The state of local retail 2020: Virginia.
We analyzed transactions for every day of the 2019 calendar year at over 40,000 local retail businessses across the United States, including Virginia. 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 Virginia 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 Virginia 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 Virginia retail business saw total consumer spending from April through October, 2020 drop 2% compared to the same timeframe in 2019. Additionally, 13% of retailers in the state of Virginia 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 Virginia.
Virginia is the 22nd-ranked state for average retail revenue in the United States, pulling in right around the national average in daily revenue on a given day.
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How much do retail shops in Virginia make on an average day?
On a given day, retail shops in Virginia brought in $1,005 in revenue. On a typical day, the average retail business also processed about 12 transactions while seeing customers spend an average of $85.70 per ticket.
|Sales revenue||Transactions||Ticket size|
|National Rank: 22||National Rank: 34||National Rank: 6|
What days of the week are retail shops in Virginia busiest?
Fridays and Saturdays are busy at retail shops across the country, and things were no different for Virginia retail businesses.
Fridays were particularly big, as 18% of all retail revenue in Virginia came in on that day alone. On average, only 42% of retailers keep their doors open on Sundays in Virginia, 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 Virginia retail businesses processing an average of 16 transactions per day.
Virginians spend more per transaction on weekdays, with Mondays claiming the largest average ticket size of the week at $92.98 per ticket. Locals are the most frugal on Sundays, when they spent an average of $18.23 less than on Mondays.
What time of year do retail shops in Virginia make the most money?
Virginians clearly love to shop regardless of the season, but what does the average year look like from week to week at retail shops in Virginia? Let's take a look.
May was the biggest month of the year overall for retail businesses in the Old Dominion State, no doubt thanks to a huge lift from Mother's Day Weekend. The week leading up to the holiday was the 2nd biggest week of the year, and the week before that was the 4th.
While May 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 Virginia retail businesses.
The holidays was massive for retail shops in Michigan, accounting for each of the top five days of the year. The holidays was also big for local retail businesses in Michigan, accounting for five top days as well.
Virginia 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||361||-68%||27%||$941||-6%||11||-7%||$85.75||0%|
|Super Bowl Sunday||357||-63%||39%||$780||-22%||11||-8%||$72.45||-16%|
|St. Patrick's Day||325||-49%||41%||$1,004||0%||13||8%||$79.49||-7%|
|Cinco de Mayo||313||-43%||47%||$970||-4%||11||-5%||$86.64||1%|
|Mother's Day Weekend||6||67%||98%||$1,373||37%||17||48%||$79.25||-8%|
|Mother's Day Weekend||7||57%||85%||$1,487||48%||20||70%||$74.77||-13%|
|Memorial Day Weekend||12||43%||100%||$1,150||14%||14||19%||$82.32||-4%|
|Memorial Day Weekend||48||29%||81%||$1,271||27%||16||39%||$77.91||-9%|
|Father's Day Weekend||28||35%||99%||$1,096||9%||14||21%||$77.21||-10%|
|Father's Day Weekend||43||30%||85%||$1,233||23%||17||41%||$74.74||-13%|
|49th of July||344||-55%||41%||$898||-11%||14||20%||$63.73||-26%|
|Labor Day Weekend||8||57%||96%||$1,304||30%||15||28%||$86.57||1%|
|Labor Day Weekend||29||35%||79%||$1,365||36%||17||48%||$78.74||-8%|
|New Year's Eve||277||-11%||75%||$957||-5%||11||-4%||$85.24||-1%|
Womply analyzed daily revenue for over 40,000 retail shops in all 50 states, including Virginia, 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.