Oxford Street, known as the busiest shopping destination in the UK, has received a much-needed boost in footfall thanks to international travelers. In July, the number of overseas visitors increased by 24% compared to the previous month, indicating a positive upward trend in international travel. The analysis conducted by RSM UK, based on data from Datscha, supports this finding.
This increase in footfall is not exclusive to Oxford Street alone. Other cities like Leeds, Brighton, and Newcastle have also seen significant growth in visitor numbers, with increases of 26%, 19%, and 14% respectively. The report suggests that major events like the Women’s Euros, with the finals held at Wembley, have played a role in attracting international tourists to the UK.
Several factors have contributed to the rise in footfall during July. The prolonged period of hot weather and the start of the school summer holidays have likely enticed more people to go out shopping. Interestingly, despite external factors like rail strikes, footfall levels have remained robust, defying the falling consumer confidence trend that hit an all-time low in July.
Jacqui Baker, partner and head of retail at RSM UK, commented on the situation, highlighting that retailers are currently benefiting from the increased footfall. However, she warned of a potential lag effect, suggesting that footfall could eventually follow the decreasing consumer confidence trend. As the retail sector is anticipated to face challenges in the coming months, such as the expected rise in energy bills in October, it is crucial for retailers to find ways to cut costs and attract customers to their stores.
Baker also noted an opportune time for the government to step in and provide additional assistance to the retail sector. Without support, retailers could face a turbulent road ahead. Although the positive footfall levels in July offer a glimmer of hope for the retail industry, it remains to be seen how the sector will fare in the future.
Useful Links:
1. Oxford Street – Visit London
2. Oxford Street Footfall Enjoys a Much-Needed Boost
