eMarketer recently published their latest retail study highlighting 9 key predictions for 2018. In the report, NinthDecimal’s President, David Staas, chimes in on how location data is changing the retail industry’s view of shoppers.
“When we look at patterns—such as who are the people coming to the malls, where are the places they live—suddenly, it’s a very different view of what your effective trade area is and maybe smaller or larger,” said David Staas, president of NinthDecimal, a marketing platform focused on location data.
The report also noted the unexpected growth of stores in the US which is growing.
- According to retail advisory firm IHL Group, retail chains will close 10,168 stores this year but will open 14,248 stores, suggesting a net of 4,080 new stores. Smaller retailers will add an additional 10,000 stores.
- Retail sales in the US will grow 3.8% in 2017, eMarketer estimates. A good portion of the growth is coming from Amazon and eCommerce—but not all. Brick-and-mortar retail sales will grow 2.8%, which works out to more than $100 billion for the year.
- The focus on store closures and declining comps (same-store sales) at major retailers has overshadowed continued growth at a number of companies.
For more details about how to access the full report, go to the eMarketer website.