Tractor Supply is opening new stores and gaining new customers. The retailer ended its third quarter with 12 new namesake stores, for a total of 1,967 in 49 states. It also added more than 5 million new loyalty club members this year, according to Telsey Research Group, for a total of more than 22 million.
Those members spend about triple what non-members do and account for almost 70% of Tractor Supply’s sales, CEO Hal Lawton told analysts last week, according to a Seeking Alpha transcript. In Q3, the number of high-value customers in the program grew almost 30%, and their retention rate continues to top 95%, he said.
Most of Tractor Supply’s new customers are aged 18 to 45 years old, a typically higher-spending group, according to research from Telsey Advisory Group.Retail Dive