Footfall in the UK suffered a blow last week as fears of increased prices and a looming recession intensified. Between May 8th and May 14th, footfall across all retail destinations in the country saw a decline of 0.7% compared to the previous week. Retail parks experienced the biggest drop, with footfall falling by 1.8%, followed by shopping centers with a decline of 2.3%. The days that saw the most significant decrease in footfall were Sunday, Thursday, and Saturday.
Moreover, footfall levels worsened compared to the same period in 2019 before the pandemic, with a 13.5% decrease compared to a 9.3% decline in the previous week. However, amid the negative trend, there were a few positive signs. High streets saw a slight increase of 0.7% in footfall compared to the previous week. Additionally, footfall in London witnessed a notable rise as workers gradually started returning to the office. Springboard’s Central London ‘Back to the Office’ benchmark reported a significant increase of 4.4%. Outer London also experienced a rise of 3.4%, while market towns saw a 2.7% increase in footfall.
Diane Wehrle, Insights Director at Springboard, highlighted that the warm and dry weather supported high streets during the week. She also noted that while footfall dropped on two days, the overall decline was balanced out by consistent activity over the remaining five days.
It is clear that concerns over rising prices and the potential recession are impacting footfall in the UK. In navigating these challenges, it will be crucial for retailers to adapt and find innovative ways to entice customers back to physical stores. The increase in footfall on high streets and in certain areas of London suggests that there is still hope for recovery. Retailers must leverage these positive signs and tailor their strategies accordingly to rebuild consumer trust and drive footfall to levels seen before the pandemic.
Useful Links:
1. BBC: UK footfall drops as concerns over rising prices and recession deepen
2. The Guardian: Footfall in UK stores slips on fears of recession and rising prices
