Nomura Securities on Americas Retailing: Retail Weekend Reading - Taking Different Paths to e-Commerce

July 13, 2012 8:14 AM EDT Send to a Friend
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Nomura Securities on Americas Retailing: Retail Weekend Reading

Analyst, Aram Rubinson, said, "Retailers have chosen different paths with respect to ecommerce. Given retailers’ stepped-up efforts, we measured their progress using Comscore’s unique visitor count each quarter. On average, Amazon’s reach was 13.6x the average retailer traffic in Q2. That compares with 12.1x seen in last year’s Q2, suggesting that Amazon’s relative reach expanded by 12%. For comparison, Amazon’s reach expanded by 18% in Q1 12 and by 16% in Q4 11. Nordstrom is one of very few retailers that actually made up ground versus Amazon in Q2. Amazon’s reach advantage vs. Nordstrom shrunk by 6% in Q2 after shrinking by 2% in Q1 11. Likewise, Amazon’s reach advantage vs. Home Depot fell by 11% in Q2 after a 5% decline in Q1. HD is the only hardlines retailer we cover that has made steady progress versus Amazon (Nasdaq: AMZN). In contrast, Amazon’s reach advantage vs. Lowe's (NYSE: LOW) expanded in Q2 (+11%) as it did in Q1 12 (+26%) and Q4 11 (+16%). Lululemon (Nasdaq: LULU) and Michael Kors (Nasdaq: KORS) had the largest gains in unique visitors in 2Q and have narrowed the gap between themselves and Amazon (but still far to go). Nordstrom (NYSE: JWN) and American Eagle (NYSE: AEO) have seen considerable traffic gains as ecommerce investments continue to bear fruit."


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