UK Retail Struggles Amidst Online Shopping Surge
- High street footfall declined sharply in December
- Footfall down by 4.6% compared to last year
- Shopping centres saw a 3.8% decrease
- Retail parks experienced marginal drop of 0.6%
- Overall retail sales increased by 0.6% from 26 November to 30 December
- Online shopping on the rise due to improved delivery options and discretionary spending squeeze
New figures from the British Retail Consortium (BRC) and Springboard reveal a significant drop in footfall during December, with high streets experiencing the sharpest decline since March 2013. Total UK retail footfall fell by 3.5% compared to December 2016. Shopping centres saw a decrease of 3.8%, while retail parks only experienced a marginal drop of 0.6%. This contrasts with an overall increase in retail sales of 0.6% from 26 November to 30 December, indicating more people shopped online during this period. Helen Dickinson, BRC’s chief executive, explained that consumers are now opting for online purchases due to improved delivery options and a need for careful spending. Diane Wehrle, Springboard marketing and insights director, added that non-food LFL in-store sales growth reflects the decline in footfall during retail trading hours.
Factuality Level: 8
Factuality Justification: The article provides accurate information from reliable sources (BRC and Springboard), presents consistent data on footfall decline in the UK retail sector, and includes relevant quotes from experts to explain the reasons behind this trend.
Noise Level: 3
Noise Justification: The article provides relevant information on the decline of high street footfall and offers insights from experts in the field. However, it could benefit from more analysis or context to explain why this is happening and what it means for the future of retail.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses a decline in footfall at physical retail stores, which can impact the financial performance of these companies and affect their stock prices, as well as the overall retail market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
www.retailsector.co.uk