Placer Bytes: Tractor Supply and Camping World
In this Placer Bytes, we dive into Tractor Supply’s impressive growth, explore Camping World’s strong start to 2021, and look at performance of some of Gap Inc.’s various brands.
Tractor Supply: Ahead of the Pack
The Home Improvement sector does not seem to be slowing down, but even within this highly successful sector, Tractor Supply’s growth stands out. Already before the pandemic, the brand’s monthly visits were growing at a much higher rate than competitors - a huge statement considering the power of brands like Home Depot. And while all home improvement brand’s got a pandemic-boost, Tractor Supply’s year-over-two-years monthly visits are continuing their dramatic rise during the recovery period – despite the return to pre-pandemic routines and the reduced growth in visits across home improvement brands.
The impressive trajectory speaks volumes about the brand’s unique potential in one of retail’s hottest sectors, especially as they cut into the wider visit share of the sector’s leaders.
Camping World’s Ascent
Camping World did not have the greatest 2019, but their pandemic performance has been remarkably strong. Whether because of furloughed Americans looking for ways to save on rent, work from home driving a focus on a more flexible lifestyle or travelers looking for a domestic adventure, monthly visits to Camping World took off.
And foot traffic data from the January-June 2021 seems to indicate that Camping World’s strength is here to stay. So far, every single month in 2021 has seen a double-digit visit increase when compared to the same month in 2019. Whatever the cause – Camping World is strongly positioned to have an exceptional 2021 and beyond.
Mind the Gap
Gap’s recent announcement that it will shutter all its UK stores came less than a year after its October 2020 announcement that the company planned to close 350 Gap and Banana Republic stores in the United States by 2023.
But it’s still far too early to eulogize Gap. In addition to its namesake brand, Gap Inc. also owns the Banana Republic, Old Navy, and Athleta brands – and before the pandemic hit, Banana Republic, Old Navy and Athleta were all seeing significant visit increases.
And the pattern has continued into 2021. The surge in athleisure interest has pushed Athleta to significant visit growth since March when compared to 2019 equivalents. And Old Navy, which was also doing quite well before COVID, seems to have mostly recovered, with the year-over-two-year visit gap shrinking to 5.8% and 4.2% in May and June, respectively.
The clear takeaway is that while Gap may have work to do in evolving its namesake brand, it still controls assets that are performing incredibly well. Should the company prove capable of upgrading the performance of Gap locations while maintaining the strength of Old Navy and Athleta, the coming years could be especially kind.
Will Tractor Supply and Camping World continue their ascent? Will Old Navy experience a full recovery?
Visit Placer.ai to find out.
