Retail Sector Feels the Brunt of COVID-19

  • Footfall decline three times worse than previous record
  • High streets hit hardest with -31% drop from week before and -41% compared to 2019
  • Retail parks see initial increase in footfall due to panic buying, then decline on Friday and Saturday
  • London and Central London experience significant drops of -31.1% and -63.3% respectively

Springboard has reported an unprecedented decline in footfall, three times greater than the worst previously recorded. High streets were hit hardest with a drop in footfall of -31% from the week before and -41% compared to the same week in 2019. Retail parks initially saw an increase due to panic buying but later experienced declines on Friday and Saturday. London and Central London faced significant drops of -31.1% and -63.3%, respectively.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the impact of coronavirus on consumer activity and footfall, citing specific numbers and percentages to support its claims. It also includes insights from an expert in the field.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of coronavirus on consumer activity and footfall trends, with some comparisons to previous years and specific examples of changes in different areas. It also includes expert commentary from an insights director at Springboard. However, it could benefit from more analysis or contextualization of the data provided.
Financial Relevance: Yes
Financial Markets Impacted: Retail and food stores
Financial Rating Justification: The article discusses the significant impact of coronavirus on consumer activity, particularly in retail, which can affect the financial markets and companies within these industries.
Presence Of Extreme Event: Yes
Nature Of Extreme Event: Health Crisis
Impact Rating Of The Extreme Event: Severe
Extreme Rating Justification: The extreme event is a health crisis due to the coronavirus pandemic, and the impact rating is severe because of the significant decline in footfall (-21.7% to -48%) and its widespread effect on various locations across the UK.

Reported publicly: www.retailsector.co.uk