The retail footfall in the UK saw a significant boost in April, thanks to the four-day Easter weekend. This positive trend is expected to continue into May, as there are three public holidays lined up. The latest data from MRI Springboard reveals that footfall in April increased by 7.2% compared to March, reversing the previous drop of 2.8% from February to March. The week of Good Friday and Easter Saturday experienced a remarkable surge in footfall of 14.2% compared to the previous week, thanks to the favorable weather conditions. However, footfall dipped by 10.2% in the subsequent week due to Easter Sunday and Easter Monday. Nevertheless, it rebounded in the third and fourth weeks of the month, with increases of 1.7% and 3.8% respectively.
During the Easter period, high streets witnessed the highest increase in footfall, rising by 9.5% from March to April. Retail parks and shopping centers also saw increases of 5.1% and 4.6% respectively. Furthermore, the gap in footfall from 2019 narrowed in April, with a decrease of only 12% compared to the 14.9% decrease in March. Additionally, footfall showcased a positive year-on-year change, increasing by 4.7% compared to just 0.7% in March.
MRI Springboard is optimistic about the impact of the upcoming three bank holidays in May, especially the King’s Coronation event, on retail destinations and stores. These holidays are expected to bring further boosts to footfall. This is crucial in offsetting the loss of weekday footfall caused by hybrid working, which has significantly affected high streets. In April, footfall between Monday and Friday remained 18.2% below the 2019 levels, compared to just a 7.2% decrease over the weekend.
Despite the encouraging footfall performance, there has been an increase in store vacancy rates in the UK. The vacancy rate rose to 11% in the quarter leading up to April, up from 10.2% in January. This rise sheds light on the challenges faced by high streets due to difficult trading conditions, resulting in the closure of several businesses.
Links:
1. Retail Gazette
2. BBC Business
