Report Excerpt
Helen Dickinson OBE | Chief Executive | British Retail Consortium
Andy Sumpter | Retail Consultant – EMEA | Sensormatic Solutions
“February saw a collision course of disruptive forces negatively impacting store traffic, meaning store visits dipped to their lowest ebb since the pandemic. Prior to any energy price cap reduction, and with squeezed spending budgets, the confirmation of the UK’s ‘technical recession’ in 2023 appears to have weakened consumer confidence. The wettest February on record probably didn't help, and even Valentine’s Day, which usually provides a frisson of footfall, failed to woo shoppers into store. With the Bank of England signalling the UK’s economy may already be recovering from what it describes as a mild recession, retailers will be hoping signs of an upturn will translate into store traffic and spend, with many looking towards the prospect of an early Easter in March to bring about a change of fortunes.”
Overview
Footfall traffic declined by 6.2% year-on-year in February, standing out as the largest decrease in the past year and beyond. While January seemed to show slight improvement, albeit a continuation of the downward trend, any hope for a more stable upward trajectory was eliminated by the shortcomings of February.