UK retail saw a lift in footfall in March thanks to Mother’s Day and nice weather, but the effects of the Budget are expected to take hold in April.
Footfall across all retail destinations grew 4.6% month-on-month in March, according to MRI Software. Mother’s Day and better weather in late March helped drive footfall across high streets, which increased 7% in the month.
Retail parks saw a 4.3% footfall increase while shopping centres declined 0.1%. Annual footfall rose 2.6% across all UK retail destinations despite the Easter holidays being in April this year.
High street footfall grew 3.2% year-on-year, retail parks increased 2.6% and shopping centres grew 1.1%
Weekday footfall in March increased 5.5% year-on-year while weekend footfall grew 2.4%.
MRI noted that despite the positive figures in March, the retail sector “is not without its challenges”.
“Heading into April there is no steering away from the fact that retailers, as well as many other sectors, are about to be hit with a £5.56bn bill, as reported in the latest Yoobic and Retail Economics report, following the measures implemented during the autumn Budget in 2024.
“While £1.76bn will be absorbed by retailers themselves, it’s estimated that £1.72bn will be passed onto the consumer through price increases. The remaining £2.08bn is likely to be invested by retail leaders in cost optimisation projects that will drive operational efficiencies with digital transformation strategies set to deliver high impact in terms of cost and productivity.
“In addition to the increase in certain household bills—including energy and council tax—also set to impact the consumer this month, it’s important for retail leaders to have the latest trends analysis in relation to their portfolio’s performance at their fingertips to be able to adapt swiftly.”
No comments yet