Discover key insights in the latest KRMI (Kepler Retail Market Index) for the week ending 11th February 2024. 

Retailers are failing to convert strong in-store foot traffic intosales

1. Strong improvement in shopfront conversion (up 11.9% YoY) drove an increase in inside traffic despite passer-by traffic declining 5.6% YoY.
2. In-store foot traffic has continued its recent run of growth (5 consecutive weeks), up 5.6% YoY.  In fact, almost all states, product categories and precincts showed YoY inside traffic growth this week (theexceptions were Tasmania, General Merchandise / Electrical and street-based shopping strips).
3. Sales Conversion continues to be problematic for retailers.  This measure hit a new low this week (down 10.9% YoY) resulting in sales transactions falling 6% YoY.
4. Sales were down 7.3% YoY due to the 6% drop in transactions combined with a 1.5% drop in average transaction values.

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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.