Sustainable footwear brand Allbirds has filed for an IPO to trade as $BIRD on the Nasdaq, joining a slew of other DTC brands going public. While Allbirds built its brand on direct e-commerce sales (almost 90% of Allbirds sales happen online), opening physical stores is increasingly important to the brand in attracting new customers, as cited in Allbirds’ S-1.
Using Earnest consumer spend data, we analyzed the degree to which Allbirds sales were impacted by new store openings in cities across the U.S. Earnest data showed that the NYC, Boston, and Seattle markets all saw a material, yet temporary pop in sales for Allbirds directly following new store openings. The D.C. store location, which opened right before COVID lockdowns, unsurprisingly did not perform as well. The San Francisco market – the original home of Allbirds, only saw a modest bump of 38% sales growth when a new store opened in fall 2019. However, the tech haven city has seen sales rebounding steadily since late 2020, showing strong 121% growth in the latest quarter (2Q2021), perhaps signifying some return-to-normalcy spending behavior among consumers in the area.
With growing consumer interest in brands founded on sustainability, the core of Allbirds’ mission, and an increase in ESG investing, it will be interesting to see how the company fares in the coming months.
To learn more about the data behind this article and what Earnest Research has to offer, visit https://www.earnestresearch.com/.
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