UK Retail Struggles Amidst Tiered Restrictions
- Footfall declined by 3.1% across all retail destinations last week due to tiered restrictions.
- High streets saw a 2.8% decline, retail parks had a 3% drop, and shopping centers experienced a 3.5% decrease.
- Annual footfall results for UK retail destinations dropped to -32.3% from -30.9% the previous week.
- Footfall in high streets and shopping centers is now down by 40% and 34.6% respectively compared to last year.
- Retail parks saw a ‘modest’ decline of 13.2%.
- Larger cities were hit hardest with a -5.7% drop, while market towns declined by 2.1% and coastal towns by 1.2%.
- Central London’s footfall fell by 2.3%, less than regional cities in the UK.
- North and Yorkshire region saw a 5% decline due to heightened restrictions.
- High street footfall post-6pm declined by 4.5%, nearly double daytime trading period.
- Wales was the only nation where high street footfall increased during both day and night.
- Diane Wehrle, insights director at Springboard, said tiered restrictions had an immediate impact on retail destinations.
Footfall in retail destinations across the UK has continued to decline following the introduction of tiered restrictions, according to Springboard’s latest figures. The drop was observed across all three destination types: high streets (-2.8%), retail parks (-3%), and shopping centers (-3.5%). This led to an annual result for all UK retail destinations falling by 32.3%, up from a decline of 30.9% the previous week. High streets and shopping centers now stand at 40% and 34.6% lower than last year, while retail parks experienced a more modest decline of 13.2%. Larger cities have been hit hardest by increased restrictions, with footfall in regional cities down by 5.7%, compared to 2.1% in market towns and 1.2% in coastal towns. High street footfall in London fell by 2.3%, less than half that of regional cities across the UK. Springboard stated it was ‘not surprising’ that the North and Yorkshire region saw a 5% decline due to heightened restrictions in the area. The 10pm closure of hospitality has also impacted high street activity post-6pm, with declines nearly double those during the daytime trading period (9am-6pm). However, these results varied between nations. High street footfall in Northern Ireland and Scotland fell by 9.8% and 20.4% respectively, while it rose by 3.8% in Wales during the daytime.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the decline in footfall across different types of retail destinations due to tiered restrictions in the UK. It cites data from Springboard and includes comparisons between different regions and time periods. However, it could provide more context on the overall impact of the pandemic on retail destinations and the specific measures that led to the decline.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of COVID-19 restrictions on retail destinations’ footfall in the UK and offers some insights into regional differences. However, it could benefit from more analysis or context to make it more informative and actionable for readers.
Financial Relevance: Yes
Financial Markets Impacted: Retail and hospitality sectors
Financial Rating Justification: The article discusses the impact of COVID-19 restrictions on footfall in retail destinations, which can affect the performance of these industries and potentially impact their financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: The article discusses a decline in footfall due to COVID-19 restrictions and their impact on retail destinations, but it does not mention an extreme event in the last 48 hours.
www.retailsector.co.uk