The state of local retail 2020: Richmond, VA.
We analyzed transactions for every day of the 2019 calendar year at over 40,000 local retail businessses across the United States, including Richmond. 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 Richmond retail businesses.
2020 has been a challenge for local businesses across the U.S., and there's no question that local retailers in Richmond 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. According to our data, the average Richmond retail business saw total consumer spending from April through October, 2020 drop 21% compared to the same timeframe in 2019. Additionally, 11% of retailers in Richmond that were transacting before the pandemic hit were 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.
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How much do retail shops in Richmond make on an average day?
On a given day, retail shops in Richmond brought in $1,073 in revenue. On a typical day, the average retail business also processed about 14 transactions while seeing customers spend an average of $78.67 per ticket.
| Sales Revenue | Transactions | Ticket Size |
| $1,073 | 14 | $78.67 |
What days of the week are retail shops in Richmond busiest?
Fridays and Saturdays are busy at retail shops across the country, and things were no different for Richmond retail businesses.
Fridays were particularly big, as 19% of all retail revenue in Richmond came in on that day alone. On average, only 44% of retailers keep their doors open on Sundays in Richmond, 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 Richmond retail businesses processing an average of 17 transactions per day.
Richmond locals spend more per transaction on weekdays, with Mondays claiming the largest average ticket size of the week at $84.61 per ticket. Locals are the most frugal on Sundays, when they spent an average of $20.60 less than on Mondays.
What time of year do retail shops in Richmond make the most money?
Richmond locals clearly love to shop regardless of the season, but what does the average year look like from week to week at retail shops in Richmond? Let's take a look.
Top 5 days for Richmond retail businesses.
| #1 | #2 | #3 | #4 | #5 |
5/1/19 |
11/29/19 Black Friday |
3/1/19 |
4/24/19 |
12/14/19 |
| Wednesday | Friday | Friday | Wednesday | Saturday |
Richmond 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 | 347 | -60.90% | 31% | $1,063 | -1.00% | 18 | 31.80% | $59.14 | -24.80% |
| Super Bowl Sunday | 360 | -67.80% | 42% | $648 | -39.70% | 12 | -9.00% | $52.17 | -33.70% |
| Valentine's Day | 49 | 30.30% | 88% | $1,247 | 16.20% | 18 | 33.00% | $68.73 | -12.60% |
| St. Patrick's Day | 318 | -49.30% | 42% | $1,022 | -4.80% | 15 | 8.20% | $69.24 | -12.00% |
| Easter Weekend | 65 | 26.40% | 87% | $1,220 | 13.70% | 16 | 17.70% | $75.96 | -3.40% |
| Easter Weekend | 99 | 18.10% | 73% | $1,353 | 26.00% | 21 | 56.20% | $63.47 | -19.30% |
| Easter Sunday | 363 | -79.20% | 25% | $694 | -35.30% | 14 | 1.10% | $50.30 | -36.10% |
| Cinco de Mayo | 313 | -43.60% | 50% | $955 | -11.00% | 12 | -10.70% | $78.34 | -0.40% |
| Mother's Day Weekend | 31 | 37.40% | 92% | $1,254 | 16.90% | 18 | 34.60% | $68.30 | -13.20% |
| Mother's Day Weekend | 166 | 6.70% | 78% | $1,154 | 7.50% | 18 | 32.90% | $63.66 | -19.10% |
| Mother's Day | 336 | -57.30% | 45% | $804 | -25.10% | 13 | -5.30% | $62.21 | -20.90% |
| Memorial Day Weekend | 12 | 50.50% | 99% | $1,284 | 19.60% | 17 | 24.20% | $75.73 | -3.70% |
| Memorial Day Weekend | 192 | 3.30% | 74% | $1,172 | 9.20% | 16 | 17.30% | $73.26 | -6.90% |
| Memorial Day | 312 | -42.70% | 45% | $1,080 | 0.60% | 12 | -10.00% | $87.98 | 11.80% |
| Father's Day Weekend | 6 | 68.40% | 99% | $1,426 | 32.80% | 17 | 23.70% | $84.47 | 7.40% |
| Father's Day Weekend | 117 | 14.70% | 79% | $1,218 | 13.50% | 17 | 22.80% | $72.72 | -7.60% |
| Father's Day | 344 | -60.80% | 42% | $776 | -27.70% | 14 | 0.10% | $56.80 | -27.80% |
| 48th of July | 331 | -56.90% | 41% | $883 | -17.70% | 11 | -18.50% | $79.38 | 0.90% |
| Labor Day Weekend | 9 | 53.30% | 92% | $1,399 | 30.30% | 18 | 32.80% | $77.19 | -1.90% |
| Labor Day Weekend | 131 | 13.30% | 73% | $1,310 | 22.00% | 17 | 24.30% | $77.23 | -1.80% |
| Labor Day | 290 | -18.90% | 37% | $1,821 | 69.60% | 18 | 31.40% | $101.59 | 29.10% |
| Halloween | 203 | 2.50% | 91% | $943 | -12.20% | 11 | -16.60% | $82.79 | 5.20% |
| Thanksgiving Eve | 52 | 29.30% | 88% | $1,239 | 15.40% | 14 | 4.20% | $87.09 | 10.70% |
| Thanksgiving | 364 | -96.10% | 12% | $265 | -75.30% | 4 | -69.80% | $64.34 | -18.20% |
| Christmas Eve | 259 | -8.30% | 59% | $1,307 | 21.70% | 19 | 36.10% | $70.35 | -10.60% |
| Christmas Day | 365 | -99.30% | 4% | $138 | -87.20% | 2 | -82.90% | $58.93 | -25.10% |
| New Year's Eve | 283 | -14.80% | 76% | $948 | -11.70% | 13 | -5.60% | $73.54 | -6.50% |
Methodology
Womply analyzed daily revenue for over 40,000 retail shops in all 50 states, including Richmond, 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.