The celebration of Coronation Day had a significant impact on retail footfall, with numbers dropping more than expected, according to data from MRI Springboard. On the day of the Coronation, footfall across all retail destinations in the UK was 20.6% lower compared to the previous Saturday. This decrease was even more pronounced between 10am and 3pm when the ceremony and parade took place, with a 24.6% drop in footfall.
However, while the overall trend was a decline in footfall, Central London experienced a smaller decrease in visitors due to the influx of people who came to witness the event in person. The footfall in Central London decreased by only 9.3% and between 10am and 3pm, visitor traffic was almost on par with the week before. Interestingly, non-retail areas of Central London saw an 8.5% increase compared to the previous week, indicating that people were still drawn to the city for non-shopping-related activities.
Amidst the overall decline, there were some positive pockets of news. London’s Knightsbridge, for instance, saw a notable increase in footfall, rising by 57.7% compared to the previous week between 10am and 3pm. Other parts of the UK where public screens were set up to watch the Coronation also experienced increases in footfall. For example, King Edward Street in Hull saw a 3.9% increase compared to the previous Saturday, and New George Street in Plymouth observed a 7.8% increase. However, it is worth considering that the heavy rain on the day may have deterred some individuals from venturing outside, even if they were not actively watching the events.
Looking at year-on-year comparisons, total footfall across all UK retail destinations on Coronation Day was 13.2% lower than the same day last year. In contrast, footfall in Central London was 11.3% higher than on the same Saturday in 2022, with non-retail areas of Central London experiencing a 24.3% increase. The period between 10am and 3pm saw an even more significant rise in footfall compared to the previous year, with footfall in Central London increasing by 21.5% and footfall in non-retail areas skyrocketing by 46.4%. When comparing to 2019, footfall across all UK retail destinations was down by 21.2%, but Central London only experienced a modest 6.1% decrease.
The following Sunday, footfall across the UK’s retail destinations was 6.4% lower than the previous Sunday. This decline could be attributed to many visitors who had traveled to Central London for the Coronation choosing to stay local on Sunday. In Central London specifically, footfall was 13.9% lower than the previous Sunday, and non-retail areas saw a 17.2% decrease. However, in market towns across the UK, footfall was only slightly down by 0.6% compared to the previous Sunday. Additionally, some consumers took advantage of the dry and warm weather to embark on day trips, as footfall in coastal towns was only 6% lower than the previous week’s bank holiday Sunday, and footfall in historic towns saw a slight decrease of 3.4%.
Useful links:
– Retail Gazette
– BBC Business
