High Streets Hit Hardest with -2.3% Drop in Weekly Visitors
- UK retail footfall declined by 2.3% last week
- High streets saw a -3.3% decline in footfall, retail parks -1.5%, and shopping centres -0.7%
- Footfall rose in Scotland by 1.1%
- Political uncertainty and inflation impact consumer behavior
- West Midlands had the highest decline at -5.9% in high streets
- Uplift from 2021 contracted to +5.9% from +6.7%
- Footfall expected to rise during school half term week
UK retail footfall declined by 2.3% last week, according to Springboard data, with high streets seeing the most significant drop at -3.3%. Retail parks and shopping centres also experienced declines of -1.5% and -0.7%, respectively. Scotland was the only region that saw an increase in footfall, rising by 1.1%. Inflation and political uncertainty are believed to be driving consumer nervousness, leading to reduced shopping trips. The West Midlands had the highest decline at -5.9% in high streets, followed by the East Midlands with a -5.2% drop. The uplift from 2021’s footfall numbers contracted to +5.9%, down from +6.7%. Diane Wehrle, Insights director at Springboard, suggests that school half term week could provide insight into current consumer sentiment and behavior.
Factuality Level: 9
Factuality Justification: The article provides accurate information based on data from Springboard and includes expert commentary from Diane Wehrle, Insights director at Springboard, explaining the factors affecting consumer behavior in retail destinations.
Noise Level: 3
Noise Justification: The article provides relevant information about footfall decline in UK retail destinations and attributes it to factors such as inflation, increased mortgage rates, and political uncertainty. It also mentions a slight increase in Scotland and the impact of school half term on consumer behavior. However, it could benefit from more analysis or context on the long-term trends or consequences of these events.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses a decline in footfall across UK retail destinations, which can impact retailers’ sales and potentially affect their stock prices, thus having an effect on the 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 in UK retail destinations due to consumer nervousness caused by inflation, increased mortgage rates, and political uncertainty, but no extreme event is mentioned.
www.retailsector.co.uk