Scotland Bucks the Trend with a 1% YoY Increase
- UK footfall decreased by 2.9% in September compared to the same month last year
- Scotland was the only region with a YoY increase in footfall (1%) while Wales saw a decrease of 1.4%
- High street footfall dropped by 1.7%, retail parks decreased by 2.4%, and shopping centres fell by 4.0%
- BRC calls for a freeze on business rates in the Autumn Budget to help retailers invest for Christmas
- Inflationary pressures continue to impact consumer spending habits
The British Retail Consortium (BRC) has reported that UK footfall decreased by 2.9% in September compared to the same month last year, down from a 1.6% drop in August. High street footfall fell by 1.7%, retail parks dropped by 2.4%, and shopping centre footfall declined by 4.0%. Scotland was the only region with a year-on-year increase of 1%. Wales saw a decrease of 1.4%, followed by England at -2.9% and Northern Ireland at -3.6%. BRC’s Helen Dickinson suggests that warmer weather led to fewer shoppers across all locations, while retail consultant Andy Sumpter notes the continued impact of inflation on consumer spending habits. The BRC has called for a freeze on business rates in November’s Autumn Budget to help retailers prepare for the holiday season.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the changes in footfall percentages across different types of shopping locations and regions in the UK, cites sources for its data, and includes relevant quotes from experts in the field. It also discusses potential reasons behind the decrease in footfall such as inflationary pressures on consumer spending. However, it could provide more context about the ‘Golden Quarter’ and clarify what it refers to.
Noise Level: 3
Noise Justification: The article provides relevant information about the decrease in UK footfall and offers some analysis from experts on potential reasons behind it. However, it could benefit from more context or data to support its claims and explore the consequences of these trends for businesses and consumers.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector, business rates, inflation, mortgages and rent payments
Financial Rating Justification: The article discusses the decrease in UK footfall and its impact on retailers, which affects businesses in the retail sector. It also mentions the potential increase in business rates and the effect of inflation on mortgage and rent payments, all of which have financial implications.
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 text.
www.retailsector.co.uk