High Streets Struggle Amidst Rain and Changing Shopping Habits
- Boxing Day footfall decreased by 10.6% in 2019, lowest since 2010
- High streets struggled the most with a 13.6% drop
- Shopping centres saw an 8.8% decline and retail parks had a 5.9% decrease
- Rainy weather contributed to the drop
- No region escaped footfall decline
- Greater London and North Yorkshire fared slightly better with drops of 7.2% and 9.9% respectively
- Northern Ireland saw a 17.2% drop, South East 14.9%, Scotland and Wales 14%
- Improvement in footfall may occur if rain stops
- Footfall likely to be substantially down compared to last year
- Online shopping, Black Friday spending, hospitality demand, blended families contribute to change
Retail footfall on Boxing Day 2019 saw a significant decrease of 10.6%, marking the largest drop since 2010, according to Springboard’s research. High streets faced the most significant decline at 13.6%, while shopping centres experienced an 8.8% drop and retail parks had a 5.9% decrease. Weather played a role, with rain affecting high streets more due to their exposure. No region escaped footfall declines, with Greater London and North Yorkshire faring slightly better at 7.2% and 9.9%. Northern Ireland saw the highest drop of 17.2%, followed by the South East (14.9%) and Scotland and Wales (14%). Diane Wehrle, Insights Director at Springboard, predicts a possible improvement if rain stops, but footfall will still be down compared to last year. Changing consumer habits, such as online shopping, Black Friday spending, hospitality demand, and blended families celebrating Christmas contribute to these trends.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the decrease in retail footfall on Boxing Day and attributes it to various factors such as weather conditions, changing consumer behavior, and structural changes in shopping habits. It also includes relevant data from Springboard’s research.
Noise Level: 3
Noise Justification: The article provides relevant information about retail footfall decreases on Boxing Day in 2019 and offers some analysis of the factors contributing to this decline, such as weather conditions and changes in consumer behavior. However, it could benefit from more in-depth analysis or discussion of long-term trends and potential solutions for struggling high streets.
Financial Relevance: Yes
Financial Markets Impacted: Retail industry
Financial Rating Justification: The article discusses a significant decrease in retail footfall, which can impact the financial performance of retail businesses and potentially affect related stocks and industries.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: While there is a significant decrease in retail footfall, it does not qualify as an extreme event due to no loss of life or major infrastructure damage. The impact is mainly economic and can be attributed to various factors such as online shopping trends and changes in consumer behavior.
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