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By Karissa Neely
According to a recent Womply study, Utah is the third-ranked state for daily revenue generation.
Womply’s State of Local Retail report, which charts consumer spending patterns at small, independent retail stores in all 50 states and the District of Columbia during all 365 days of the year, shows that non-restaurant retailers see an average of 13 transactions at a $121 per-sale average nationally, resulting in daily revenue of $1,576. Utah is well above that average.
Coming in just behind Nevada and Delaware, local retailers in Utah process 20.2 transactions at $121 per purchase, which results in $2,431 in daily revenue. Compared to retailers in other states, Utah’s average daily revenue is 54.3 percent higher. Utah retailers average 55.2 percent more transactions on a daily basis and their customers spend 0.6 percent less per purchase than consumers nationally.
Local retailers in Utah typically made $17,067 each week on average in 2017, thanks to 141 weekly transactions. According to the report, independent retailers in Utah typically make $3,050 on Fridays, which is 25.4 percent better than their average day, and 57.1 percent higher than retailers nationally. On the flip-side, Sunday is typically the slowest day for retailers in Utah, generating only $744.
“Our studies of sales patterns on Main Street highlight the unique consumer-spending landscape facing small shops,” said Cory Capoccia, Womply president, in a press release. “Operating in the dark can be precarious when running a lean business, which is why we created the State of Local Retail report. We want to empower small retailers to seize growth opportunities they discover in the data set to inform their yearly forecasting and business strategies.”
The full report is available at https://womply.com/state-of-local-retail-2017/utah-retail-2017.