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The Placer.ai Nationwide Office Building Index: The office building index analyzes foot traffic data from some 1,000 office buildings across the country. It only includes commercial office buildings, and commercial office buildings with retail offerings on the first floor (like an office building that might include a national coffee chain on the ground floor). It does NOT include mixed-use buildings that are both residential and commercial.
Is return-to-office picking up steam?
Last month, location intelligence indicated that the office recovery needle was starting to move once again. Whether due to stricter corporate mandates – especially in the finance sector – or to employees seeking to reap the rewards of in-person collaboration and mentoring, office activity appeared to be on an upswing.
But what’s happened since then? Has the momentum worn off, or is RTO still trending on the ground?
Hybrid work may be here to stay – but the situation on the ground remains very much in flux. Last month, office visits nationwide were just 32.7% below what they were in March 2019 (pre-pandemic). This represents a significant narrowing of the visit gap in relation to March 2022 and March 2023 – when visits were down 48.2% and 36.3%, respectively.
And comparing monthly visits to a March 2022 baseline shows that visits last month were among the highest they’ve been since COVID. Only August 2023 (which had two more working days than March) and October 2023 featured higher visitation rates.
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Drilling down into the data for eleven major cities nationwide shows that Miami and New York are holding firmly onto their regional RTO leads – with less than a 20% visit gap compared to pre-pandemic levels. And RTO appears likely to continue apace in both cities, driven by tech companies in Miami and finance firms in the Big Apple. Indeed, in Miami, visits to office buildings in March 2024 were the highest they’ve been in four years. Washington, D.C., Dallas, Atlanta, and Denver also outperformed the nationwide baseline compared to pre-COVID, while Chicago, Boston, Houston, Los Angeles, and San Francisco lagged behind.
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But despite bringing up the rear for overall post-COVID office recovery, San Francisco has been experiencing outsize YoY office visit growth for some time now. And in March 2024, the city continued to lead the regional YoY visit recovery pack – tied for first place with Washington, D.C.
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Given San Francisco’s stubbornly large post-COVID visit gap, it may come as no surprise that the city’s office vacancy rate is higher than it’s ever been. But demand for office space in San Francisco is back on the rise, leading market observers to conclude that bright times may be ahead for the local market.
San Francisco’s strong YoY office visit performance may be a reflection of this increased demand, providing another sign of good things to come in the Golden Gate city.
Remote work carries plenty of benefits, but a variety of factors – from Gen Z work-from-home fatigue to the better wages and opportunities available to on-site employees – are driving increased office attendance. And if March 2024 data is any indication, further shifts in the RTO/WFH balance may yet be in the cards.
For more data-driven return-to-office updates, follow Placer.ai.
This blog includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
Every year in March and early April, thousands of young people descend on Florida beaches to soak up some sun, kick back with friends, and have a good time. But while the influx of revelers can be a boon to local businesses, some municipalities are pushing back against the mayhem. This year, Miami Beach famously announced its intention to “break up” with spring break (“It’s not us, it’s you”) – instituting a series of restrictive measures, from curfews to elevated parking fees, designed to temper the crowds.
But what’s happening on the ground? How did this year’s spring break impact local businesses in key Florida destinations like Miami, Key West, Panama City Beach, and Daytona Beach? Which retail segments continued to benefit from the excitement – and who were the visitors driving foot traffic to their venues?
Florida is home to the most-searched spring break destinations in the United States. And perhaps thanks to the influx of vacationers, location intelligence shows that Quick-Service Restaurants (QSR) and Breakfast, Coffee, Bakeries, & Dessert Shops in Florida spring break hotspots enjoy significant annual visit boosts during March and early April.
The extent of the seasonal boost varies between CBSAs – and though this year’s traffic spikes were slightly lower than last year’s bumps, the two dining segments continued to benefit strongly from spring break-fueled visit bumps in 2024.
Visits to QSR & Fast-Food venues and Breakfast, Coffee, Bakeries, & Dessert Shops in Panama City – known as the spring break capital of the world – were up 57.6% and 56.9%, respectively, during the week of March 11th 2024, compared to an early January 2023 baseline. This represents a minor decline from the comparable period last year (the week of March 13th, 2023), when visits were up a respective 59.2% and 68.6%.
QSR and coffee and breakfast chains in the Miami-Fort Lauderdale-Pompano Beach, Key West, and Deltona-Daytona Beach-Ormond Beach CBSAs also experienced significant visit spikes during the week of March 11th, 2024. Though the March foot traffic increases in these CBSAs were smaller than those seen in Panama City, they were nearly on par with the visit bumps seen in the comparable period of 2023.
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Who are the visitors driving this spring break dining activity? Drilling down into the data for leading Panama City QSR and coffee chains shows that college student influxes are likely a major contributing factor.
In July 2023 – during Panama City’s peak summer season – the captured markets of local Whataburger, Dunkin’, Starbucks, and Chick-fil-A locations were nearly devoid of STI: Landscape’s “Collegian” segment – a category encompassing currently-enrolled college students. But in March 2024, the share of this segment in the brands’ captured markets skyrocketed.
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Analyzing the audiences of local Panama City resorts reveals a similar pattern. During the month of July, the captured markets of SpringHill Suites and Holiday Inn Resort – two venues popular among spring breakers – included miniscule shares of Collegians. But in March, the share of college students in the resorts’ captured markets jumped to 13.8% and 10.0%, respectively – highlighting the role of undergrads in driving hotel visits during this period.
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Spring break is party time – and Florida has traditionally been at the center of it all.
How will 2024 spring break continue to unfold this year in the Sunshine State? And what other retail categories stand to benefit from the excitement?
Follow Placer.ai’s data-driven civic and retail analyses to find out.
This blog includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
DC residents and businesses have been on tenterhooks ever since plans were announced in December 2023 to move the Caps and Wizards to Potomac Yard in Alexandria, VA. Original plans called for a new Wizards practice facility, a separate performing arts center, a media studio, new hotels, a convention center, housing and shopping. Meanwhile, DC mayor Muriel Bowser worked furiously to keep the teams, eventually putting together a $500 million+ deal that was officially approved in the last week, so that the teams would stay in the District until “at least 2050.” That is good news for those businesses by Gallery Place/Chinatown, and the teams can keep the Washington moniker, as opposed to potentially being the “National Landing” teams were they to have moved to the Potomac Yard area.
Migration to the Mountain States, named for the sprawling Rocky Mountain range that runs through the region, has been on an upward trend in recent years. And one state in particular – Utah – has received an impressive influx of new residents.
Which areas are experiencing the most growth? And what is driving migration to the Beehive State? We take a closer look.
Utah, with its iconic national parks and burgeoning tech industry, is growing fast. According to Placer.ai’s Migration Trends Report, Utah experienced an 5.5% rise in population between January 2020 and January 2024, partially driven by inbound domestic migration: 1.8% of the state’s January 2024 population moved in between January 2020 and January 2024.
Utah has a relatively young population – the median age in Utah (according to the 2021 ACS 5-Year Projection dataset) is 31. But relocators to the state seem to be coming from older states – the weighted median age in the states of origins of newcomers moving to Utah over the past four years was 38.
But although Utah’s median age is lower than the median age in the states of origin, the median HHI in the Beehive State is higher than in its feeder states. Between January 2020 and January 2024, the weighted median HHI in the states feeding migration to Utah was $71K/year, lower than the Utah median of $79K/year (although higher than the national average of $69.0K/year).
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Although Utah as a whole has seen positive net migration over the past four years, the new residents are not evenly distributed across the state’s major metropolitan areas. Inbound domestic migration was particularly strong in the Provo-Orem and Ogden-Clearfield CBSAs (core-based statistical areas), with both states also seeing significant increases in their population (10.7% and 5.1%, respectively) over the past four years. But during the same period, the migrated share of the population of Utah’s largest CBSA – Salt Lake City – has declined, and the overall population in the Salt Lake City CBSA grew by just 1.0%. So what is driving migration to Provo-Orem and Ogden-Clearfield?
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January 2020 to January 2024 migration data reveals that relocators to Provo and Ogden come from CBSAs with a lower median age and HHI compared to those moving to Salt Lake City: Newcomers to the Provo-Orem and Ogden-Clearfield CBSAs came from CBSAs with a weighted median HHI of $73K and $72K, respectively, compared to a $75K median HHI for CBSAs feeding migration to the Salt Lake City CBSA. And the weighted median age in the CBSAs of origin for Provo-Orem and Ogden Clearfield was 25 and 32, respectively, compared to 33 in the CBSAs of origin for Salt Lake City.
The movement of younger people from lower-HHI areas to these CBSAs may indicate that many of those relocating to Utah to benefit from the state’s robust economy are specifically choosing the Provo-Orem and Ogden-Clearfield metro areas.
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Niche’s Neighborhood Grades – available in the Placer.ai Marketplace – assigns grades to various types of regions based on a variety of factors, including job opportunities. And comparing the Niche rating for “Jobs” assigned to Utah’s three largest CBSAs with the aggregate “Jobs” grade assigned to the CBSAs of origin also suggests that Provo and Ogden’s economic opportunities are driving migration to these smaller metro areas.
All three Utah CBSAs analyzed received a higher “Jobs” grade than their CBSAs of origin – indicating that the employment opportunities in all three metro areas are likely drawing newcomers. But while Salt Lake City only got a “B+” in “Jobs” – just one grade up from the aggregate grade assigned to its areas of origin – Provo-Orem and Ogden-Clearfield got a “Jobs” grade of “A-”, or two notches up from the “Jobs” grade in their CBSAs of origin. The highly robust job markets in these smaller CBSAs may explain why newcomers seem to prefer Provo-Orem and Ogden-Clearfield to Salt Lake City.
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Utah’s population growth makes it one of the most exciting states to watch, and the state’s promising employment opportunities seems to be a major draw for newcomers to the state.
Will Utah continue to experience population growth?
Visit placer.ai to keep up with the latest migration trends.
This blog includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
In a world where convenience is key and online shopping reigns supreme, many brands are turning to experiential retail to draw visitors into brick-and-mortar stores. We take a look at three companies with different types of experiential offerings – Michaels, DICK’S, and Lowe’s Home Improvement – to understand what experiential retail can look like in 2024.
Some retailers are encouraging consumers to engage fully in their brand by dedicating entire brick-and-mortar venues entirely to immersive experience. Sporting goods brands in particular, including Lululemon with its yoga studios and Nike and its training studios, have employed this strategy to directly engage with their core audience. And perhaps the best example of this is the DICK’S House of Sport concept, launched in 2021 by sporting goods retailer DICK’S.
DICK’S currently operates 12 House of Sports locations where visitors can repair their bikes, pick out a golf club, use a climbing wall or batting cage. The concept has been highly successful, especially as more people engage in some form of recreational sports or fitness activities, and the chain is looking to add at least 100 more of these experiential stores in the next five years.
Quarterly foot traffic patterns suggest that the new locations will be met with enthusiasm. Visits to the three longest-running House of Sports stores in Q4 2023 were 7.2% higher than they were in Q4 2022, while visits to DICK’S Sporting Goods stores nationwide were 2.3% lower for the same period. Psychographic data also reveals that House of Sport visitors also tend to be slightly older and more established than visitors to DICK’S nationwide – and this older audience may be more inclined to spend more than their younger counterparts.
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By creating an immersive athletic experience that taps into the growing popularity of personal fitness, House of Sport can continue to draw in visitors and foster community – and serve as a model for other sporting goods retailers looking to expand their experiential offerings.
Retailers who don’t want to devote an entire location to their experiential offering can also leverage their regular venues to offer visitors hands-on engagement with their products on certain days or time slots. Rising costs have led more people than ever to turn to DIY – and meeting that demand, leading home improvement retailer Lowe’s has introduced a DIY workshop on Saturdays and Sundays at 100 locations across the country. Visitors heading to participating Lowe’s stores will be able to participate in workshop stations and take advantage of all-day demos – with no registration required. The company also runs a family-friendly Weekending at Lowe’s program, which allows visitors to register to free workshops focused on child-friendly activities, such as creating a butterfly biome or a tabletop basketball game
Providing people with a hands-on, practical approach to home repairs may help Lowe’s expand its customer base as more people embrace DIY concepts. Participants in the DIY workshops may feel more confident in tackling new projects at home. They are also more likely to choose Lowe’s products due to familiarity with the store and its offerings — a win for the company.
Comparing year-over-year (YoY) visits at Lowe’s locations with DIY workshops to the foot traffic performance of the chain as a whole indicates that the DIY venue, while experiencing the effects of the ongoing retail headwinds, are managing to perform better than Lowe’s stores overall. And analyzing locations using the Spatial.ai: PersonaLive dataset reveals that Lowe’s DIY stores are particularly popular among rural segments, with more "Rural Average Income" and "Rural Low Income" segments in their captured markets than their potential market*.
*A chain’s potential market refers to the population residing in a given trade area, where the Census Block Groups (CBGs) making up the trade area are weighted to reflect the number of households in each CBG. A chain’s captured market weighs each CBG according to the actual number of visits originating to the chain from that CBG.
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Lowe’s can harness this data if it seeks to expand the DIY concept further to help it capitalize on its success among rural audiences – and other retailers can take note of the demand for hands-on workshops from this segment.
A third model for experiential retail empowers the customer to take the reins and decide when to schedule the in-store event – and who to add to the guest list. Craft chain Michaels, which has long emphasized child-friendly experiences like summer camps and free classes, recently introduced store-hosted birthday parties for kids up to age 13.
Demographic data from both potential and captured trade areas suggest that this focus on kids activities is succeeding in attracting the family households in its trade area. Michaels attracts a larger share of married couples with children in its captured market than in its potential market, and has a captured market household size of 2.6, slightly larger than its potential market household size. The share of households in Experian: Mosaic’s “Suburban Style,” “Flourishing Families”, and “Family Union” segments were also all higher in Michaels captured market than in its potential market.
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Michael’s seems to be positioning itself as a one-stop shop for crafters of all ages, and focusing on children’s events may help the chain attract more family segments to its stores. This serves as a reminder of the draw that quality children’s entertainment can provide and offers a blueprint for retailers wishing to attract more families to their locations.
These three chains prove that there are plenty of ways to attract people into brick-and-mortar stores. By offering workshops, events, and in-store attractions, the three chains are building brand awareness and increasing their foot traffic.
Will experiential retail continue to dominate in 2024?
Visit placer.ai/blog to stay up-to-date on the latest retail trends.
This blog includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
One of the major stories of 2023 was the rise in food prices, with costs up roughly 25% since 2020 – and the increasing costs of food and other goods have helped discount grocers thrive.
We checked back in with two grocery chains known for their bargain prices and private labels – Aldi and Lidl – to see how they’re doing.
Aldi offers prices that rival those of discount grocers, making it a major player in the discount grocery segment. And these attractive prices have helped the company see significant visit growth over the past few years. Year-over-year (YoY) monthly visits to Aldi were up throughout 2023 and into 2024, with some of the growth due to the chain’s aggressive expansion. And the company plans to grow even further – Aldi has announced plans to open another 800 stores over the next few years.
Lidl – another German-based grocer – opened its first location in Virginia in 2017. The chain currently has around 170 locations in the country, primarily on the East Coast, and is also expanding – albeit at a slower pace. Between February 2023 and February 2024, YoY visits to Lidl were up almost every month with only a slight dip in January 2024 – perhaps due to the unseasonal cold – a promising sign for the discount grocer as more consumers than ever choose low-cost food options.
Although both Lidl and Aldi are German-owned discount grocers, examining the demographics for the two brands' trade areas nationwide sheds light on the differences between the two chain’s consumer bases.
Analyzing the trade area median HHI reveals that Lidl attracts a higher-income clientele than Aldi: The median household income (HHI) in Aldi’s trade area was slightly lower than the the nationwide median, with the median HHI in the chain’s captured market even lower than the median HHI in its potential market. This indicates that Aldi locates its stores in areas that are accessible to the average consumer and succeeds in attracting also the slightly lower income segments within its potential trade area.
Meanwhile, Lidl’s potential market median HHI stood at $78.8K/year in 2023, and the median HHI in its captured market was even higher – $88.1K/year – indicating that Lidl stores are located in more affluent areas, and that the company caters to the wealthier households within those neighborhoods.
The share of households with children in Aldi’s potential and captured market was also almost identical to the nationwide average – indicating once again Aldi’s success in reaching the average U.S. grocery shopper. Lidl, on the other hand, saw more households with children in both its captured and potential markets, with the share of households with children in its captured market around two percentage points higher than the share of households with children nationwide. So while Aldi and Lidl do share some similarities in terms of origins, preference for private label, and pricing, the trade area analysis points to major differences between the two chains’ audiences.
*A chain or venue’s potential market refers to the people that reside in its trade area, based on the business’ True Trade Area and weighted by census block group (CBG) within the trade area according to the size of its population. Captured markets represent the population that visits the business in practice, and the data is obtained by weighting each CBG according to its share of visits to the chain or venue in question.
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Diving into the psychographic data for Aldi and Lidl adds another dimension to the trends revealed by the demographic data. While both brands are popular among suburban audiences – Aldi tends to attract a more blue-collar customer, while Lidl is frequented by a wealthier suburban segment. The share of visitors falling into the “Small Town Low Income” category was 7.5% for Aldi compared to 0.9% for Lidl. Conversely, Lidl saw 16.7% of its visitors falling into the “Upper Suburban Diverse Families” segment, while Aldi had 10.6% of its consumers in that category.
And while Aldi and Lidl have a hold on different suburban segments, the chains’ expansion strategies seem geared to grow each chain’s reach outside the other’s orbit. Lidl has been opening stores in big cities along the East Coast, including New York City’s tony Chelsea neighborhood, perhaps in a bid to reach more of the wealthier customers that favor the brand. Aldi, meanwhile, recently acquired grocery chains Winn-Dixie and Southeast Grocers, brands that typically attract a more price-sensitive consumer. This acquisition will significantly expand Aldi’s presence and will likely appeal to value-oriented shoppers, a segment already receptive to its offerings.
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The past few years have seen the grocery space adapting to an increasingly value-oriented consumer, and Aldi and Lidl have benefitted from this shift. As inflation cools and both companies expand their footprints, will they continue on their upward trajectory?
Follow Placer.ai’s data-driven retail analyses to find out.
This blog includes data from Placer.ai Data Version 2.0, which implements improvements to our extrapolation capabilities, adds short visit monitoring, and enhances visit detection.
Placer.ai observes a panel of mobile devices in order to extrapolate and generate visitation insights for a variety of locations across the U.S. This panel covers only visitors from within the United States and does not represent or take into account international visitors.
Professional sports are big business – the industry is valued at nearly $1 billion in the United States alone. And beyond the economic impact of actual ticket sales and stadium and sponsorship gains, major sporting events can have significant impacts on local industries such as tourism, dining, and hospitality. Cities hosting sports events tend to see influxes of visitors who boost tourism, spend money at restaurants and hotels, and create ripple effects that benefit entire local economies.
The 2024 Copa América, typically held in South America but hosted in the United States this year, provides a prime example of the effect sports tourism can have on local economies. The games kicked off in Atlanta, Georgia on June 20th, 2024, before moving on to other host cities and boosting hospitality traffic along the way.
This white paper dives into the data to see how the games impacted hotel visits in cities across America – and especially in Atlanta. The report uncovers the hotel tiers and brands that saw the largest visit boosts and explores visitor demographics to better understand the audiences drawn to the event.
The Copa América took place in June and July 2024, with fourteen cities – mainly across the Sunbelt – hosting games. Thousands of fans attended each event, driving up demand in local hotel markets.
Arlington, TX, saw the largest hotel visit bump during the week it hosted the games, with hospitality traffic up 23.0% compared to the metro area's weekly January to September 2024 visit average. Orlando, FL, too, enjoyed a significant visit spike (22.1%), followed by Kansas City, KS-MO (17.4%).
The Atlanta metropolitan area, for its part, also saw a significant 11.0% increase in hotel visits during its hosting week compared to the city’s weekly visit average.
The Copa América games attracted fans from across the country – from as far away as Washington State and New Hampshire, as well as from neighboring states like Florida. On the day the tournament began, 26.1% of the domestic visitors to Atlanta’s Mercedes-Benz Stadium came from over 250 miles away, up from an average of 19.7% during the rest of the year (January to September 2024). These out-of-towners likely had a significant impact on Atlanta’s local economy – through spending on accommodations, dining, and entertainment.
During the week of the Copa América game, all of the analyzed hotel types in Atlanta received a visit bump. And while some of these visits were likely unrelated to the game, the massive scale of the event means that a significant share of the visit growth was likely driven by out-of-town soccer fans. Analyzing these patterns Atlanta can provide valuable insights for hospitality stakeholders looking to attract attendees of major sporting events.
Upper Midscale hotels saw the biggest boost during the week of the event, with visits 20.8% higher than the weekly visit average between January and September 2024. Midscale and Upscale hotels also experienced significant visit increases of 15.8% and 14.0%, respectively. During the same period, visits to Luxury hotels grew by 9.0% and Economy Hotel visits rose by 7.0% compared to the January to September 2024 weekly average. Meanwhile Upper Upscale Hotels received the smallest boost, with visits up by 2.9%.
Judging by these travel patterns, it appears that most Copa América spectators prefer to stay at Midscale, Upper Midscale, or Upscale hotels during the trip.
While Upper Midscale Hotels in the Atlanta-Sandy Springs-Alpharetta metro area generally experienced the biggest visit boost during the Copa América, visit performance varied somewhat from chain to chain. TownePlace Suites and Fairfield Inn, both Upper Midscale Marriott properties, saw increases of 27.5% and 25.3%, respectively, compared to their January to September 2024 weekly averages. Other chains in the tier also enjoyed visit boosts – visits to Home2 Suites by Hilton and Hampton Inn – both Hilton chains – jumped by 17.3% and 17.4%, respectively, during the same period.
The popularity of these Upper Midscale hotels may be driven by a multitude of factors. Some, like TownePlace Suites and Home2 Suites offer kitchenettes, something that may appeal to visitors looking to save by preparing their own meals. Others, such as Fairfield Inn and Hampton Inn which offer more locations closer to the stadium may attract visitors that prioritize convenience.
Layering the STI: PopStats dataset onto Placer.ai’s captured market can provide insights into Copa América attendees by revealing the demographic attributes of census block groups (CBGs) contributing visitors to the Mercedes-Benz Stadium. (The CBGs feeding visitors to a chain or venue, weighted to reflect the share of visitors from each one, are collectively referred to as the business’ captured market.)
During the Copa América opener,Mercedes-Benz Stadium drew visitors from CBGs with a median household income (HHI) of $90.0K – well above the national median of $76.1K and similar to the median HHI during the Taylor Swift concert ($90.6K). The stadium’s trade area median HHI was even higher during the Super Bowl ($117.9K).
This visitor profile suggests that Copa América attendees – along with guests of other major cultural and sporting events – often have the means to splurge on comfortable, mid-range hotels for their stays. As Atlanta gears up to host the College Football National Championship in January 2025, the 62nd Super Bowl in February 2028, and the MLB All Star Game in July 2025, along with a host of smaller-scale events – the city can draw on historical data from past events, including the Copa América, to better understand the needs and preferences of stadium visitors and plan accordingly.
And although Upper Upscale hotels generally experienced relatively subdued growth during the Atlanta Copa América opener, some Upper Upscale properties – including Marriott’s Autograph Collection Twelve Downtown, saw visits jump. Visits to the hotel were up 19.7% during the week of the Copa América compared to the January to September 2024 weekly average.
The Twelve Downtown has become a popular lodging choice for major events in the city, likely due to its proximity to Mercedes-Benz Stadium. (The hotel is located just over a mile away from the stadium). During the Super Bowl LIII five years ago, the Twelve Downtown drew 27.9% more visits than its weekly average for January to September 2019. And during the 2023 Taylor Swift concert, the hotel saw a 25.5% visit bump.
A closer look at the median HHI of the hotel’s captured market during the three periods reveals that, despite each event attracting visitors from varying income brackets, the median HHI of visitors to the Twelve Downtown remained stable. Visitors to the hotel between January and September 2024 came from trade areas where the median HHI was $76.2K, not far off from the median HHI during the 2019 Super Bowl ($75.4K), Taylor Swift’s 2023 concert ($80.6K) and the Copa América ($76.7K).
This stability suggests that, regardless of the event, hotels attract a specific visitor base. And understanding the similarities within the demographic profiles of likely hotel visitors during different events will be key for hotels at all levels seeking to capitalize on the economic opportunities created by major local events.
The Mountain region offers employment opportunities, affordable housing, outdoors recreation, and a relatively low cost of living – which could explain why these states are emerging as major domestic migration hubs. Idaho, Nevada and Wyoming in particular have consistently attracted inbound domestic migration in recent years, as Americans continue leaving higher density regions in search of greener – and calmer – pastures.
This report uses various datasets from the Placer.ai Migration Trends Report to analyze domestic migration to Idaho, Nevada, and Wyoming. Where are people coming from? And how is recent migration impacting local population centers in these states? Keep reading to find out.
Idaho emerged as a domestic migration hotspot over the pandemic, as many Americans freed from the obligation of in-person work relocated to the Gem State. Between June 2020 and June 2024, Idaho saw positive net migration of 4.7%, more than any other state in the U.S. (This metric measures the number of people moving to a state minus the number of people leaving – expressed as a percentage of the state’s total population.) And between 2023 and 2024, Idaho remained the nation’s top domestic migration performer (see map above).
Diving into the data reveals that though people moved to Idaho from across the U.S., most of Idaho’s influx over the past four years came from neighboring West Coast and Mountain States – especially California. Former residents of the Golden State accounted for a whopping 58.1% of inbound migrants to Idaho over the analyzed period.
California’s position as the top feeder of relocators to Idaho during the analyzed period may come as no surprise, given the state’s recent population outflow and the many former California residents who have settled in the Mountain region. But Washington, Oregon, and Nevada – where inbound and outbound migration remained relatively even in recent years – have also been seeing shifts to Idaho.
Idaho has a lower tax burden, robust employment opportunities, and greater overall affordability than its top four feeder states. So some of the recent relocators likely moved to the Gem State to enjoy better economic opportunities while staying relatively close to their states of origin. And these recent Idahoans may be reshaping Idaho’s demographic and economic landscape in the process.
Most inbound migration to Idaho is concentrated in the state’s metro areas, with Boise – the capital of Idaho and the major city closest to California – consistently absorbing the highest share of net inbound migration.
But recently, other CBSAs have emerged as key destinations for new Idahoans. The location of two emerging domestic relocation hubs in particular suggests that many new Idaho residents may be looking to stay close to their areas of origin: Coeur d’Alene, located near the border with Washington, attracts its largest contingent of new residents from the Spokane, WA metro area, while Twin Falls’ top feeder area is the Elko CBSA in northern Nevada.
Twin Falls in southern Idaho has a strong job market – and has received a substantial share of inbound domestic migration over the past three years. Coeur d’Alene is also flush with economic opportunities, and after declining steadily for several years, the share of relocators heading to the metro area increased to 20.7% between June 2023 and 2024.
The chart above also reveals that the share of inbound migration heading to Boise declined slightly between June 2023 and June 2024 – following a period of consistent growth between June 2020 and June 2023 – even as the share of migration to Coeur d’Alene ballooned. This may mean that, although the state’s largest metro area may have reached its saturation point, other areas in the state are still primed to receive inbound migration.
While Nevada is losing some of its population to nearby Idaho, the Silver State is also gaining new residents of its own: Between September 2020 and September 2024, the Silver State experienced positive net migration of 3.3%. And the data indicates that many new Nevadans are choosing to settle in the state's rapidly growing suburban centers.
Zooming into the Las Vegas-Henderson CBSA reveals that much of the growth is concentrated outside the main city of Las Vegas. Instead, the more suburban cities of Enterprise, Henderson, and North Las Vegas received the largest migration bump – with Henderson and North Las Vegas’ population now surpassing that of Reno. And while year-over-year migration trends suggest that the growth is beginning to stabilize, Enterprise and Henderson are still growing significantly faster than the CBSA as a whole – indicating that the suburbs continue to draw Nevada newcomers.
Analyzing the inbound domestic migration to Enterprise – one of the fastest growing areas in the country – may shed light on the aspects of suburban Las Vegas that are driving population growth.
Many new Enterprise residents moved to the city from elsewhere in Nevada, while most out-of-state newcomers came from California or Hawaii – mirroring the migration patterns for Nevada as a whole. And according to the Niche Neighborhood Grades dataset, Enterprise is a good fit for retirees and young professionals alike, with the city ranking higher than its feeder areas with regard to a range of factors – from jobs and commute to weather.
Like with migration to the rest of the Mountain region, domestic migration to Nevada – particularly to suburban areas like Enterprise and Henderson – is likely driven by newcomers looking for more economic opportunities along with higher quality of life.
Wyoming – currently the least populous state in the country – is another Mountain region state where inbound migration is driving up the population numbers. But in the Cowboy State, urban areas – as opposed to suburban ones – seem to be the main magnets for population growth.
The Cheyenne, Wyoming CBSA – home to Wyoming’s capital – is the largest metro area in the state. And analyzing the CBSA’s population trends over the past six years reveals a recent shift in Wyoming’s inbound migration patterns.
Cheyenne’s population is mostly suburban, and the CBSA’s suburban areas remain popular with newcomers – suburban Cheyenne has also seen steady population growth since January 2018. But when the CBSA became a popular relocation destination over the pandemic, many newcomers to the Cheyenne region chose to move to metro area’s more rural areas: By April 2022, Cheyenne’s rural population had jumped by 10.8% compared to a January 2018 baseline, compared to a 5.9% and 3.9% increase in the CBSA’s suburban and urban populations, respectively.
As the country opened back up, however, the number of rural Cheyenne residents dropped back down – and by September 2024, Cheyenne’s rural population was only 0.1% bigger than it had been in January 2018. The population growth in suburban Cheyenne also slowed down, with the September 2024 suburban population numbers more or less on par with the April 2022 figures.
Now, Cheyenne’s urban areas have overtaken both rural and suburban areas in terms of population growth: In September 2024, Cheyenne’s urban population was 9.4% bigger than in January 2018, compared to 5.2% and 0.1% growth for the suburban and urban areas, respectively.
Despite the growth in Cheyenne’s urban population, the suburbs still remain the most populous – as of September 2024, 71.2% of the CBSA’s population resided in suburban areas. But the continued growth of Cheyenne’s urban population may reflect a rising demand among Wyomingites for amenities and economic opportunities unavailable elsewhere in the state, mirroring the trend in Idaho’s urban CBSAs such as Boise and Coeur d'Alene.
Cheyenne’s urban growth could be partially due to shifts in migration patterns. At the height of the pandemic, most newcomers to Cheyenne were coming from out of state, perhaps drawn by the quiet and spaciousness of rural Wyoming. But since 2022, the share of migration to Cheyenne from within Wyoming has grown – coinciding with the population increase in its urban areas and suggesting that Cheyenne's amenities are attracting more residents statewide.
This growing intra-state migration to Cheyenne’s urban areas underscores the city’s evolving role as a hub within Wyoming, appealing not just to newcomers from outside the state but increasingly to Wyoming residents seeking the benefits of a more urban lifestyle relative to the rest of the state.
The Mountain States are solidifying their status as key migration hubs in the U.S., driven by economic opportunities, affordable living, and lifestyle appeal. Between September 2023 and September 2024, Idaho, Nevada, and Wyoming all experienced significant population growth due to inbound domestic migration. In Idaho, newcomers from neighboring states are boosting the population of the Gem State’s major metro areas. Meanwhile the Cheyenne, Wyoming, CBSA is emerging as a focal point for intra-state migration, with urban Cheyenne seeing particularly pronounced growth. And in Nevada, suburban hubs like Henderson and Enterprise are welcoming new arrivals seeking a balance of suburban comfort and economic potential. With the cost of living continuing to increase – and the Mountain region offering something for everyone through its various states – Idaho, Nevada, and Wyoming are likely to remain top migration destinations in 2025 and beyond.
2024 has been another challenging year for retailers. Still-high prices and an uncertain economic climate led many shoppers to trade down and cut back on unnecessary indulgences. Value took center stage, as cautious consumers sought to stretch their dollars as far as possible.
But price wasn’t the only factor driving consumer behavior in 2024. This past year saw the rise of a variety of retail and dining trends, some seemingly at odds with one another. Shoppers curbed discretionary spending, but made room in their budgets for “essential non-essentials” like gym memberships and other wellness offerings. Consumers placed a high premium on speed and convenience, while at the same time demonstrating a willingness to go out of their way for quality or value finds. And even amidst concern about the economy, shoppers were ready to pony up for specialty items, legacy brands, and fun experiences – as long as they didn’t break the bank.
How did these currents – likely to continue shaping the retail landscape into 2025 – impact leading brands and categories? We dove into the data to find out.
Bifurcation has emerged as a foundational principle in retail over the past few years: Consumers are increasingly gravitating toward either luxury or value offerings and away from the ‘middle.’ Add extended economic uncertainty along with rapid expansions and product diversification from top value-oriented retailers, and you have an explosion of visits in the value lane.
But we are seeing a ceiling to that growth – especially in the discount & dollar store space. Throughout 2023 and the first part of 2024, visits to discount & dollar stores increased steadily. But no category can sustain uninterrupted visit growth forever. Since April 2024, year–over-year (YoY) foot traffic to the segment has begun to slow, with September 2024 showing just a modest 0.8% YoY visit increase.
Discount & dollar stores, which attract lower-income shoppers compared to both grocery stores and superstores, have also begun lagging behind these segments in visit-per-location growth. In Q3, the average number of visits to each discount and dollar store location remained essentially flat compared to 2023 (+0.2%), while visits per location to superstores and grocery stores grew by 2.8% and 1.0%, respectively. As 2024 draws to a close, it is the latter segments, which appeal to shoppers with incomes closer to the nationwide median of $76.1K, which are seeing better YoY performance.
The deceleration doesn’t mean that discount retailers are facing existential risk – discount & dollar stores are still extremely strong and well-positioned with focused offerings that resonate with consumers. The visitation data does suggest, however, that future growth may need to focus on initiatives other large-scale fleet expansions. Some of these efforts will involve moving upmarket (see pOpShelf), some will focus on fleet optimization, and others may include new offerings and channels.
Return of the middle anyone?
Still, in an environment where consumers have been facing the compounded effects of rising prices, value remains paramount for many shoppers. And brands that have found ways to let customers have their cake and eat it too – enjoy specialty offerings and elevated experiences without breaking the bank – have emerged as major visit winners this year.
Trader Joe’s, in particular, has stood out as one of the leading retail brands for innovative value in 2024, a trend that is expected to continue into 2025.
Trader Joe’s dedicated fan base is positively addicted to the chain’s broad range of high-quality specialty items. But by maintaining a much higher private label mix than most grocers – approximately 80%, compared to an industry average of 25% to 30% – the retailer is also able to keep its pricing competitive. Trader Joe’s cultivates consumer excitement by constantly innovating its product line – there are even websites dedicated to showcasing the chain’s new offerings each season. In turn, Trader Joe’s enjoys much higher visits per square foot than the rest of the grocery category: Over the past twelve months, Trader Joe’s drew a median 56 visits per square foot – compared to 23 for H-E-B, the second-strongest performer.
Casual dining chain Chili’s has also been a standout on the disruptive value front this past year – offering consumers a full-service dining experience at a quick-service price point.
Chili’s launched its Big Smasher Burger on April 29th, 2024, adding the item to its popular ‘3 for Me’ offering, which includes an appetizer, entrée, and drink for just $10.99 – lower than than the average ticket at many quick-service restaurant chains. The innovative promotion, which has been further expanded since, continues to drive impressive visitation trends. With food-away-from-home inflation continuing to decelerate, this strategy of offering deep discounts is likely to continue to be a key story in 2025.
Convenience is king, right?
Well, probably not. If convenience truly were king, visitors would orient themselves to making fewer, longer visits to retailers – to minimize the inconvenience of frequent grocery trips and spend less time on the road. But analyzing the data suggests that, while consumers may want to save time, it is not always their chief concern.
Looking at the superstore and grocery segments (among others) reveals that the proportion of visitors spending under 30 minutes at the grocery store is actually increasing – from 73.3% in Q3 2019 to 76.6% in Q3 2024. This indicates that shoppers are increasingly willing to make shorter trips to the store to pick up just a few items.
At the same time, more consumers than ever are willing to travel farther to visit specialty grocery chains in the search of specific products that make the visit worthwhile.
Cross visitation between chains is also increasing – suggesting that shoppers are willing to make multiple trips to find the products they want – at the right price point. Between Q3 2023 and Q3 2024, the share of traditional grocery store visitors who also visited a Costco at least three times during the quarter grew across chains.
Does this mean convenience doesn’t matter? Of course not. Does it indicate that value, quality and a love of specific products are becoming just as, if not more, important to shoppers? Yes.
The implications here are very significant. If consumers are willing to go out of their way for the right products at the right price points – even at the expense of convenience – then the retailers able to leverage these ‘visit drivers’ will be best positioned to grow their reach considerably. The willingness of consumers to forego convenience considerations when the incentives are right also reinforces the ever-growing importance of the in-store experience.
So while convenience may still be within the royal family, the role of king is up for grabs.
Convenience may not be everything, but the drive for quicker service has emerged as more important than ever in the restaurant space. Diners want their fast food… well, as fast as possible. And to meet this demand, quick-service restaurants (QSRs) and fast-casual chains have been integrating more technology into their operations. Chipotle has been a leader in this regard, unveiling the “Autocado” robot at a Huntington Beach, California location last month. The robot can peel, pit, and chop avocados in record time, a major benefit for the Tex-Mex chain.
And the Autocado seems to be paying off. The Huntington Beach location drew 10.0% more visits compared to the average Chipotle location in the Los Angeles-Long Beach-Anaheim metro area in Q3 2024. Visitors are visiting more frequently and getting their food more quickly – 43.9% of visits at this location lasted 10 minutes or less, compared to 37.5% at other stores in the CBSA.
Are diners flocking to this Chipotle location to watch the future of avocado chopping in action, or are they enticed by shorter wait times? Time will tell. But with workers able to focus on other aspects of food preparation and customer service, the innovation appears to be resonating with diners.
McDonald’s, too, has leaned into new technologies to streamline its service. The chain debuted its first (almost) fully automated, takeaway-only restaurant in White Settlement, TX in 2022 – where orders are placed at kiosks or on app, and then delivered to customers by robots. (The food is still prepared by humans.) Unsurprisingly, the restaurant drives faster visits than other local McDonald’s locations – in Q3 2023, 79.7% of visits to the chain lasted less than 10 minutes, compared to 68.5% for other McDonald’s in the Dallas-Fort Worth-Arlington, TX CBSA. But crucially, the automated location is also busier than other area McDonald’s, garnering 16.8% more visits in Q3 than the chain’s CBSA-wide average. And the location draws a higher share of late-night visits than other area McDonald’s – customers on the hunt for a late-night snack might be drawn to a restaurant that offers quick, interaction-free service.
Changing store formats is another key trend shaping retail in 2024. Whether by reducing box sizes to cut costs, make stores more accessible, or serve smaller growth markets – or by going big with one-stop shops, retailers are reimagining store design. And the moves are resonating with consumers, driving visits while at the same improving efficiency.
Macy’s, Inc. is one retailer that is leading the small-format charge this year. In February 2024, Macy’s announced its “Bold New Chapter” – a turnaround plan including the downsizing of its traditional eponymous department store fleet and a pivot towards smaller-format Macy’s locations. Macy’s has also continued to expand its highly-curated, small-format Bloomie’s concept, which features a mix of established and trendy pop-up brands tailored to local preferences.
And the data shows that this shift towards small format may be helping Macy’s drive visits with more accessible and targeted offerings that consumers can enjoy as they go about their daily routines: In Q3 2024, Macy’s small-format stores drew a higher share of weekday visitors and of local customers (i.e. those coming from less than seven miles away) than Macy’s traditional stores.
Small-format stores are also making inroads in the home improvement category. The past few years have seen consumers across the U.S. migrating to smaller suburban and rural markets – and retailers like Harbor Freight Tools and Ace Hardware are harnessing their small-format advantage to accommodate these customers while keeping costs low.
Harbor Freight tools and Ace Hardware’s trade areas have a high degree of overlap with some of the highest growth markets in the U.S., many of which have populations under 200K. And while it can be difficult to justify opening a Home Depot or Lowe’s in these hubs – both chains average more than 100,000 square feet per store – Harbor Freight Tools and Ace Hardware’s smaller boxes, generally under 20,000 square feet, are a perfect fit.
This has allowed both chains to tap into the smaller markets which are attracting growing shares of the population. And so while Home Depot and Lowe’s have seen moderate visits declines on a YoY basis, Harbor Freight and Ace Hardware have seen consistent YoY visit boosts since Q1 2024 – outperforming the wider category since early 2023.
Are smaller stores a better bet across the board? At the end of the day, the success of smaller-format stores depends largely on the category. For retail segments that have seen visit trends slow since the pandemic – home furnishings and consumer electronics, for example – smaller-format stores offer brands a more economical way to serve their customers. Retailers have also used smaller-format stores to better curate their merchandise assortments for their most loyal customers, helping to drive improved visit frequency.
That said, a handful of retailers, such as Hy-Vee, have recently bucked the trend of smaller-format stores. These large-format stores are often designed as destination locations – Hy-Vee’s larger-format locations usually offer a full suite of amenities beyond groceries, such as a food hall, eyewear kiosk, beauty department, and candy shop. Rather than focusing on smaller markets, these stores aim to attract visitors from surrounding areas.
Visit data for Hy-Vee’s large-format store in Gretna, Nebraska indicates that this location sees a higher percentage of weekend visits than other area locations – 37.7% compared to 33.1% for the chain’s Omaha CBSA average – as well as more visits lasting over 30 minutes (32.9% compared to 21.9% for the metro area as a whole). For these shoppers, large-format, one-stop shops offer a convenient – and perhaps more exciting – alternative to traditionally sized grocery stores. The success of the large-format stores is another sign that though convenience isn’t everything in 2024, it certainly resonates – especially when paired with added-value offerings.
Many retail brands have entrenched themselves in American culture and become an extension of consumers' identities. And while some of these previously ubiquitous brands have disappeared over the years as the retail industry evolved, others have transformed to keep pace with changing consumer needs – and some have even come back from the brink of extinction. And the quest for value notwithstanding, 2024 has also seen the resurgence of many of these (decidedly non-off-price) legacy brands.
In apparel specifically, Gap and Abercrombie & Fitch – two brands that dominated the cultural zeitgeist of the 1990s and early 2000s before seeing their popularity decline somewhat in the late aughts and 2010s – may be staging a comeback. Bed Bath & Beyond, a leader in the home goods category, is also making a play at returning to physical retail through partnerships.
Anthropologie, another legacy player in women’s fashion and home goods, is also on the rise. Anthropologie’s distinctive aesthetic resonates deeply with consumers – especially women millennials aged 30 to 45. And by capturing the hearts of its customers, the retailer stands as a beacon for retailers that can hedge against promotional activity and still drive foot traffic growth.
And visits to the chain have been rising steadily. In Q4 2023, the chain experienced a bigger holiday season foot traffic spike than pre-pandemic, drawing more overall visits than in Q4 2019. And in Q3 2024, visits were higher than in Q3 2023.
And speaking of the 35 to 40 set – the generation that all retailers are courting? Millennials. Does that sound familiar? Yes, because this is the same generational cohort that retailers tried to target a decade ago. As millennials have aged into the family-formation stage of life, their retail needs have evolved, and the industry is now primed to meet them.
From the revival of nostalgic brands like the Limited Too launch at Kohl’s to warehouse clubs expanding memberships to younger consumers as they move to suburban and rural communities, there are myriad examples of retailers reaching out to this cohort. And Sam’s Club offers a prime example of this trend.
Over the past few years, millennials and Gen-Zers have emerged as major drivers of membership growth at Sam’s Club, drawn to the retailer’s value offerings and digital upgrades – like the club’s Scan & Go technology. Over the same period, Sam’s Club has grown the share of “Singles and Starters” households in its captured market from 6% above the national benchmark in Q3 2019 to 15% in Q3 2024. And with plans to involve customers in co-creating products for its private-label brand, Sam’s Club may continue to grow its market share among this value-conscious – but also discerning and optimistic – demographic.
Millennials are also now old enough to wax nostalgic about their youth – and brands are paying attention. This summer, Taco Bell leaned into nostalgia with a promotion bringing back iconic menu items from the 60s, 70s, 80s, and 90s – all priced under $3. The promotion, which soft-launched at three Southern California locations in August, was so successful that the company is now offering the specials nationwide. The three locations that trialed the “Decades Menu” saw significant boosts in visits during the promotional period compared to their daily averages for August. And people came from far and wide to sample the offerings – with a higher proportion of visitors traveling over seven miles to reach the stores while the items were available.
Hot on the heels of a tumultuous 2023, 2024’s retail environment has certainly kept retailers on their toes. While embracing innovative value has helped some chains thrive, other previously ascendant value segments, including discount & dollar stores, may have reached their growth ceilings. Consumers clearly care about convenience – but are willing to make multiple grocery stops to find what they need. At the same time, legacy brands are plotting their comeback, while others are harnessing the power of nostalgia to drive millennials – and other consumers – through their doors.
