Footfall Increases by 4.7% Annually, High Streets Struggle with Hybrid Working Impact
- UK footfall increased by 7.2% in April compared to March
- Easter week saw a +14.2% rise in footfall
- Footfall dipped in the week after Easter but rose in the third and fourth weeks of the month
- High streets, shopping centres, and retail parks all experienced growth in April compared to March 2022
- UK vacancy rate increased to 11% from January’s 10.2%
- Hybrid working affects high street footfall more than weekend footfall
UK footfall experienced a significant increase of 7.2% from March to April, according to MRI Springboard data. Easter week saw a substantial rise in footfall, particularly on Good Friday and Easter Saturday, up by 14.2% compared to the previous week. However, footfall dipped in the week following Easter (-10.2%) before rising again in the third and fourth weeks of the month (+1.7% and +3.8%). Despite this, the gap between 2022 and 2019 levels narrowed to -12% in April from -14.9% in March (-15.6% for high streets, -14.2% for shopping centres, and -2% for retail parks). Annual footfall growth reached +4.7%, up from +0.7% in March 2022. High streets saw a +4.6% increase compared to March 2022, shopping centres experienced a +6.6% rise, and retail parks had a +2.9% boost. The UK vacancy rate rose to 11%, up from January’s 10.2%. Hybrid working has a more pronounced effect on high street footfall, with weekday numbers remaining -18.2% below pre-pandemic levels compared to just -7.2% for weekends.
Factuality Level: 9
Factuality Justification: The article provides accurate information about footfall changes from March to April and compares it with previous months and years. It also discusses the impact of bank holidays on retail destinations and stores. The data is sourced from MRI Springboard, which adds credibility to the information.
Noise Level: 3
Noise Justification: The article provides relevant information on footfall trends in different types of retail locations and offers some insights into the impact of bank holidays and hybrid working. It also mentions the UK vacancy rate. However, it lacks a more in-depth analysis or exploration of the underlying factors affecting these trends.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses footfall trends in retail destinations such as high streets, shopping centres and retail parks, which can impact the performance of businesses in these locations and potentially affect their revenue. The vacancy rate also affects property values and investments in the real estate market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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