UK Retail Footfall Dips Despite August Bank Holiday Boost
- Footfall declined by 1.3% in late summer compared to the same period last year
- High street footfall dropped by 1.9%, shopping centre footfall decreased by 2.2% and retail park footfall increased by 1%
- Three-month average decline is 3.1%
- Footfall has been declining every year since Springboard started publishing data in January 2009
- August had the strongest footfall over summer months, but still showed a decrease compared to last year
- Consumer caution leads to less discretionary spending and fewer visits to shops
Footfall has continued to decline in the late summer, with high streets and shopping centres being most affected. According to the BRC-Springboard Footfall and Vacancies Monitor, footfall dropped by 1.3% for the four weeks up to August 24th, compared to a 1.6% drop during the same period last year. High street footfall fell by 1.9%, following a decrease of 2% in August last year, while shopping centre footfall declined by 2.2%, with a three-month average of -2.6%. Retail park footfall increased by 1%, after an increase of 0.3% in August 2018 and a three-month average growth of 0.7%. Overall, footfall has decreased by 2.1% on a three-month basis and 1.4% and 1.7% for six and twelve-month averages respectively. Diane Wehrle, marketing and insights director at Springboard, said that while August had the strongest footfall over the summer months, it still showed a decrease compared to last year due to the hottest August bank holiday on record. Helen Dickinson, CEO of British Retail Consortium, added that the long-term trend of an average 1.7% decline over the past 12 months reflects consumers’ increasing caution and reduced spending in shops.
Factuality Level: 8
Factuality Justification: The article provides accurate information about footfall trends in different locations and time periods, cites sources for its data, and includes quotes from experts in the field. It presents a clear picture of the current state of retail footfall without any sensationalism or opinion masquerading as fact.
Noise Level: 3
Noise Justification: The article provides relevant information about footfall trends in retail locations and includes quotes from experts in the field. It also offers some context by comparing the data with previous years. However, it lacks a deeper analysis of the underlying causes or potential solutions to the issue.
Financial Relevance: Yes
Financial Markets Impacted: The decline in footfall affects retail companies’ sales and stock prices.
Financial Rating Justification: This article discusses a decline in footfall, which impacts retail companies’ sales and can affect their stock prices, making it financially relevant.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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