The United Kingdom experienced a modest monthly increase in retail footfall of around 1.7 per cent in March according to data from MRI Software.
The figure represents the lowest rise for any comparable month over the last decade and is being interpreted as a sign that longer-term footfall trends are beginning to stabilise across all major retail destinations.
Retail parks led the charge witnessing an overall rise of +4.3 per cent month-on-month compared with marginal rises in high streets (+1.2%) and shopping centres (+0.2%).
Much of the uplift was driven by activity in retail parks largely boosted by the final week of the month; the week leading up to Easter which also coincided with payday and the start of the Easter school holidays. However, turbulent weather conditions throughout the month, alongside shifts in key holiday dates including Mothers Day and Easter led to footfall remaining steady.
The final two weeks of the month saw a healthy boost in activity delivered to all UK retail destinations particularly in retail parks and shopping centres where footfall rose week on week by +10.3% in the week leading up to Easter compared with a much more modest rise of +1.9% in high streets. This is encouraging despite stormy weather conditions and many people choosing to make the most of the Easter holidays with vacations abroad; three major UK airports reported this would be their busiest Easter ever, again another sign of normality returning following a volatile period since the pandemic.
Footfall rose from 2023 levels by +2.7% which is indicative of the shifts in key holidays moving forward. This was mainly driven by high street activity where footfall in towns and cities rose by +3.4% compared with more modest rises in retail parks (+3%) and shopping centres (+0.9%). Weekday footfall also remained +3.2% higher when compared against last year suggesting not only a strong return to the office, but also a renewed mindset in consumer confidence. This aligns with consumer confidence remaining unchanged in March from February (according to GFK) however there was an improvement in how people feel about their personal finances over the next 12 months suggesting an element of control being regained. This also aligns with the recent news from the British Retail Consortium (BRC) which highlighted that shop price inflation eased to its lowest level since December 2021 providing good news for consumers.
This is encouraging despite stormy weather conditions and many people choosing to make the most of the Easter holidays with vacations abroad; three major UK airports reported this would be their busiest Easter ever, again another sign of normality returning following a volatile period since the pandemic.
Footfall rose from 2023 levels by +2.7% which is indicative of the shifts in key holidays moving forward. This was mainly driven by high street activity where footfall in towns and cities rose by +3.4% compared with more modest rises in retail parks (+3%) and shopping centres (+0.9%).
Weekday footfall also remained +3.2% higher when compared against last year suggesting not only a strong return to the office, but also a renewed mindset in consumer confidence.
Visit https://mrisoftware.com.
This also aligns with the recent news from the British Retail Consortium (BRC) which highlighted that shop price inflation eased to its lowest level since December 2021 providing good news for consumers.
Looking ahead to April, a fresh set of rail strikes set to take place from 5th to 8th April, coinciding with the Easter school holidays may dampen footfall, especially in towns and cities.
However, the impact is expected to be less severe than on previous strike days due to it being bolstered by footfall on Good Friday when it rose by +12.5% week on week in all UK retail destinations.
Retail parks and shopping centres are likely to experience a decline in activity however much of this will be as a result of the surge in activity leading up to Good Friday in the week prior.
This new wave of strike action will no doubt impact businesses reliant on footfall during the school holidays such as leisure and hospitality particularly in market and historic towns, as well as regional cities including London.
However, there may well be optimism for coastal towns, visitor attractions, and retail destinations where families can travel by car.
In an already challenging retail landscape, having visibility of store and portfolios performance remains crucial for businesses.
MRI Software believes sourcing the right data is critical if retailers wish to make informed business-critical decisions, including forecasting their staffing needs, investing resources where it adds the most value, and optimising their energy and facilities management to drive efficiencies.
The company is a member of the UK Government's High Street Task Force and works to revitalise local high streets across the country.
During the pandemic, MRI Software footfall data was included in weekly ONS Coronavirus and the latest indicators for the UK economy and society reports.
Visit https://mrisoftware.com.
