NRSInsights' September 2023 Retail Same-Store Sales Report
NRSInsights, a leading provider of sales data and analytics, has reported impressive same-store sales growth for September 2023. According to their data, retailers using the National Retail Solutions (NRS) point-of-sale (POS) platform experienced a 6.1% increase in same-store sales compared to September 2022. On a sales-per-calendar-day basis, there was a 1.7% increase compared to August 2023.
The data reflects a continued upward trend in sales and highlights the resilience of independent retailers in the face of inflationary pressures. Suzy Silliman, SVP of Data Strategy and Sales at NRS, noted that the top-selling 500 items saw a weighted year-over-year price per unit increase of 5.3% in September, indicating the impact of rising prices. However, despite these challenges, retailers using the NRS POS platform have managed to sustain strong growth.
One notable area of growth in September was the “baking” and “cooking” related grocery categories. NRS stores saw double-digit growth in baking staples and supplies, baking mixes, sugar/sweeteners, pasta/rice/grains, herbs/seasoning/spices, and sauces/gravy/marinades. This suggests that consumers are increasingly turning to home cooking and baking, possibly as a result of spending more time at home.
Another interesting trend highlighted by the data is the growing popularity of pre-made wine and spirits-based cocktails. Wine & Spirits sales experienced strong year-over-year increases in September, while sales of alcoholic beverage mixers decreased. This indicates a shift in consumer preferences towards convenience and ready-to-drink options.
NRS’ urban retailers have consistently outperformed the U.S. Commerce Department’s comparable retail same-store metric over the past ten months. Their three-month rolling year-over-year same-store sales increase of 5.7% has been, on average, 5.1% higher than the national average. This demonstrates the effectiveness of the NRS POS platform in helping independent retailers thrive in competitive urban markets.
The NRS network comprises approximately 26,700 active POS terminals operating in approximately 23,200 independent retail stores across all 50 states. Over the past twelve months, NRS’ POS terminals have processed an impressive $16.3 billion in sales through approximately 1.16 billion transactions. This highlights the scale and reach of the NRS platform and its significant contribution to the success of independent retailers nationwide.
National Retail Solutions (NRS) is a subsidiary of IDT Corporation, a leading provider of telecommunications and payment services. NRS operates the largest POS terminal-based platform and digital payment processing service for independent retailers, helping them process transactions and manage operations more effectively. Additionally, NRS provides valuable insights to consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers, enabling them to reach a diverse shopper base and identify growth opportunities.
The positive growth in same-store sales reported by NRSInsights reflects the resilience and adaptability of independent retailers. Despite inflationary pressures and changing consumer preferences, retailers using the NRS POS platform have managed to thrive and outperform national averages. This success is a testament to the effectiveness of NRS’ solutions and the strength of the independent retail sector.