Remarkably, store traffic has surpassed pre-pandemic levels in our busiest dayparts.– Starbucks (SBUX) 2Q23 Earnings Call
On their 2Q23 earnings call, Starbucks management noted store traffic had surpassed pre-pandemic levels during their “busiest” dayparts. Earnest Foot Traffic data indicated visits to Starbucks during the Early Morning (4AM-7AM), Late Morning (10AM-12PM), and Afternoon (12PM-3PM) dayparts were ~5% to 8% above 2Q19 levels in 2Q23. However, during the Morning (7AM-10AM), Earnest data suggests visitations were actually 10% lower than 2Q19 levels. This recovery is likely thanks to a traffic rebound in suburban areas considering visits to major downtown locations continued to materially underperform as recently as January 2023.