As expected, observed foot traffic and retail sales slowed slightly from July’s strong back-to-school showing; however, contrary to our expectation that it would slow further following back-to-school, the first half of September has demonstrated improved foot traffic momentum, especially at Walmart. We last wrote about Walmart two weeks ago after CEO Doug McMillon’s very favorable commentary at the Goldman Sachs’ investor conference. Walmart’s sustained strong foot traffic trend demonstrates that its compelling value messaging and consumers’ even greater sensitivity to inflation are leading to more foot traffic for the brand.

A retooled Wizard of Oz at Sphere in Las Vegas did around $9.3M in box office receipts for the last Thursday – Sunday period; it’s second weekend. We base the estimate on observed visits of 46K for the four-day period and a seat price of $200 per showing. There are two showings Monday – Thursday and four on Saturday and Sunday. This second weekend benefited from all of the positive buzz after the opening weekend.