March 12, 2024

KEPLER RETAIL MARKET INDEX (KRI) week ending 10/03/2024

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Discover key insights in the latest KRI (Kepler Retail Market Index) for the Week Ending 10th March 2024.

Weaker Than Expected Early March Trade

  • The first two weeks of March have been more challenging for retailers than we anticipated.  Passer-by traffic has been weak (down 9.5% YoY for the last two weeks) and poor Sales Conversion (down 7-8% YoY over the last two weeks) have contributed to sales being down 5.3% YoY this week (and 4.9% the prior week).
  • Our expectation was that year-on-year Passer-by traffic and Sales Conversion rates would start to trend more favourably in March as we start to anniversarise the declining sales trend which kicked in from March last year.  
  • The true weakness of early March trade is highlighted when we compare performance against the same weeks in 2022.  Passer-by traffic is down 12-14%  and Sales is down 8-9%.
  • An early Easter couldn’t come at a better time for retailers but while it should mitigate the weakness in March it is a cause for concern in April.

Did you miss our webinar? 

Get insights on Australia’s retail conditions by watching our first 2024 webinar. Danny French, David Mah, and Kylie Smart share detailed information on the Christmas and New Year trading conditions and the retail outlook for 2024.