Footfall Monitor: Footfall Growth Slows as High Streets and Shopping Centres outperform Retail Rarks
03 March 20232 Minute Read
Asim DeyAnalyst | BRC
Kris Hamer PhDDirector of Insight | BRC
Report Excerpt
Helen Dickinson OBE | Chief Executive | British Retail Consortium
“Growth in footfall slowed this month after the rush of Christmas shopping and January sales. Some people are making fewer visits as the cost of living continues to bear down ahead of the April energy price rise. Despite this, high streets continue to show the biggest improvement compared to last year, when concerns around Covid kept people away from town and city centres. Footfall at retail parks suffered as customers switched back to shopping centres and high streets, which are being buoyed by returns of the office commute.
“Consumer demand remains fragile, owing to the ongoing cost of living crisis and weak consumer confidence. Many retailers are investing in their store experience, and all continue to support customers with the cost of living. But it is vital that Government does not burden the retail industry with additional regulatory costs that hinder investment.”
Andy Sumpter | Retail Consultant – EMEA | Sensormatic Solutions
“Facing multidirectional headwinds – from the long shadow cast by covid to the ongoing consumer caution caused by the rising cost-of-living – we are, at least, starting to see footfall normalising.
“While the fluctuations in footfall are now less volatile, creating a new baseline against which to benchmark High Street performance, it doesn’t mean the footfall recovery has yet fully turned a corner. Retailers are still grappling with underlying uncertainty as they try to keep pace in the context of these multifaceted challenges. Looking ahead, delivering value – whether that’s through ranging or by giving shoppers compelling reasons to visit stores – will remain central to turning the tide on footfall performance.”
Overview
The UK’s footfall was up by 10.4 percentage points compared to February of last year. However, recovery slowed when compared to last month's year-on year improvement.