Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a account? Log In

Placer Bytes: Torrid IPO and Pet Supply Sector Update

Shira Petrack
June 23, 2021
Placer Bytes: Torrid IPO and Pet Supply Sector Update

In this Placer Bytes, we dive into Torrid and its peers and take a look at the pet supply sector's recovery.

Torrid’s IPO Announcement

Plus-sized retailer Torrid Holdings Inc. recently filed for an Initial Public Offering, two years after withdrawing its previous IPO filing. This is huge news for Torrid, and can signal good tidings for the plus-sized clothing sector as a whole. Since Torrid was acquired by Sycamore Partners in 2013, and the same private equity firm (through affiliate Premium Apparel LLC) recently acquired additional plus-size retailers Lane Bryant and Catherines, we dove into the data to compare the brands and find out – What’s so hot about Torrid?

Upward Trajectory

Compared to Torrid and Catherines, Lane Bryant is the market leader when it comes to visits, yet Torrid’s role is growing. During the period of December 2020 to May 2021, Lane Bryant attracted the highest share of visits – 57.3% were to Lane Bryant, followed by 29.6% of visits to Torrid and 13.0% to Catherines. 

However, looking at the year-over-two-years change, Torrid’s upward trajectory emerges. In the same six month period two years ago, Lane Byant enjoyed 60.1% of visits, while Torrid and Catherines received 23.0% and 16.3% of foot traffic, respectively. Torrid has also been opening new stores as Lane Bryant and Catherines were closing locations even before the July 2020 announcement that all Catherines stores and more than 150 Lane Bryant stores would be shuttered.

Torrid’s Recovery 

While many retailers have yet to reach 2019-levels of foot traffic, Torrid appears to have made a more than full recovery. With the exception of February, Torrid boasted higher foot traffic metrics every month for the last six months in comparison to those in 2019. These are impressive 2021 numbers for any apparel retailer, and they become particularly remarkable in the context of the plus-size sector’s slow recovery, and even more exciting considering the overall sector’s unique growth pattern.

Torrid Stores Draw More Customers

Torrid’s strength is further highlighted when we dive into specific Torrid and Lane Bryant locations. An analysis of five sets of neighboring Torrid and Lane Bryant stores over the past three months reveals that Torrid’s true trade area is, on average, 38.3% larger than Lane Bryant’s – meaning that customers across the country are willing to travel farther to Torrid locations than to similarly located Lane Bryant stores. Whether this speaks to a stronger reach or a more optimized retail footprint, the brand possesses a strength in maximizing the opportunity of each location.

As more traditional apparel retailers transition to more inclusive sizing, specialty brands such as Catherines and Lane Bryant that cater exclusively to plus size customers might take a hit. Despite the threats to the plus-size industry, however, one thing is certain – Torrid has had an exceptional start to 2021.

Pet Supplies Sector Update 

Although pet supply stores were deemed an essential business and allowed to remain open throughout the pandemic, the sector’s brick and mortar stores still took a hit. Many customers avoided unnecessary outings and turned to e-commerce channels for their pet supplies needs. 

The Pandemic’s Effect on the Pet Supply Sector

COVID didn’t affect all chains equally: While Pet Supplies Plus, Petco, and Petsmart managed to recover relatively quickly, exhibiting YoY growth numbers already in July 2020, other chains such as Pet Supermarket and Petland made a slower comeback. And the sector’s relative strength did not guarantee anyone’s survival – Pet Valu, which was hit particularly hard by the pandemic, announced in November 2020 that they will close all of their US stores

The Sector’s Recovery

Despite naysayers predicting the end of in-person pet supply shopping, the sector’s brick and mortar stores appear poised for a strong return. But the recovery, like the COVID closures and social distancing practices, is uneven across the leading brands. Pet Supplies Plus, Petco, and PetSmart are showing impressive increases in foot traffic compared with pre-pandemic 2019 numbers. But while Pet Supermarket has closed the COVID gap, it is still not exhibiting soaring growth, and Petland has yet to recover fully from its rough 2020. 

Why are most pet stores doing so well? One popular explanation is that pet ownership rose during the pandemic. But is this really the case? One data point driving this narrative was the apparent shortage of animals in shelters at the height of the pandemic. But according to Shelter Animal Counts, adoptions from shelters actually decreased by 17% over the pandemic. Since animal intakes at shelters also decreased, with shelters taking in 27% fewer strays and 23% fewer animals relinquished by their owners, the apparent stray shortage could be due to a fall in supply as opposed to a rise in demand. 

Another reason for the pet supply sector’s strong foot traffic numbers could be that pet owners are spoiling their pets more. After over a year of spending all day, every day at home with their pets, pet parents might feel the urge to purchase more toys, treats, and other supplies to keep their pets happy and entertained on a more constant basis. Indeed, the number of visits per customer has gone up across the board: On average, visits per customer increased by 3.5% for both Pet Supplies Plus and Petco, and by 5.3% for PetSmart. In the case of Pet Supermarket and Petland, visits per customer increased by 0.72% and 0.76%, respectively – not a dramatic boost, nevertheless inline with the general trend.

Will Torrid continue its rise to dominance? Will Petland make a comeback? 

Visit to find out. 

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 Free
Oops! Something went wrong while submitting the form.
Ollie’s Bargain Outlet and Five Below: Q1 2024 Treasure Troves
CAVA Still Going Strong
Driving Success: Auto Parts Chains in 2024
Checking in With DICK’S Sporting Goods
Mother’s Day Shopping and Dining Trends Mall Index: April 2024 Recap – Retail Resilience Heading into Spring
Dollar Stores Still Gaining Momentum
Off-Price Apparel Chains After Q1 2024: Demographics in the Balance
Walmart, Target, and Wholesale Clubs Continue to Thrive
Home Improvement and Decor Check In Office Index: April 2024 Recap – Recovery Continues
Movie Theaters in Q1 2024: A Preview of Coming Attractions?
Let’s Get Physical: Fitness In 2024
Where Are Workers Returning to Office in 2024?
2024 Wins: Sweetgreen & First Watch on the Rise
A Full-Service Turnaround: Bloomin’, Dine, and Texas Roadhouse
Wendy’s and Denny’s: Breakfast and Late Night Dining Drives Success
Coffee Chains: Q1 2024 Update and What’s Changed Since COVID
Checking in with RBI and YUM!
Chipotle & McDonald's Serving Up Success
Wingstop & Shake Shack Continue Growing Their Reach 
Strong Start for Sprouts in 2024
Crocs’ Footwear Fairytale
Who Attends NCAA Final Four Events?
Eclipse Fever: How Did the (Retail and Hospitality) Stars Align?
Exploring Albertsons Companies’ Grocery Growth Mall Index: March 2024 Recap – Malls Rise Again Office Index: March 2024 Recap
Florida Spring Break Break-Up? Travelers Still Love Florida!
Provo-Orem and Ogden-Clearfield Emerging As Utah Hotspots 
Three Formulas for Experiential Retail in 2024
Aldi & Lidl Making The Cut
Texas Suburbs on the Rise
Exploring Luxury Hotel Brands’ Guest Segmentation
The St. Patrick’s Day Effect
How Can JOANN Make a Comeback?
Panera Bread Well Positioned for Possible IPO
Who Will Benefit From Family Dollar’s Downsizing?
Dave & Buster’s and Main Event Entertainment: Food and Fun for Everyone
Darden Brands: Location Analytics and Consumer Behavior
Nike and lululemon: a Strong 2023, Sprinting into 2024
Where Is Retail and Dining Foot Traffic Thriving in Early 2024? White Paper Recap – February 2024
Three Retail & Dining Chains That May Surprise in 2024
Specialty Discount Chains Rock Retail Therapy Mall Index: February 2024 Office Index: February 2024 Recap
Ulta Beauty Continues To Shine
First Watch Sails Into 2024
Hibbett Sports and DICK’S Sporting Goods: A Psychographic Analysis
Checking in With Discount & Dollar Stores
Peeking Behind The Curtain: Movie Theaters in 2023 and Beyond
Diving Into Brick-and-Mortar Eyewear
Getting Into Gear: Exploring The Auto Part Industry
Recapping Valentine’s Day 2024 Foot Traffic Trends
Fitness: A Strong Start to 2024
Dutch Bros. Continues To Percolate Visits
Super Bowl 2024:’s Postgame Foot Traffic Analysis
CAVA & sweetgreen Are On the Rise
Hats Off For Off-Price
Who Is Shopping at Malls?
Drilling Down Into Home Improvement
Walmart, Target, Costco & Superstore Space 2023 Recap
Catching Up With Shake Shack and Wingstop
Something To Chew On: Demographic Shifts at Steakhouse Chains Office Index: Looking Back at 2023
Recapping RBI & Yum! Brands’ 2023 Foot Traffic Performance White Paper Recap – January 2024
Who Shops at Anthropologie and Urban Outfitters?
Three Taco Chains to Watch in 2024
Starbucks and Dunkin’: 2023 in Four Data Points
Who Visits CVS and Walgreens?
Fashionably Frugal: Apparel in 2023
Catching Up With Fast Food
The Grocery Sector in 2023: An End-of-Year Recap
3 Mall & Shopping Center Trends for 2024
Bakery Chains Rising To The Top and Esri Partner to Deliver Geospatial Analytics
Tampa Tourism Trends
Going For The Green: The Changing Dynamics Of Country Clubs
Christmas Day Dining Recap
Major Urban Shopping Districts – Holiday Season Recap Office Index: December 2023 Recap
Recapping the 2023 Holiday Shopping Season White Paper Recap – December 2023
7 Retail & Dining Segments to Watch in 2024
Diving Into Holiday Season Favorites
Super Saturday and Christmas Eve Eve: A Winning Combination
3 Budget Grocery Chains Finishing 2023 On a High Note
Making It In America: International Chicken Chains Bring The Heat
Domestic Tourism at a Glance: A Q3 2023 Roundup
Five Pizza Chains On The Rise
Jewelry Brands Taking Advantage of the DTC Opportunity
Secondhand News: Kids' Thrift Shops
Recapping 2023’s Dining M&As
MetLife Stadium Kicks Off Football Season Office Index: November 2023 Recap
Small Coffee Chains Brewing Big Success White Paper Recap – November 2023
Thanksgiving Travel 2023 Recap