Brands already piloted in international markets, allows diners the option to mix and match from IHOP and Applebee’s most popular menu items.
Beyond visit timing, IHOP and Applebee’s also serve distinct customer demographics, further reinforcing their complementary strengths. In 2024, 28.5% of households in IHOPs’ captured market were households with children, compared to 26.7% for Applebee’s. IHOP also saw larger shares of “Singles & Starters” in its captured market – defined by the Experian: Mosaic dataset as young singles and starter families living a city lifestyle.
Meanwhile, Applebee’s attracted visitors coming from captured markets with older audiences, with 9.4% of its visitors falling into the "Autumn Years" category – nearly double IHOP’s 5.0% share.
These distinctions mean that Dine Brands isn’t just spreading its traffic across different times of day – it also is capturing consumers across different life stages. By offering something for a variety of diners, the restaurant group can continue driving visits across multiple dining needs and occasions.
Despite weathering their fair share of challenges in 2024, IHOP and Applebee’s are innovating as 2025 gets underway.
For the latest data-driven dining insights, visit Placer.ai.
The first quarter of 2024 was generally a good one for retailers. Though unusually cold and stormy weather left its mark on the sector’s January performance, February and March saw steady year-over-year (YoY) weekly visit growth that grew more robust as the quarter wore on.
March ended on a high note, with the week of March 25th – including Easter Sunday – seeing a 6.1% YoY visit boost, driven in part by increased retail activity in the run-up to the holiday. (Last year, Easter fell on April 9th, 2023, so the week of March 25th is being compared to a regular week.)
Though prices remain high and consumer confidence has yet to fully regain its footing, retail’s healthy Q1 showing may be a sign of good things to come in 2024.
Drilling down into the data for leading retail segments demonstrates the continued success of value-priced, essential, and wellness-related categories.
Discount & Dollar Stores led the pack with 11.2% YoY quarterly visit growth, followed by Grocery Stores, Fitness, and Superstores – all of which outperformed Overall Retail. Dining also enjoyed a YoY quarterly visit bump, despite the segment’s largely discretionary nature. And despite the high interest rates continuing to weigh on the housing and home renovation markets, Home Improvement & Furnishings maintained just a minor YoY visit gap.
Discount & Dollar Stores experienced strong YoY visit growth throughout most of Q1 – and as go-to destinations for groceries and other other essential goods, they held their own even during mid-January’s Arctic blast. In the last week of March, shoppers flocked to leading discount chains for everything from chocolate Easter bunnies to basket-making supplies – driving a remarkable 21.5% YoY visit spike.
Dollar General continued to dominate the Discount & Dollar Store space in Q1, with visits to its locations accounting for nearly half of the segment’s quarterly foot traffic (44.7%). Next in line was Dollar Tree, followed by Family Dollar and Five Below. Together, the four chains – all of which experienced positive YoY quarterly visit growth – drew a whopping 91.6% of quarterly visits to the category.
Rain or shine, people have to eat. And like Discount & Dollar Stores, traditional Grocery Stores were relatively busy through January as shoppers braved the storms to stock up on needed items. Momentum continued to build throughout the quarter, culminating in a 10.5% foot traffic increase in the week ending with Easter Sunday.
Like in other categories, it was budget-friendly Grocery banners that took the lead. No-frills Aldi drove a chain-wide 24.4% foot traffic increase in Q1, by expanding its fleet – while also growing the average number of visits per location. Other value-oriented chains, including Trader Joe’s and Food Lion, experienced significant foot traffic increases of their own. And though conventional grocery leaders like H-E-B, Kroger, and Albertsons saw smaller visit bumps, they too outperformed Q1 2023 by meaningful margins.
January is New Year’s resolution season – when people famously pick themselves up off the couch, dust off their trainers, and vow to go to the gym more often. And with wellness still top of mind for many consumers, the Fitness category enjoyed robust YoY visit growth throughout most of Q1 – despite lapping a strong Q1 2023.
Predictably, Fitness’s visit growth slowed during the last week of March, when many Americans likely indulged in Easter treats rather than work out. But given the category’s strength over the past several years, there is every reason to believe it will continue to flourish.
For Fitness chains, too, cost was key to success in Q1 – with value gyms experiencing the biggest visit jumps. EōS Fitness and Crunch Fitness, both of which offer low-cost membership options, saw their Q1 visits skyrocket 28.9% and 22.0% YoY, respectively – helped in part by aggressive expansions. At the same time, premium and mid-range gyms like Life Time and LA Fitness are also finding success – showing that when it comes to Fitness, there’s plenty of room for a variety of models to thrive.
Superstores – including wholesale clubs – are prime destinations for big, planned shopping expeditions – during which customers can load up on a month’s supply of food items or stock up on home goods. And perhaps for this reason, the category felt the impact of January’s inclement weather more than either dollar chains or supermarkets – which are more likely to see shoppers pop in as needed for daily essentials.
But like Grocery Stores and Discount & Dollar Stores, Superstores ended the quarter with an impressive YoY visit spike, likely fueled by Easter holiday shoppers.
As in Q4 2023, membership warehouse chains – Costco Wholesale, BJ’s Wholesale Club, and Sam’s Club – drove much of the Superstore category’s positive visit growth, as shoppers likely engaged in mission-driven shopping in an effort to stretch their budgets. Still, segment mainstays Walmart and Target also enjoyed positive foot traffic growth, with YoY visits up 3.9% and 3.5%, respectively.
Moving into more discretionary territory, Dining experienced a marked January slump, as hunkered-down consumers likely opted for delivery. But the segment rallied in February and March, even though foot traffic dipped slightly during the last week of March, when many families gathered to enjoy home-cooked holiday meals.
Coffee Chains and Fast-Casual Restaurants saw the largest YoY visit increases, followed by QSR – highlighting the enduring power of lower-cost, quick-serve dining options. But Full-Service Restaurants (FSR) also saw a slight segment-wide YoY visit uptick in Q1 – good news for a sector that has yet to bounce back from the one-two punch of COVID and inflation. Within each Dining category, however, some chains experienced outsize visit growth – including favorites like Dutch Bros. Coffee, Slim Chickens, In-N-Out Burger, and Texas Roadhouse.
Since the shelter-in-place days of COVID – when everybody had their sourdough starter and DIY was all the rage – Home Improvement & Furnishings chains have faced a tough environment. Many deferred or abandoned home improvement projects in the wake of inflation, and elevated interest rates coupled with a sluggish housing market put a further damper on the category.
Against this backdrop, Home Improvement & Furnishings’ relatively lackluster Q1 visit performance should come as no surprise. But the narrowing of the visit gap in March – which also saw one week of positive visit growth – may serve as a promising sign for the segment. (The abrupt foot traffic drop during the week of March 25th, 2024 is likely a just reflection of Easter holiday shopping pattern.)
Within the Home Improvement & Furnishings space, some bright spots stood out in Q1 – including Harbor Freight Tools, which saw visits increase by 10.0%, partly due to the brand’s growing store count. Tractor Supply Co., Menards, and Ace Hardware also registered visit increases.
January 2024’s stormy weather left its mark on the Q1 retail environment, especially for discretionary categories. But as the quarter progressed, retailers rallied, with healthy YoY foot traffic growth that peaked during the last week of March – the week of Easter Sunday. All in all, retail’s positive Q1 performance leaves plenty of room for optimism about what’s in store for the rest of 2024.
This report includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
Over the past year, Fast-Casual & Quick-Service Restaurant (QSR) chains have thrived, consistently outperforming the Full-Service Dining segment with positive year-over-year (YoY) visit growth every quarter since 2023. In this white paper, we dive into the data for leading dining chains to take a closer look at what’s driving visitors to the QSR segment and what other dining categories can learn from fast-food’s success.
One of the key factors separating QSR chains – aptly known as “fast food” – from the rest of the dining industry is the speed at which diners can get a ready-to-eat meal in their hands. And within the QSR space, speed of service is one of the ways chains differentiate themselves from their competition.
Leading fast-food chains are investing heavily in technologies and systems designed to help them serve customers ever more quickly:
Taco Bell’s “Touch Display Kitchen System” is designed to optimize cooking operations and improve wait times, while the chain’s Go Mobile restaurant format seeks to alleviate bottlenecks in the drive-thru lane. Chick-fil-A also has dedicated channels for quick mobile order pick-up and is planning four-lane drive-thrus with second-floor kitchens to get meals out even faster. And to save time at the drive-thru, Wendy’s is experimenting with generative AI and developing an underground, robotic system to deliver digital orders to designated parking spots within seconds.
And location intelligence shows that all three chains are succeeding in reducing customer wait times. Over the past four years, Taco Bell, Chick-fil-A, and Wendy’s have seen steady increases in the share of visits to their venues lasting less than 10 minutes.
The data also suggests that investment in speed of service can increase overall visitation to QSR venues.
In late 2022, McDonald’s opened a to-go-only location outside of Dallas, TX with a lane dedicated to mobile order fulfillment via a conveyor belt. And in Q1 2024, this venue not only had a larger share of short visits compared to the other McDonald’s locations in the region, but also more visits compared to the McDonald’s average visits per venue in the Dallas-Fort Worth CBSA.
This provides further support for the power of fast order fulfillment to drive QSR visits, with customers motivated by the prospect of getting in and out quickly.
The success of the fast-food segment is even driving other restaurants to borrow typical QSR formats – especially during time slots when people are most likely to grab a bite to eat on the go.
In September 2023, full-service leader Applebee’s opened a new format: a fast casual location focusing on To Go orders in Deer Park, NY, featuring pick-up lockers for digital orders and limited dine-in options without table service.
And the new format is already attracting outsized weekday and lunchtime crowds. In Q1 2024, 20.5% of visits to the chain’s To Go venue took place during the 12:00 PM - 2:00 PM time slot, while the average Applebee’s in the New York-Newark-Jersey City CBSA received less than 10% of its daily visits during that daypart. The new restaurant also drew a significantly higher share of weekday visits than other nearby venues.
This suggests that takeaway-focused venues could help full-service chains grow their visit share during weekdays and the coveted lunch rush, when consumers may be less inclined to have a sit-down meal.
An additional factor contributing to QSR and Fast Casual success in 2024 may be the rise of chicken-based chains. Chicken is a versatile ingredient that has remained relatively affordable, which could be contributing to its growing popularity and the rapid expansion of several chicken chains.
Comparing the relative visit share (not including delivery) of various sub-segments within the wider Fast Casual & QSR space showed that the share of visits to chains with chicken-based menus has increased steadily between 2019 and 2023: In Q1 2024, 15.3% of Fast Casual & QSR visits were to a chicken restaurant concept, compared to just 13.4% in Q1 2019.
The strength of chicken-based concepts is also evident when comparing average visits per venue at leading chicken chains with the wider Fast Casual & QSR average.
Both Chick-fil-A, the nation’s predominant chicken chain, and Raising Cane’s, a rapidly expanding player in the fast-food chicken space, are receiving significantly more visits per venue than their Fast Casual & QSR peers: In Q1 2024, Raising Cane’s and Chick-fil-A restaurants saw an average of 153.0% and 237.7% more visits per venue, respectively, compared to the combined Fast Casual & QSR industries average.
The elevated traffic at chicken chains likely plays a part in their profitability per restaurant relative to other Fast Casual & QSR concepts with more sizable fleets.
QSR and Fast-Casual chains are also particularly adept at generating seasonal visit spikes through unique Limited Time Offers and holiday promotions adapted to the calendar.
Arby’s recently launched a 2 for $6 sandwich promotion on February 1st, with two of the three sandwich options on promotion being fish-based in an apparent attempt to entice diners eschewing meat in observance of Lent. The company also brought back a specialty fish sandwich, likely with the goal of further appealing to the Lent-observing demographic.
The offers seem to have driven significant traffic spikes, with foot traffic during the promotion period significantly higher than the January daily visit average. And traffic was particularly elevated during Lent – which this year fell on Wednesday, February 14th through Thursday, March 28th, with visits spiking on Fridays when those observing are most likely to seek out fish-based meals.
Some of the elevated visits in the second half of Q1 may be attributed to the comparison to a weaker January across the dining segment. But the success of the fish-forward promotion specifically during Lent suggests that the company’s calendar-appropriate LTO played a major role in driving visits to the chain.
Shorter-term promotions – even those lasting just a single day – can also drive major visit spikes.
Since 1991, White Castle has transformed its fast-food restaurants into a reservation-only, “fine-dining” experience for dinner on Valentine's Day. In 2024, Valentine’s Day fell on a Wednesday, and White Castle’s sit-down event drove a 11.8% visit increase relative to the average Wednesday in Q1 2024 and a 3.9% visit increase compared to the overall Q1 2024 daily average.
The elevated visit numbers over Valentine’s Day are even more impressive when considering that a full-service dining room can accommodate fewer visitors than the drive-thrus and counter service of White Castle’s typical QSR configuration. The spike in February 14th visits may also be attributed to an increased number of diners showing up throughout the day to take in the Valentine’s Day buzz.
QSR and Fast-Casual dining are having a moment. And the data shows that a combination of factors – including fast and efficient service, the rising popularity of chicken-based dining concepts, and effective LTOs – are all playing a part in the categories’ recent success.
This report includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
The first American mall opened in 1956 and reinvented retail – within a decade there were over 4,500 malls across the country. But a rise in e-commerce coupled with the oversaturation of mall options across the country paved the way for mall visits to slow, and many predicted that malls would go the way of the dinosaur.
But although malls were hit hard over the past few years as lockdowns and rising costs contributed to a significant drop in foot traffic, shopping centers have proven resilient. Leading players in the space have consistently reinvented themselves and explored alternate ways to draw in crowds – and as inflation cools, malls are bouncing back as well.
This white paper analyzes the Placer.ai Shopping Center Industry – a collection of over 3000 shopping centers across the United States – as well as the Placer.ai’s Mall Indexes, which focus on top-tier Indoor Malls, Open-Air Shopping Centers, Outlet Malls. The report examines how visits are shifting and where behaviors are changing – and where they’re staying the same – and takes a closer look at the strategies malls are using to attract shoppers in 2024.
Malls experienced a rocky few years as pandemic-related restrictions and economic headwinds kept many shoppers at home, and visits to all mall types in 2021 were between 10.7% to 15.3% lower than in 2019. But foot traffic trends improved significantly in 2022 – likely due to the fading out of COVID restrictions.
By 2023, visits to the wider Shopping Center Industry were just 2.3% lower than they had been in 2019, and the visit gaps for Indoor Malls and Open-Air Shopping Centers had narrowed to 5.8% and 1.0% lower, respectively. Outlet Malls also saw visits ticking up once again, with the visit gap compared to 2019 narrowing to 8.5% in 2023 after having dropped to 11.3% in 2022. This more sustained foot traffic dip may stem from consumers’ desire to save on gas costs or the impacts of inclement weather. However, the narrowing visit gaps suggest that shoppers are increasingly returning to the segment, and foot traffic may yet pick up again in 2024.
COVID-19 impacted more than just visit numbers – it also changed in-store consumer behavior. And now, with the Coronavirus a distant memory for many, some of these pandemic-acquired habits are fading away, while other shifts appear to be holding steady.
One visit metric that appears to have reverted to pre-COVID norms is the share of weekday vs. weekend visits. Weekday visits had increased in 2021 – at the height of COVID – as consumers found themselves with more free time midweek, but the balance of weekday vs. weekend visits has now returned to 2019 levels.
In 2023, the Shopping Center Industry, which includes a number of grocery-anchored centers along with open-air shopping centers and their relatively large variety of dining options, saw the largest share of weekday visits, followed by Indoor Malls. Outlet Malls received the lowest share of weekday visits – around 55% – likely due to the longer distances usually required to drive to these malls, making them ideal destinations for weekend day trips.
While the day of the week that people frequent malls hasn't changed significantly since 2019, there is one notable difference in mall foot traffic pre- and post-pandemic. Almost all mall categories are seeing fewer during the late morning-midday and late evening dayparts, while the amount of people heading to a mall in the afternoon and early evening has increased.
In 2019, Indoor Malls saw 20.1% of visits occurring between 10:00am and 1:00pm, but that share decreased to 18.6% in 2023. Meanwhile, the share of visits between 4:00-7:00 pm rose from 29.1% in 2019 to 32.4% in 2023. Similar patterns repeated across all shopping center categories, with the 1:00-4:00pm daypart seeing a slight increase, the 4:00-7:00 pm daypart receiving the largest boost and the 7:00-10:00 pm daypart seeing the largest drop. So although changes in work habits have not altered the weekly visit distribution, it seems like hybrid workers are taking advantage of their new, and likely more flexible schedules to frequent malls in the afternoon instead of reserving their mall trips for after work. The significant numbers of Americans moving to the suburbs in recent years may also be contributing to the decline of late night visits, with these suburban newcomers perhaps less likely to spend time outside the house during the evening hours.
Although malls have enjoyed consistent growth in foot traffic over the past two years, visits still remain below 2019 levels. How can shopping centers attract more shoppers and recover their pre-COVID foot traffic?
Some malls are attracting visitors by looking beyond traditional retail with offerings such as gyms, amusement parks, and even entertainment complexes. And with more traditional mall anchors shutting their doors than ever, even smaller shopping centers are adding lifestyle experiences options in newly vacant spaces – and incorporating unique elements into traditional retail spaces.
In September 2023, the Chandler Fashion Center in Arizona opened a giant SCHEELS store in its mall. The 250,000-square-foot sporting goods store boasts more than just sneakers – visitors can ride on a 45-foot Ferris Wheel or marvel at a 16,000-gallon saltwater aquarium. And monthly visitation data to the mall reveals the power of this new retail destination, with foot traffic to the mall experiencing a major jump from October 2023 onward. The excitement of the new SCHEELS seems to be sustaining itself, with February 2024 visits 23.3% higher than the same period of 2023.
Restaurants, too, can help bring people into malls. The Southgate Mall in Missoula, Montana, experienced a jump in monthly visits following the opening of a Texas Roadhouse steakhouse in November 2023. Customers seem to be receptive to this new addition – the mall saw a sustained increase in foot traffic from November 2023 onward, with year-over-year (YoY) visit growth of 17.0% in February 2024.
The addition of Texas Roadhouse provides Missoula residents with a family-friendly dining experience while tapping into the evergreen popularity of steakhouses.
Malls that don’t want to choose between adding a dining option and incorporating a novel entertainment venue can blend the two and go the “eatertainment” route. One shopping center – North Carolina’s Cross Creek Mall – is proving just how effective these concepts can be for a mall looking to grow its foot traffic.
Eatertainment destination Main Event opened at the mall in August 2023, bringing laser tag, video games, virtual reality, and 18 bowling lanes with it. Main Event’s opening also provided a boost in foot traffic to the mall – monthly visits to Cross Creek Mall surged following the opening. And this foot traffic boost sustained itself, particularly into the colder winter months – January and February 2024 saw YoY growth of 12.3% and 25.1%, respectively.
Integrating entertainment options at malls is one strategy for driving visits, but there are plenty of other ways to bring people through the doors. Pop-ups have been a particularly popular option of late, especially as more online brands venture into the world of physical retail. And malls, which typically tend to leave a small portion of their storefronts vacant, can be the perfect place to host a retailer for a limited time.
One brand – Shein – has been a leader in the pop-up space, bringing its affordable fashion to malls in Las Vegas, Seattle, and Indianapolis. These short-term residencies – typically no longer than three to four days – allow shoppers to try the popular online retailer’s products before they buy.
Shein has enjoyed success with its mall residencies, evidenced by the foot traffic at the Woodfield Mall in Illinois, which hosted a three-day pop-up from December 15-17, 2023. The retail event was hugely popular, with visits reaching Super Saturday (the last weekend before Christmas) proportions – even though this year’s Super Saturday coincided with Christmas Eve Eve (December 23rd) and drove unusually high traffic spikes.
Shein pop-ups are typically very short – no more than three to four days. This format, known for creating a sense of urgency among shoppers, has proven powerful in driving store visits. But can longer-lasting pop-ups find success as well?
Foot traffic data from pop-ups hosted by Swedish home furnisher IKEA suggests that yes – longer-term residencies can be successful. The chain is working on growing its presence across the country, particularly in malls. To that end, IKEA has been experimenting with mall pop-ups, beginning with a six-month residency at the Rosedale Center in Roseville, Minnesota.
IKEA opened its store on February 16, 2024, and visits to the mall increased significantly immediately after. The first week of the pop-up saw a 12.9% growth in visits compared to a January 1-7, 2024 baseline. And by the third week of the pop-up, there were still noticeably more people frequenting the mall than before the launch.
The luxury retail segment has had a great few years, and malls are tapping into this popularity. Nearly 40% of new high-end store openings in 2023 were in mall settings, many in Sunbelt states like Texas, Florida, and Arizona, perhaps driven in part by demand from an influx of wealthy newcomers to those states.
A comparison of upscale shopping malls to standard shopping centers across Sunbelt States reveals just how popular high-end retail is in the region. Malls with a high percentage of luxury and designer stores like the Lenox Square Mall in Georgia or the NorthPark Center in Texas saw considerably more YoY visit growth than the average visit growth for shopping centers in their respective states.
Lenox Square Mall saw foot traffic increase 31.2% YoY in 2023, while shopping centers in Georgia saw their visits grow by just 2.7% YoY in the same period. Similar trends repeated in Louisiana, Arizona, California, and Florida. And while some of this growth may be due to the resilience of these wealthier shoppers in the face of inflation, one thing is clear – luxury is here to stay.
Malls are thriving, carving out spaces for themselves in a competitive retail environment. By prioritizing experiential retail, entertainment, pop-up shops, and luxury offerings, shopping centers across the country are remaining relevant in a rapidly changing retail world. And mall operators that recognize the power of innovation and evolve along with their customers can hope to meet with continued success.
