High Streets Hit Hardest as Bank Holiday Impact and Interest Rates Bite

  • UK retail footfall declined in July for the first time since 2009
  • High street footfall dropped by -1.7% from June to July
  • Retail park footfall increased by +0.7%, shopping center footfall rose by +1.7%
  • Annual increase in footfall decreased to +2.1% compared to +4.2% in June
  • Pre-pandemic gap widened: -12.1% in July, -15.5% in high streets
  • Footfall expected to decline further in the latter part of summer due to Christmas planning and interest rate increases

UK retail footfall saw a decline in July for the first time since 2009, with high streets experiencing a -1.7% drop from June. Retail parks experienced a +0.7% increase while shopping centers rose by +1.7%. The gap from pre-pandemic levels widened to -12.1% in July and -15.5% in high streets. Diane Wehrle, Marketing and Insights director at Springboard, predicts a further decline in footfall as consumers focus on Christmas spending amidst rising interest rates.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the decline in UK retail footfall from June to July 2023, comparing it with previous years’ data and offering an expert opinion on potential reasons for this trend.
Noise Level: 3
Noise Justification: The article provides relevant information about changes in UK retail footfall and offers some analysis from an expert source, but it could benefit from more context or data to support its claims and explore potential consequences for consumers and businesses.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses changes in retail footfall and its impact on consumer spending, which can affect the financial performance of retail companies and potentially influence the stock market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk