First decline since 2009, except for 2018 and 2020 lockdown

  • UK retail footfall declined by 2.8% in March compared to February
  • First decline since January 2009, except for 2018 and 2020
  • High street footfall down 18.7% compared to 2019 levels
  • Weekend footfall dropped by 1.4% due to inflationary pressure and interest rates
  • Easter Weekend footfall forecasted to be +5.1% higher than the week before
  • Easter 2023 expected to see a +5.4% increase from Easter 2022

March has brought an unexpected setback for UK retailers as footfall across all destinations dropped by 2.8% compared to February, according to MRI Springboard data. This marks the first month-on-month decline since January 2009, excluding 2018 (Beast from the East) and 2020 when the UK went into lockdown. The cost-of-living crisis has led to consumer cautiousness, causing a decrease in leisure-based trips. High street footfall fell by 18.7% compared to 2019 levels. Weekend footfall also dropped by 1.4% due to inflationary pressure and interest rates. MRI Springboard forecasts a +5.1% increase in Easter Weekend footfall compared to the week before, with a +5.4% rise expected from Easter 2022 to 2023. Diane Wehrle, marketing and insights director at MRI Springboard, commented on the decline: ‘March delivered a sharp shock to UK retail destinations with a decrease in footfall of 2.8% over the month from February, which was not anticipated after an increase in February that matched previous years.’

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the decline in footfall in UK retail destinations, citing data from MRI Springboard and explaining the reasons behind it (cost-of-living crisis and inflationary pressure). It also includes a forecast for Easter Weekend footfall. The source is clearly identified and the quotes are relevant to the topic.
Noise Level: 3
Noise Justification: The article provides relevant information about the decline in footfall in UK retail destinations and attributes it to the cost-of-living crisis and consumer cautiousness. It also includes forecasts for Easter Weekend footfall. However, it could benefit from more analysis or context on the broader economic factors contributing to this trend and potential long-term implications.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector and consumer behavior impacted due to cost-of-living crisis and inflationary pressure
Financial Rating Justification: The article discusses the decline in footfall at UK retail destinations, which can affect retailers’ sales and revenue, and mentions factors such as cost-of-living crisis and inflationary pressure influencing consumer behavior.
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 for UK retail destinations due to the cost-of-living crisis and consumer cautiousness, but it does not mention an extreme event that happened in the last 48 hours. The impact is considered minor as it’s related to economic factors rather than a specific disaster or crisis.

Reported publicly: www.retailsector.co.uk