Severe weather and consumer caution lead to a dip in shopping activity.

  • High street footfall fell by 7.8% in February, indicating fragility.
  • Shopping centre footfall declined by 2.5%, while retail parks saw a 1.1% drop.
  • Shopping centres are nearing stability with a smaller average decline compared to last year.
  • February footfall was not significantly impacted by Coronavirus, but future concerns are expected.
  • Severe weather conditions contributed to the drop in footfall.

In February, hopes for increased foot traffic were dashed as the latest report from Springboard revealed a significant 7.8% drop in high street footfall. This decline underscores the ongoing vulnerability of high street retail. Shopping centres experienced a smaller decline of 2.5%, while retail parks saw a 1.1% decrease in visitors. Despite these drops, both shopping centres and retail parks continue to attract shoppers due to their sheltered environments, convenient access, and ample parking. Over the first two months of the year, shopping centres averaged a decline of just 1.1%, a notable improvement compared to a 2.5% drop during the same period last year, suggesting they may be on the verge of stabilizing. Interestingly, Springboard noted that the impact of Coronavirus on footfall in February was minimal, as the month concluded before the severity of the virus was fully recognized in the UK. However, looking ahead, it is anticipated that shopper activity may decrease as consumers become more cautious about public interactions due to the virus. Diane Wehrle, Springboard’s marketing and insights director, emphasized that the severe weather in February played a significant role in the footfall decline. She stated that if there was any doubt about the high street’s fragility, February’s figures provided clear evidence. Despite the challenges facing physical retailers in the first quarter of 2020, historical trends suggest that footfall tends to rebound quickly once immediate concerns subside.

Factuality Level: 8
Factuality Justification: The article provides accurate information from Springboard’s report on footfall decline in different types of shopping destinations and includes relevant quotes from Diane Wehrle, the marketing and insights director at Springboard. It also discusses the potential impact of Coronavirus on shopper activity without making any personal opinions or assumptions.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of weather on high street footfall and compares it with shopping centres and retail parks. It also mentions the potential impact of Coronavirus on consumer behavior. However, it lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Retail industry
Financial Rating Justification: The article discusses the impact of Coronavirus on high street footfall, which affects retail businesses and their financial performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, but the article discusses a decline in footfall due to severe rain which had a minor impact on high street retail.

Reported publicly: www.retailsector.co.uk