Concerns over the cost of living this year continue to cast a shadow over consumer willingness to shop and spend, despite this being the busiest time of the year for stores.
According to statistics from retail expert MRI Software, footfall across all UK retail outlets fell 3.8 per cent below 2022 levels last week. Of course, increased online demand over the Black Friday weekend hurt overall performance last month, especially on the high street.
The drop from 2022 levels was most noticeable on high streets, when footfall was down 6.3 per cent from the same month the previous year. Footfall also fell 3.4 per cent week on week on high streets, owing partly to increased activity over the Black Friday weekend.
The drop in activity last week increased the difference between the 2019 level and high streets to -16.7 per cent from -11.9 per cent the week before. However, there was an improvement in retail parks, with the deficit narrowing to -2.1 per cent from -5.7 per cent the previous week, and a minor improvement in shopping malls, with the gap narrowing to -19 per cent from -20.4 per cent the previous week.
Footfall was dropped in all ten UK geographical regions compared to 2022 levels, with Wales experiencing the greatest drop of 11.4 per cent.
Further investigation reveals that week-on-week footfall fell 0.5 per cent across all UK retail destinations, mostly due to a 3.4 per cent drop in high street activity in reaction to heightened activity over the Black Friday weekend and a cold snap towards the end of the week.
Shopping centres and retail parks however experienced week on week rises in footfall (+1.9 per cent and +3.1 per cent, respectively).
