Footfall Rises Across High Streets, Shopping Centres & Retail Parks

  • Footfall increased by 5.4% across all UK retail destinations last week
  • Increases observed in high streets (+6.9%), shopping centres (+4.8%) and retail parks (+3%)
  • Annual increase doubled to +8.8% from +4.2% the previous week
  • Footfall rose every day except Friday
  • Saturday saw a +2.2% overall rise, with +7% in Central London and +7.5% in UK cities
  • Geographic increases ranged from +10.1% in Wales to +18% in the East
  • Cost of living crisis causing more modest rise compared to pre-pandemic levels

UK retail footfall increased by 5.4% last week compared to the previous week, with high streets seeing a +6.9% rise, shopping centres up by 4.8%, and retail parks experiencing a +3% increase, according to Springboard. This marks a glimmer of optimism for retailers as it follows pre-pandemic trends. However, consumer caution due to the cost of living crisis resulted in a more modest rise compared to the same week in 2019 when footfall rose by +7.9%. The annual increase doubled to +8.8% from +4.2% in the previous week. Footfall declined only on Friday, dropping -6.1% compared to Black Friday. Saturday saw a +2.2% overall rise, with +7% in Central London and +7.5% in UK cities for present buying. Geographically, footfall increased from +10.1% in Wales to +18% in the East. Diane Wehrle, Insights Director at Springboard, noted that consumer caution is evident as the rise was greater than pre-pandemic levels but lower than 2019.

Factuality Level: 9
Factuality Justification: The article provides accurate information about footfall trends in UK retail destinations, citing data from Springboard and offering insights from Diane Wehrle, the insights director at Springboard. It compares the current situation with pre-pandemic trends and previous years, and presents a balanced view of the consumer behavior during the cost of living crisis.
Noise Level: 3
Noise Justification: The article provides relevant information about footfall trends in UK retail destinations and offers some analysis on consumer behavior during the cost of living crisis. It also includes data from previous years for comparison. However, it could benefit from more in-depth exploration of the factors influencing consumer spending and potential long-term implications.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses footfall trends in UK retail destinations, which can impact the performance of retail companies and potentially affect financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk