The NRS retail network comprises over 16,000 convenience stores, bodegas and other independent retailers in urban neighborhoods nationwide
Consumer spending at NRS retailers surged in July 2022 – increasing 9.2% year over year and 6.5% from June
NEWARK, N.J., Aug. 04, 2022 (GLOBE NEWSWIRE) -- NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) nationwide point-of-sale (POS) platform, today announced comparative same-store sales results for July, 2022.
The NRSInsights Same-Store Retail Sales Report for July, 2022 is the first in a planned series. The report is intended to provide timely topline data reflective of sales at its network of independent, urban, retail stores.
Over the prior eleven months, the three-month rolling average of the NRS same store retail sales data have exhibited a statistically significant correlation with the US Commerce Department’s Advance Monthly Retail Trade data excluding food services (r =0.725, p = 0.012).
The US Commerce Department’s Advance Monthly Retail Sales for Retail and Food Service is typically released between the 14th and 17th days of the subsequent month. NRSInsights intends to release its Same-Store Retail Sales Report on or before the 5th business day of the subsequent month.
The NRSInsights data have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, or other factors that may facilitate comparisons to other periods, to other same store retail sales data, or to the US Commerce Department’s retail data.
NRS POS Network
NRS operates the largest POS network for independent retailers in the US, aggregating data from over 16,000 POS terminals. Its platform predominantly serves urban, small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, and tobacco and sundries sellers. The network includes retailers in all 50 states and in 188 of the 210 designated market areas (DMAs) in the US. Over the past twelve months, NRS’ POS terminals processed $11.5 billion in sales through approximately 840 million transactions.
“The NRS POS platform is well positioned to provide data reflective of consumer trends in the urban retail convenience store market,” said Suzy Silliman, SVP, Data Strategy and Sales at NRS. “The convenience stores, bodegas, and other independent retailers that we serve are typically the ‘go-to’ neighborhood retailers for daily essentials and convenience items. Because these stores are typically not served by other POS platforms and because they process a significant proportion of purchases from customers paying in cash or with store credit, there are no qualitatively equivalent sources of transaction-level data.”
July 2022 Retail Data Highlights
NRS comparative same-store sales highlights for July, 2022 are as follows:
- Same-store sales increased 9.2% compared to July, 2021 and 6.5% compared to the preceding month, June 2022. Year over year sales increases were largest on sales of non-alcoholic beverages and beer;
- Year to date, same-store sales increased 8.6% compared to the comparable period in 2021;
- For the three months ended July 31, 2022, same-store sales increased 8.8% compared to the three months ended July 31, 2021;
- The number of items sold increased 8.1% compared to July, 2021 and 5.5% compared to June, 2022;
- The average number of transactions per store increased 5.4% compared to July, 2021 and increased 4.9% compared to June, 2022;
- A dollar weighted average of the top 500 items purchased in July showed the average price increasing 2.9% year over year.
“NRS same-store sales data for July 2022 reflect robust spending increases by urban consumers across product categories, as sales increased 9.2% compared to July 2021 and 6.5% compared to June,” said Silliman. “Our retailers fared very well during 2021 despite the ongoing challenges of the COVID-19 pandemic, and this year’s sales to date reflect sustained, robust increases in consumer spending. The data further suggest that inflationary price increases for everyday sundries, beverages and foodstuffs at our stores are, to date, more moderate than the Commerce Department’s, broad-market, headline retail inflation rates.”
Same-store data comparisons of July 2022 with July 2021 are derived from analysis of approximately 50 million transactions processed through the 10,791 stores on the NRS network that scanned transactions in both July, 2022 and 2021. Same-store data comparisons of July 2022 data with June 2022 data are derived from analysis of approximately 83 million transactions processed through 15,502 stores. The table below provides historical comparative data based on trailing three-month moving averages compared to the same periods in the prior year:
About National Retail Solutions (NRS):
National Retail Solutions operates a point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers and bodega owners nationwide. Retailers utilize NRS offerings to process transactions and manage operations more effectively. Advertisers access the terminal’s digital display network to reach these retailers’ massive, predominantly urban customer bases. Consumer packaged goods (CPG) suppliers leverage the NRS platform to provision promotions, coupons and special offers to independent retailers. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRS Data Contact:
Suzy Silliman
SVP, Data Strategy and Sales at NRS
National Retail Solutions
suzy.silliman@nrsplus.com
IDT Corporation Contact:
Bill Ulrey
(973) 438-3034
william.ulrey@idt.net
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