Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a Placer.ai account? Log In

Placer Bytes: JC Penney's Buyout and Darden Restaurants

by 
Jocelyn Bauer
 on 
September 22, 2020
Placer Bytes: JC Penney's Buyout and Darden Restaurants

In this Placer Bytes we dive into the data surrounding JCPenney and Darden Restaurants. 

JCPenney's Buyout

Despite filing for bankruptcy back in May and being recently bought out by mall operators Simon Property Group and Brookfield Property Group, JCPenney’s foot traffic has been increasing since the retail economy was allowed to reopen across the country. Visits for the brand bottomed out in April, but began to bounce back during in May, with visits 88.0% down before taking a huge step forward in June, with visits reaching just 45.9% down year over year. 

But, since that point, visits have stagnated when compared to 2019 numbers. While there are clearly elements that are related to JC Penney specifically, much of the struggles have been connected with wider issues for the apparel sector, the malls that they generally call home and have been directly related to resurgences of COVID cases in key states during those months.

However, while monthly visits were at a standstill, the weekly visits began to tell a different story from the middle of the month. When looking at year-over-year weekly traffic since the beginning of August, we see traffic moving back towards 2019 levels. Traffic has improved every week since August 10th, with the week of Sept. 7th drawing visits closest to 2019 levels, with visits just 28.1% down — the closest since mid-June. With a new owner and recovering visits, the brand could be poised for a strong close to 2020.

Darden Restaurants 

It’s no surprise that the restaurant industry was among the hardest hit sectors during the pandemic, but it’s almost been one of the quickest to rebound. Darden Restaurants has seven different chains around the country, and all of them have been inching closer to pre-COVID levels. Each of these seven had positive year-over-year growth at the beginning of 2020, for both January and February, but of course, plummeted during COVID. 

Cheddar’s, LongHorn Steakhouse, Olive Garden and Eddie V’s have had the fastest recoveries of the group, with year-over-year traffic in August down 30.0%, 18.4%, 33.7% and 32.6%, respectively. And, while the other restaurants in the group were slightly behind in their recovery process, they are still continuing to push closer to 2019 levels. But, it’s also important to note that, while Seasons 52 and Yard House are recovering the slowest, with visits down 48.5% for both restaurants for August, many of their locations are in Florida — one of the hardest hit states with a recent resurgence of cases. 

Weekly visits are also on the rebound. All but Capital Grille, generated numbers for the week of Sept. 7th that were better than those at the beginning of August. And while Capital Grille is still on the rebound, it seems to be doing so at a slower rate likely because of its regional distribution and approach. 

The brand is both expensive in a time where economic uncertainty prevails and city-oriented when these have been the hardest hit areas with many cases of residents fleeing and higher income professionals not coming in as often.

Will the buyout prove to be a positive move for JCP? Can Darden’s restaurant portfolio continue to weather the post-COVID environment? Check back in the Placer.ai. 

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Placer.ai Free
Oops! Something went wrong while submitting the form.
Checking in With Nike and Lululemon
Black Friday 2023 Retail Recap
Starbucks’ 2023 Holiday Menu & Red Cup Day Performance
Turkey Wednesday 2023
Who Attended the 2023 Pickleball Championship? 
Three Surprising Holiday Shopping Trends
What’s in Store for Ulta Beauty This Holiday Season?
Best Buy and Department Stores: A Holiday Deep Dive
Discount & Dollar Stores: Strength Toward The End of the Year
The State of Off-Price Retail: Discounts Seal The Deal
Placer Mall Index Recap: October 2023
Placer.ai Office Index: October 2023 Recap
Retail Corridors Ahead of the 2023 Holiday Season
California, Here Gap Comes
Checking in With Home Improvement
Getting Into the Glasses Game: Warby Parker Takes Over
Fitness Positioned for a Strong 2023 Finish
White Paper Recap: October 2023
Coffee Giants Brewing Up Business
Popeyes and Burger King Lead the Way
Diving into Yum!
Looking Ahead to Black Friday 2023
Blockbusters Drive Movie Theater Comeback
Crocs and Boot Barn: Shoe-Ins for Success
McDonald’s and Chipotle's Winning Recipe
The State Of Steak: Checking in With Texas Roadhouse
Pleasant Pastimes: Pickleball Potential Proves Potent
Who’s Driving Downtown Manhattan’s Weekend Revival?
Diving into Downtown Manhattan Foot Traffic Trends
Rite Aid: Rightsizing Right
Major League Soccer: Its Die-Hard and Casual Fans
The Anchor Recap: September 2023
Placer.ai Office Index: September 2023 Recap
Placer Mall Index Recap: September 2023
September White Paper Recap
The Consumer Habits of College Students
JCPenney: Rightsizing and Revitalizing
Pent-Up Demand Ahead of October Sales Events
4 Strategies Retailers are Using to Drive Traffic to Their Venues
5 Key Regional Grocery Players Impressing in 2023
Upscale Kitchenware Trending Up
Costco Finds More Room for Growth
Four C-Store Chains Making an A-Grade
National Parks + Outdoor Summer Activities
Diving Into Darden: Summer 2023 Update
The Summer Event Effect
Messi: Massive in Miami
Looking Back on Back to School 2023
The Anchor Recap: August 2023
Placer.ai Office Index: August 2023 Recap
Placer.ai Mall Index: August 2023 Recap
Placer.ai White Paper Recap: August 2023
Starbucks Pumpkin Spice Latte Strikes Again
Big Scoop: We All Scream For Ice Cream
Sports Away: Lululemon & Nike’s Momentum Continues
Summer Visits Heat Up For Recreation and Outdoor Gear Chains
No CSS overwrite - July 2023 Office Index Recap
Staging - August 2023 Mall Indec
Mid-Atlantic Grocery Deep Dive
Experiential Chains Heating Up This Summer
Petco Goes Big by Going Small
Ulta Beauty: Leading the Discretionary Pack
Discount and Dollar Chains Continue to Thrive
Summer of Sports: DICK’s Sporting Goods and Hibbett Sports
Off-Price: Succeeding Into Summer
The Anchor Recap: July 2023
Superstores Maintaining Pandemic Gains Amidst Economic Headwinds
2023: Home Improvement at the Halfway Point
July 2023 Office Index Recap
Placer.ai Mall Index: July 2023 Recap
The Taylor Swift Visit Lift
Southwestern Grocery Dive
July 2023 White Paper Recap: Halfway Point Review & Quarterly Index
Yum! Brands: Driving Dining Visits
Slurpees and Summer Movies Stimulate Consumer Foot Traffic
Cool Beans: Summer Coffee Update
Checking In on Back to School 2023
Crocs and New Balance Tip The Scales
Burger Bliss: Shake Shack and In-N-Out Stacking Visits
Chipotle & McDonald's Continue to Reign Supreme
Vibenomics and Placer.ai Partner to Enhance Retail Media In-Store Measurement
California Grocers Here We Come!
Marriott’s Different Audiences
Bonchon and Kura Sushi Thrive in the Fast-Casual Scene
A Shoe In: Footwear Climbs to the Top
Cheers! Raising a Glass to Beverage Retail
Placer.ai Office Index: June 2023 Recap
Placer.ai Mall Index June 2023 Recap – A Turn of the Tide and a Dive into Open-Air Lifestyle Centers
Local Kitchens: Redefining the Restaurant
Unlocking Urban Insights: The Value in Manhattan’s Employees
Ohio State Parks On The Rise
How is Inflation Impacting the High-Income Shoppers?
Five Fast-Growing Dining Chains
What To Expect From Prime Day and July Sales Events in 2023
The State Of Fashion: How Are Apparel Retailers Faring in 2023?
2023’s Latest Dining Success Story: GEN Korean BBQ House
The NBA Finals: A Location Intelligence Perspective
Moving the Market: The Impact of Domestic Migration on Housing Costs
Post-Pandemic Museum Update
The Darden-est Things