Hybrid Working and Cost of Living Crisis Impact Retail Trends

  • UK footfall improved throughout 2022 but remained 14.2% below 2019 levels
  • Greater London, East Midlands, and Wales showed the best recovery in footfall compared to other regions
  • Hybrid working has impacted high streets more than shopping centers or retail parks
  • High street footfall during weekdays remained -18.2% below 2019 levels but recovered on weekends
  • Springboard anticipates a gap of -5% to -10% between 2023 and 2019 footfall levels

UK footfall improved throughout 2022, but it still remained 14.2% below pre-pandemic levels in 2019, according to Springboard’s annual retail review. Greater London, East Midlands, and Wales showed the best recovery compared to other regions. Hybrid working has impacted high streets more than shopping centers or retail parks, with weekday footfall remaining -18.2% below 2019 levels but recovering on weekends. Springboard anticipates a gap of -5% to -10% between 2023 and 2019 footfall levels due to the cost of living crisis and ongoing hybrid working trends.

Factuality Level: 8
Factuality Justification: The article provides accurate information about UK footfall trends in 2022 compared to pre-pandemic levels, with a clear explanation of the differences across regions and types of retail locations. It also includes expert insights from Diane Wehrle on potential future trends and factors affecting footfall recovery. The article is well-researched and objective, with no significant issues related to digressions, misleading information, or personal perspectives presented as facts.
Noise Level: 7
Noise Justification: The article provides relevant information about UK footfall recovery after the pandemic but contains some repetitive information and lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the impact of hybrid working, cost of living crisis, and inflation on footfall in retail destinations, which can affect the performance of retail companies and their stocks.
Financial Rating Justification: The article mentions the financial factors such as cost of living crisis, inflation, and their impact on consumer spending, which in turn affects the retail industry and the performance of retail companies. It also discusses the ongoing trend of hybrid working and its influence on footfall in retail destinations. These factors can impact the stock prices of retail companies and the overall financial markets.
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.

Reported publicly: www.retailsector.co.uk