The impact of the pandemic on UK retail footfall is gradually subsiding as the industry enters a phase of recovery. Specialist tracking company, Springboard, predicts an 8% increase in footfall during the current holiday week, offering a glimmer of hope for a sector that has faced immense pressures.
London’s West End is expected to benefit greatly from this surge in footfall, with an estimated £80 million in consumer spending anticipated from Thursday to Sunday. Should this trend be replicated across the country, it could deliver a significant boost to the overall retail sector.
Despite the holiday week, retail workers will not be getting a break as stores plan to open in order to capitalize on the heightened consumer interest generated by the school half-term holiday and the Platinum Jubilee celebration. Springboard forecasts footfall to increase by 10% on high streets across the UK, 7% in shopping centres, and 4% in retail parks.
The weather forecast for the upcoming bank holiday weekend indicates sunny conditions on Thursday and Friday, followed by showers throughout the weekend. This type of weather often leads to more shopping trips, as visits to leisure attractions and beaches may seem less appealing.
In the days leading up to the Jubilee, footfall in UK retail destinations rose by 2.3% compared to the previous week, with similar increases observed across all three major destination types. Notably, there has been a noticeable uptick in footfall in Central London, signaling a return to the office for employees at least a few days a week.
Looking ahead to the Jubilee weekend, the New West End Company foresees approximately 2.6 million domestic and international visitors flocking to central London over the four days. It is expected that these visitors will contribute around £80 million in spending, which would be a positive sign of recovery for the West End. However, the New West End Company is urging the government to reintroduce tax-free shopping for tourists and further relax Sunday trading hours to provide an additional boost to the industry.
Dee Corsi, CEO of the New West End Company, asserts that the recovery of the West End is on the right track. However, she emphasizes the importance of ensuring that the nation’s high streets and the wider country remain globally competitive. Corsi suggests exploring a simplified visa process, reintroducing tax-free shopping, and extending Sunday trading hours as potential measures to achieve this goal.
Useful links:
– Retail Gazette: UK Retail Footfall Expects 8% Rise over Holiday Week
– BBC News: West End predicts £80m spending boost during Jubilee weekend
