The UK retail sector saw a glimmer of hope in February as footfall figures showed signs of improvement. Despite the disruptions caused by Storms Eunice and Dudley in the third week of the month, footfall from January 30 to February 26 was better than in January. According to a report from Springboard, footfall in February was 20.7% below the 2019 benchmark, a slight improvement from January’s figure of -20.8%.
Extreme weather played a significant role in the dip in footfall, with the overall result for the month projected to be around -18% below 2019 without such disruptions. When analyzing footfall by destination type, high streets experienced the largest decrease at -26.2%, followed by shopping centers at -24.1%, and retail parks at -5.3% compared to 2019.
Despite these challenges, there is a glimmer of positivity. Footfall in February increased by an impressive 9.1% compared to January, marking the largest monthly uplift since June 2021. This rise is almost three times higher than the increase observed from September to October before the emergence of the Omicron variant.
February’s performance is notable as it deviates from the trend observed in previous years. In six out of the nine years leading up to 2019, footfall worsened in February compared to January, even during the school half-term period. The decline in footfall was particularly prominent in Central London and cities outside London, with figures showing a decrease of 31.9% and 29.8% below the 2019 level, respectively. Market towns and outer London also experienced significant decreases in footfall at -27.3% and -20.2% compared to 2019.
Diane Wehrle, Insights Director at Springboard, described the footfall performance in February as “surprisingly robust.” However, she also highlighted potential challenges ahead. Rising household energy prices and fuel costs may impact consumer spending in the coming months, and retailers should be mindful of these factors as they plan for the future.
Useful links:
1. Office for National Statistics
2. Springboard
