Footfall drops to lowest level in October since Brexit
According to Springboard and the British Retail Consortium (BRC) data footfall fell 2% coming below the 3 month average decline of 1.4% and nudging the post referendum 2.3% slump.
The East of was the only region where the footfall growth can be seen over the period rising by 1% and marking the eleventh quarter of consecutive growth.
There is a drop of 1.5% in the high street footfall of East Midlands slowing from 2.8% decline seen a month prior. The only areas to experience high street growth up 1.4% and 0.6% were East and Wales respectively.
“Both high streets and shopping centres are clearly under pressure, with footfall during retail trading hours dropping by more than -3 per cent in each,” Springboard’s marketing and insights director Diane Wehrle said.
The fact that retail park footfall slipped into negative territory – even at daytime hours whilst prior to November recording seven consecutive months of growth, which clearly gives evidence of consumers tightening their purse strings.
“It is also critical not to read too much into the improvement in the vacancy rate to 9.3% from 9.6% last quarter, as this is a trend that has occurred over the last few years. Landlords fill their empty stores with temporary lettings in the run up to Christmas.”
After a numerous detailed study, news comes last week revealing October to be the worst month for retail sales in a decade, as the perfect storm of dwindling consumer spend with inflation and business rates batters UK retailers.