Oxford Street, which is renowned as one of the prime retail destinations in London, is currently facing significant challenges in the aftermath of the pandemic. A recent report by RSM indicates that footfall on the famous shopping street dropped by 37% in October compared to the previous month. This decline is even larger than the overall average in the UK, which stands at 28%. In addition, across the whole of the UK, footfall was 31% lower last month compared to the same period in 2020.
Although Oxford Street experienced a decline in footfall, other key shopping areas fared even worse. Examples include Manchester’s Market Street and Guildford High Street, which both saw a drop of 38% in footfall during October.
The report attributes the general decline in footfall to economic and political uncertainty faced by consumers, which was further exacerbated last month. Additionally, the passing of the Queen in September, especially in London, contributed to the drastic fall in footfall.
Jacqui Baker, partner and head of retail at RSM UK, commented on the situation, highlighting that retailers are bearing the brunt of the decline in footfall. She emphasized the impact of recent economic uncertainties on consumers and stated that retailers are now heavily relying on Black Friday and the upcoming Christmas period to attract shoppers to the high street. However, the report suggests that the Golden Quarter, traditionally a crucial period for retailers, has not met expectations thus far. Consequently, retailers need to be prepared in case this trend continues until the end of the year, potentially leading to a challenging reality in January.
Useful links:
1. “Retailers Brace for Tough Christmas Amid Rising Costs and Supply Chain Dysfunction”
2. “UK Retail Sales Slide as Supply Shortages Hit”
