UK High Streets, Retail Parks, and Shopping Centres Predicted to See Increased Traffic
- Coronation weekend to boost footfall by 4%
- High street retailers to see a significant increase in footfall on bank holiday Monday with an annual increase of 10% at shopping centres
- Annual footfall predicted to rise by 5% on UK high streets, 4% at retail parks and 3% at shopping centres
- Footfall on the day of Coronation expected to drop -8% compared to the previous week due to early May bank holiday weekend
- Forecasted footfall to close the gap to 2019 levels for all UK retail destinations by -10% over the Coronation weekend
- Footfall at shopping centres and retail parks expected to be lower than the previous weekend due to early May bank holiday
The Coronation weekend is expected to boost footfall by 4% compared to 2022 across all UK retail destinations, according to MRI Springboard’s analysis. High street retailers can anticipate a significant increase in traffic on the bank holiday Monday following the Coronation, with an annual rise of 10% at shopping centres. Across the weekend as a whole, footfall is predicted to climb by 5% on UK high streets, 4% at retail parks, and 3% at shopping centres. On the day of the Coronation itself, Saturday 6 May, MRI Springboard forecasts a -8% drop in footfall compared to the previous week, mainly due to strong traffic expected during the early May bank holiday weekend preceding the event. Despite this week-on-week decline, high streets are likely to benefit from celebratory events in town and city centres. The anticipated boost in footfall aims to close the gap to 2019 levels by -10% across all UK retail destinations over the Coronation weekend, with footfall at retail parks narrowing to just -3% below pre-pandemic levels. However, the forecast for footfall during the Coronation weekend is tempered by the decline in footfall last week when activity ‘tailed off noticeably’. Between Tuesday and Saturday last week, footfall was -3.3% lower than the week before, attributed to lower footfall in shopping centres and retail parks averaging -10.7% and -4.6% from the previous week. In contrast, footfall in high streets rose by an average of 1% from the week before over the five days, still a ‘modest uplift’. Diane Wehrle, Insights director at MRI Springboard, said: ‘The Coronation weekend will be a once-in-a-lifetime event for UK consumers, offering a spectacle never seen before by most of the population. It is taking place the week following the early May bank holiday when MRI Springboard expects footfall to rise by around +12% as consumers enjoy the warmer weather and longer daylight hours.’
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (MRI Springboard) about the predicted increase in footfall during the Coronation weekend compared to previous years. It includes specific percentages and details on how different types of retail destinations will be affected. The only potential issue is the use of the word ‘significant’ for the boost in high street retailers, which could be subjective, but overall it is a factual article.
Noise Level: 3
Noise Justification: The article provides relevant information about the expected impact of the Coronation on UK retail destinations’ footfall, with specific predictions for high streets, shopping centers, and retail parks. It also includes data from MRI Springboard analysis. However, it could benefit from more context or comparison to previous significant events or a broader discussion of the long-term trends in retail industry.
Financial Relevance: Yes
Financial Markets Impacted: UK retail destinations, including high streets, shopping centers, and retail parks
Financial Rating Justification: The article discusses the expected increase in footfall at UK retail destinations during the Coronation weekend, which can impact sales and revenue for companies in these sectors.
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 article, but the impact of the Coronation weekend on footfall and retail destinations is discussed.
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