Americas Branded Consumer Goods Apparel & Accessories July store traffic update

Equity Research 3 August 2026 | 2:36PM MDT

Americas Branded Consumer Goods: Apparel & Accessories: July store traffic update

In this note, we update our trackers for July store traffic on a visits per venue basis Brooke Roach, CFA | (sourced via Placer.ai) for department stores, off-price, select specialty retailers and Goldman Sachs & Co. LLC others within our coverage. Mentesnot Adamu | On balance, store traffic trends showed modest sequential improvement across our Goldman Sachs & Co. LLC coverage universe in July. Department store traffic improved, with Macy’s inflecting Carly Chasen positive and Bloomingdale’s continuing to post robust traffic growth relative to | peers. Off-price trends remained generally consistent, with Ross Dress for Less and Goldman Sachs & Co. LLC dd’s DISCOUNTS outperforming peers. At GAP, traffic trends improved across most banners as Banana Republic and Old Navy inflected to positive traffic growth. Across URBN banners, traffic trends strengthened, led by sequential improvement at Free People and Anthropologie. Within global brands, traffic remained pressured overall but improved modestly vs. June. Sportswear traffic trends remained muted, although Under Armour Outlet improved sequentially.

We provide a more comprehensive update below.

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Goldman Sachs Americas Branded Consumer Goods: Apparel &

Exhibit 1: Traffic trends for department stores were Exhibit 2: Bloomingdale’s continues to see robust traffic stronger in July vs. June growth vs. peers Monthly average visits per venue Y/Y for department stores since Monthly average visits per venue Y/Y for department stores since April 2026 (visits of all durations) January 2024 (visits of all durations)

-15% -2% Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 -4% Apr-26 May-26 Jun-26 Jul-26 Dillard's Nordstrom Bloomingdale's Dillard's Nordstrom Bloomingdale's Nordstrom Rack Kohl's Macy's Nordstrom Rack Kohl's Macy's

Source: Placer.ai, Data compiled by Goldman Sachs Global Investment Research Source: Placer.ai, Data compiled by Goldman Sachs Global Investment Research

Exhibit 3: On average, store traffic trends were largely Exhibit 4: Traffic trends for Ross Dress for Less and dd’s consistent in July vs. June for off-price retail DISCOUNTS remain robust, while trends at T.J. Maxx and Monthly average visits per venue Y/Y for off-price and thrift Marshalls have been weaker than historical trend retailers since April 2026 (visits of all durations) Monthly average visits per venue Y/Y for off-price and thrift retailers since January 2024 (visits of all durations)

-10% Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Apr-26 May-26 Jun-26 Jul-26

dd's DISCOUNTS HomeGoods T.J. Maxx dd's DISCOUNTS HomeGoods T.J. Maxx Savers Marshalls Ross Dress for Less Savers Marshalls Ross Dress for Less Burlington Burlington

Source: Placer.ai, Data compiled by Goldman Sachs Global Investment Research Source: Placer.ai, Data compiled by Goldman Sachs Global Investment Research