The state of local retail 2020: Rhode Island.
We analyzed transactions for every day of the 2019 calendar year at over 40,000 local retail businessses across the United States, including Rhode Island. The result is a comprehensive look at when local retail businesses make the most money, when they process the most transactions, and when customers tend to spend a little extra when they're out shopping.
The impact of COVID-19 on Rhode Island retail businesses.
2020 has been a challenge for local businesses across the U.S., and there's no question that local retailers across the state of Rhode Island have faced unprecidented challenges all year.
So before we take a look back at 2019, it's important to keep in mind the impact that COVID-19 has had on local retailers across the state. According to our data, the average Rhode Island retail business saw total consumer spending from April through October, 2020 drop 16% compared to the same timeframe in 2019. Additionally, 15% of retailers in the state of Rhode Island that were transacting before the pandemic hit are closed as of the last week of October.
Our research has shown that some types of retail businesses have fared quite well during the pandemic (sporting goods stores, home improvement stores, etc.), while others (clothing stores, book stores, etc.) have struggled. Whether a local retail business has struggled or thrived through 2020, this report gives insight on which days and months will be extra important for retailers in this unpredictable year.
What we learned about local retail sales in Rhode Island.
Rhode Island is the 31st-ranked state for average retail revenue in the United States, pulling in 12% less in daily revenue than the national average on a given day.
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How much do retail shops in Rhode Island make on an average day?
On a given day, retail shops in Rhode Island brought in $858 in revenue. On a typical day, the average retail business also processed about 10 transactions while seeing customers spend an average of $87.56 per ticket.
|Sales revenue||Transactions||Ticket size|
|National Rank: 31||National Rank: 47||National Rank: 3|
What days of the week are retail shops in Rhode Island busiest?
Fridays and Saturdays are busy at retail shops across the country, and things were no different for Rhode Island retail businesses.
Fridays were particularly big, as 19% of all retail revenue in Rhode Island came in on that day alone. On average, only 41% of retailers keep their doors open on Sundays in Rhode Island, making it easily the slowest day of the week overall.
Among the businesses who did keep their doors open, Saturday was the busiest day of the week in terms of foot traffic, with Rhode Island retail businesses processing an average of 13 transactions per day.
Rhode Islanders spend more per transaction on weekdays, with Wednesdays claiming the largest average ticket size of the week at $98.89 per ticket. Locals are the most frugal on Sundays, when they spent an average of $40.91 less than on Wednesdays.
What time of year do retail shops in Rhode Island make the most money?
Rhode Islanders clearly love to shop regardless of the season, but what does the average year look like from week to week at retail shops in Rhode Island? Let's take a look.
The back to school shopping season was massive for retail businesses in the Ocean State. August was the biggest month of the year overall, and 3 of the top 10 weeks of the year fall during late August and early September.
While August may have been the biggest month of the year overall, the holidays was responsible for the single-biggest week of the year for Michigan restaurants: December 16th through the 22nd.
Top 5 days for Rhode Island retail businesses.
The holidays was responsible for the biggest day of the year, and a total of three of the top five days of the year overall. Labor Day was also big for local retail businesses in Michigan, accounting for the fourth biggest day of the year overall.
Rhode Island retail shops on prominent days.
Retail shops look to events and holidays to generate big sales for their business. Here’s how prominent days rank compared to the average day.
|Day rank based on total sales||How much did restaurants that were open make?|
|Day||Day Rank||Total rev vs avg||% of restaurants open||Avg rev||Rev vs avg||Avg txns||Txns vs avg||Avg ticket||Ticket vs avg|
|New Year's Day||364||-93%||16%||$278||-68%||6||-43%||$49.56||-43%|
|Super Bowl Sunday||349||-68%||33%||$619||-28%||7||-26%||$85.48||-2%|
|St. Patrick's Day||354||-72%||36%||$501||-42%||9||-11%||$57.21||-35%|
|Cinco de Mayo||351||-69%||43%||$460||-46%||8||-15%||$55.35||-37%|
|Mother's Day Weekend||12||76%||88%||$1,265||47%||14||48%||$87.33||0%|
|Mother's Day Weekend||6||88%||79%||$1,509||76%||22||122%||$69.28||-21%|
|Memorial Day Weekend||48||39%||98%||$897||5%||12||23%||$74.49||-15%|
|Memorial Day Weekend||34||49%||83%||$1,143||33%||16||67%||$69.95||-20%|
|Father's Day Weekend||32||50%||94%||$1,018||19%||13||37%||$75.82||-13%|
|Father's Day Weekend||68||32%||82%||$1,023||19%||15||49%||$70.03||-20%|
|43rd of July||347||-68%||29%||$699||-19%||17||70%||$41.90||-52%|
|Labor Day Weekend||4||98%||97%||$1,296||51%||12||18%||$112.01||28%|
|Labor Day Weekend||125||17%||81%||$914||7%||14||46%||$63.79||-27%|
|New Year's Eve||242||-15%||70%||$771||-10%||8||-17%||$95.02||9%|
Womply analyzed daily revenue for over 40,000 retail shops in all 50 states, including Rhode Island, as well as the District of Columbia for all 365 days of the 2019 calendar year. Retail businesses were only included in the analysis if they qualified as small businesses, Womply had a full year of transaction history, and the business recorded multiple transactions per day, on average.