UK Retailers Face Uncertainty Amidst Declining Footfall
- Footfall declined by 3.2% in November compared to the previous year
- November marks the twelfth consecutive month of decline
- Black Friday promotes more online shopping
- December footfall forecasted to drop by 4.2%
- Parliamentary vote could provide a slight hope for large ticket item retailers
- Intelligent pricing strategy is crucial for success
Footfall in November fell by 3.2% compared to the previous year, marking the twelfth consecutive month of decline according to Springboard’s research. The ‘Black Friday’ effect has led to more shopping online during this period, which is also becoming longer. Footfall is forecasted to drop by 4.2% in December, a greater decline than the 3.5% drop in December last year. Diane Wehrle, Springboard marketing and insights director, stated that Black Friday has negatively impacted bricks and mortar stores since its establishment in 2013, with only one increase of 0.2% in 2017. She added that the parliamentary vote’s delay until mid-December might provide a slight hope for large ticket item retailers as consumers may purchase earlier to avoid inflationary pressures. Sander Roose, CEO of Omnia Retail, warned that UK retailers face uncertainty and must adopt intelligent pricing strategies to succeed, rather than simply cutting prices.
Factuality Level: 9
Factuality Justification: The article provides accurate information from reliable sources (Springboard and Omnia Retail), presents a clear argument based on data and expert opinions, and does not include any irrelevant or sensational details.
Noise Level: 3
Noise Justification: The article provides relevant information about the decline in footfall during November due to Black Friday and its impact on bricks and mortar stores. It also includes insights from experts in the retail industry. However, it could benefit from more data or examples to support the claims made.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses the decline in footfall (customer visits) in physical stores during Black Friday, which impacts retailers’ sales and their pricing strategies. This affects financial markets as it influences the performance of retail companies and can lead to changes in their stock prices.
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.
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