Hybrid Working Affects High Streets More Than Smaller Towns
- Footfall expected to remain below 2019 levels for the foreseeable future
- Cost of living crisis and remote work impacting foot traffic
- Platinum Jubilee Bank Holiday positively affected June’s results
- High streets in larger cities hit harder by hybrid working
- Footfall in smaller towns more resilient than in large cities
According to Springboard’s Footfall Monitor, foot traffic is expected to remain below pre-pandemic levels for the foreseeable future due to the cost of living crisis and increased remote work. The company found that while footfall improved in June, it was mainly due to the Platinum Jubilee Bank Holiday. High streets in larger cities were hit harder by hybrid working, with Central London experiencing a -21% drop compared to Outer London’s -9.9%. Smaller towns showed more resilience. Diane Wehrle, marketing and insights director at Springboard, predicts foot traffic will remain 10-15% below 2019 levels in the second half of 2022 due to budget constraints and remote work.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information based on data from Springboard’s Footfall Monitor and Insights, citing specific percentages and trends in footfall compared to 2019 levels. It also includes expert commentary from Diane Wehrle, the marketing and insights director at Springboard, which adds credibility to the report. The article does not include any irrelevant or sensational information, nor does it present personal opinions as facts.
Noise Level: 3
Noise Justification: The article provides relevant information about the current state of footfall and its relation to the cost of living crisis and hybrid working, but it could benefit from more analysis or context on the long-term trends and potential solutions for businesses in the retail sector.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the impact of the cost of living crisis and hybrid working on footfall, which can affect retail sales and company revenues.
Financial Rating Justification: The article mentions the decrease in footfall due to the cost of living crisis and changes in work patterns, which can lead to reduced spending and impact businesses in the retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: The article discusses the impact of the cost of living crisis and hybrid working on footfall, but no extreme event is mentioned in the last 48 hours.
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