February Footfall Shows Signs of Recovery Despite Omicron and Energy Price Concerns

  • Footfall strengthens amid largest monthly rise since June
  • February footfall -20.7% below 2019 level, an improvement from January’s -20.8%
  • Month-on-month increase of +9.1%, three times the September to October increase before Omicron variant hit
  • High streets saw a drop to -26.3% in footfall during storm weeks
  • Central London and cities outside London had -31.9% and -29.8% below 2019 level, respectively
  • Market towns and outer London at -27.3% and -20.2%, more resilient to retaining footfall
  • Diane Wehrle: February offers a source of optimism for retailers amid rising household energy prices and fuel costs

Footfall in February showed a significant improvement compared to January, with a -20.7% gap from the 2019 level according to Springboard. This was driven by a +9.1% month-on-month increase, which is nearly three times greater than the rise seen between September and October before the Omicron variant emerged. In the weeks preceding and following the storms, footfall averaged -18.5% below 2019 levels, with a dip to -26.3% in high streets. Springboard noted that without the extreme weather in the third week of February, the overall result might have been around -18%. The uplift in February contrasts with six out of nine years up to and including 2019 when footfall worsened from January despite school half term holidays. In February, consumer confidence rose following the removal of Covid restrictions. However, retailers are concerned about the potential impact on spending due to rising household energy prices and fuel costs.

Factuality Level: 9
Factuality Justification: The article provides accurate information about footfall trends in February compared to previous months and years, citing data from Springboard. It also includes expert commentary on the potential impact of rising household energy prices and fuel costs on retailers.
Noise Level: 3
Noise Justification: The article provides relevant information about footfall trends in February compared to previous years and offers some insights into consumer behavior during the removal of Covid restrictions. However, it could benefit from more analysis or context on the potential impact of rising household energy prices and fuel costs on retailers.
Financial Relevance: Yes
Financial Markets Impacted: Retail industry
Financial Rating Justification: The article discusses footfall in retail locations, which can impact sales and revenue for businesses in the sector.
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