According to a report by RSM UK, footfall on London’s iconic Oxford Street is still struggling to rebound to pre-pandemic levels, lagging behind the wider recovery seen across the UK. The analysis reveals that footfall in Oxford Street is currently 52% lower than it was in 2019, making it the worst-hit high street in the country. This decline can be attributed to several factors, including the continued impact of hybrid working arrangements, reduced commuting into the city, and a decrease in international and business travel.
Although overall footfall in the UK experienced a modest increase of 4% month-on-month in April, this growth was driven primarily by other cities such as Leeds, Glasgow, and Manchester, which witnessed significant footfall increases of 23%, 16%, and 11% respectively. In comparison, London only managed a month-on-month footfall increase of 5% last month.
Despite some positive signs of recovery across the UK, footfall as a whole remains 28% lower than it was in 2019. Jacqui Baker, partner and head of retail at RSM UK, expressed concern over the current state of footfall in London, suggesting that the city is still operating at less than half its pre-pandemic capacity. Baker believes that this trend may persist until the summer, when an anticipated rise in international tourism is expected to lead to a significant recovery in footfall levels.
The struggle faced by Oxford Street serves as a reflection of the challenges that the retail industry has been grappling with since the onset of the COVID-19 pandemic. High streets across the country have been severely impacted by the shift towards remote work, as well as the restrictions on travel and socializing. As consumers adapted to new routines and increasingly embraced online shopping, footfall in physical retail locations suffered a sharp decline.
With restrictions gradually easing and vaccination rates on the rise, there is hope for a revival of footfall on UK high streets, including Oxford Street. However, experts anticipate that the recovery process will be gradual and contingent on various factors, such as the return of international tourists and the transition back to office-based work. Retailers will need to adapt their strategies to meet the evolving needs and preferences of consumers, integrating the lessons they have learned from the pandemic into their business models.
In conclusion, while footfall in Oxford Street continues to remain significantly lower than pre-pandemic levels, the wider UK also faces challenges when it comes to overall footfall recovery. The future of footfall on high streets hinges on the ability of retailers to adapt and innovate in response to shifting consumer behaviors and expectations.
Useful links:
– BBC: Challenges facing UK high streets
– Retail Gazette: UK high street rebound
