NRS’ retail network includes more than 16.000 convenience stores, bodegas and others Iindependent traders in the country’s urban neighborhoods
consumer spending at NRS dealers leaps in July 2022 – increasing 9.2% Year after year and 6.5% from June
NEWARK, NJ, Aug. 04, 2022 (GLOBE NEWSWIRE) — NRSInsightsa provider of sales data and analytics derived from retail transactions processed through the National Retail Solutions (NRS) National Point-of-Sale (POS) platform, today announced comparative same-store sales results for July 2022.
The NRSInsights comparable store retail sales report for July 2022 is the first in a planned series. The report aims to provide up-to-date data reflecting the sales of its network of independent city retail stores.
Over the previous eleven months, the three-month moving average of NRS same-store retail sales data showed a statistically significant correlation with the U.S. Department of Commerce’s advanced monthly retail data, excluding services. restoration (r = 0.725, p = 0.012).
The U.S. Department of Commerce’s Monthly Advance Retail Sales for Retail and Foodservices are typically released between the 14e and 17e days of the following month. NRSInsights intends to release its comparable store retail sales report no later than 5e working day of the following month.
NRSInsights data has not been adjusted to reflect inflation, demographic distributions, seasonal shopping patterns, item substitution, or other factors that may facilitate comparisons to other time periods, with other comparable store retail sales data or with US Department of Commerce retail data.
NRS point of sale network
NRS operates the largest point-of-sale network for independent retailers in the United States, aggregating data from over 16,000 point-of-sale terminals. Its platform primarily serves urban, small-format, and independent retail stores, including convenience stores, bodegas, liquor stores, grocers, and tobacco and sundries vendors. The network includes retailers in all 50 states and in 188 of the 210 designated market areas (DMAs) in the United States. Over the past twelve months, NRS point-of-sale terminals processed $11.5 billion in sales through approximately 840 million transactions.
“The NRS POS platform is well positioned to provide data reflecting consumer trends in the urban convenience market,” said Suzy Silliman, SVP, Data Strategy and Sales at NRS. “The convenience stores, bodegas and other independent retailers we serve are typically the go-to neighborhood retailers for essentials and convenience items. Since these stores are generally not served by other point-of-sale platforms and process a significant proportion of purchases from customers paying with cash or store credit, there are no sources qualitatively equivalent transaction-level data.
July 2022 Retail trade Data Strong points
Comparative NRS comparable store sales highlights for July 2022 are as follows:
- Same-store sales increased 9.2% from July 2021 and 6.5% from the previous month, June 2022. Year-over-year sales increases were the largest for sales of soft drinks and beer;
- Year-to-date, comparable store sales increased 8.6% compared to the comparable period of 2021;
- For the quarter ended July 31, 2022, comparable store sales increased 8.8% compared to the quarter ended July 31, 2021;
- The number of items sold increased by 8.1% compared to July 2021 and by 5.5% compared to June 2022;
- The average number of transactions per store increased by 5.4% compared to July 2021 and by 4.9% compared to June 2022;
- A dollar-weighted average of the 500 most purchased items in July showed the average price rose 2.9% year over year.
NRS comparable store sales data for July 2022 reflects strong increases in urban consumer spending across all product categories, with sales up 9.2% from July 2021 and 6.5% from July 2021. compared to June,” Silliman said. “Our retailers have performed very well in 2021 despite the continuing challenges of the COVID-19 pandemic, and sales this year to date reflect sustained and robust increases in consumer spending. The data further suggests that inflationary increases in the prices of everyday sundries, beverages and food in our stores are, to date, more moderate than the Commerce Department’s overall retail inflation rates.
Same-store data comparisons of July 2022 with July 2021 are derived from analysis of approximately 50 million transactions processed at the 10,791 stores in the NRS network that scanned transactions in July 2022 and 2021. July 2022 data comparable stores with June 2022 data is derived from analysis of approximately 83 million transactions processed across 15,502 stores. The table below provides historical comparative data based on three-month moving averages compared to the same periods of the previous 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 use NRS offerings to process transactions and manage operations more efficiently. Advertisers access the terminal’s digital display network to reach the massive and mainly urban clientele of these merchants. Consumer Packaged Goods (CPG) vendors leverage the NRS platform to provide promotions, coupons and special offers to independent retailers. NRS is a subsidiary of IDT Corporation (NYSE:IDT).
All of the above statements that do not relate solely to 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. Although these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from results. expressed or implied by such statements due to many important factors. Our filings with the SEC provide detailed information about these statements and risks, and should be reviewed with this release. To the extent permitted by applicable law, IDT undertakes no obligation to update any forward-looking statements.
NRS data Contact:
SVP, Data Strategy and Sales at NRS
National Retail Solutions
Contact IDT Corporation:
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National Retail Solutions