According to data from MRI Springboard, retail footfall in the UK saw a significant increase during the first of three public holidays in May. The week-on-week rise from Saturday to Monday was recorded at 12.9%, which aligns with the company’s prediction of a 12% increase. Overall, footfall across all retail destinations in the UK for the week rose by 3.8% compared to the previous week.
Shopping centres experienced the largest surge in footfall, with a rise of 5.3% compared to 3.5% in high streets and 3% in retail parks. Coastal towns witnessed a 4.9% increase, while historic towns recorded a 2.7% rise. On the weekend, footfall in market towns rose by 14.8% and by 10.1% in Outer London. Central London also saw a 5.2% increase over the weekend. Other UK cities experienced an uplift of 8.6%.
However, it is important to consider that MRI Springboard predicts an 8% drop in footfall for this coming Saturday, the day of the Coronation, compared to the previous week. Additionally, footfall is expected to fall by 3.5% for the following Saturday, Sunday, and Monday combined. Despite these anticipated decreases, footfall in Central London and areas with a strong brand, such as Knightsbridge, is predicted to be more resilient and benefit from the influx of visitors for the event.
Steven Medway, CEO of the Knightsbridge and King’s Road Partnerships, emphasized the importance of tourism for the economy of Knightsbridge. He anticipates that the Coronation festivities will attract 10-15% more people to the district, thus boosting the retail sector. However, he expressed disappointment with the government’s decision to withdraw tax-free shopping, which has somewhat dampened the excitement surrounding the event.
Looking ahead, it is projected that UK footfall over the same weekend in 2023 will be 4% higher than in 2022, but still 10% lower than pre-pandemic levels in 2019. Despite the challenges, the increase in footfall during the first May public holiday serves as a positive indication for the recovery of the retail sector.
Useful links:
– Retail Gazette: Footfall rises by over 12% over May bank holiday weekend
– The Telegraph: Shopping boost for UK thanks to weekend flurry of buying
