Up-to-date coverage of the latest events in UK retail.

7:24am Boxing Day footfall drop sharpest since recession

Boxing Day footfall is expected to decline 5.2% this year, in the sharpest fall since the recession.

Forecasts from retail data firm Springboard said that Boxing Day footfall has declined in five of the past nine years with the decline increasing every year since 2016.

Marketing and insights director Diane Wehrle said: “It is going to be the worst Christmas we’ve had for a good few years, apart from when we were in the depths of recession.”


 7:17am Boots launches cost-cutting exercise as profits fall

Boots will embark on a cost-cutting strategy in a bid after global profits fell because of tough UK trading conditions.

Walgreens Boots Alliance reported a 4.1% drop in profits to £1.3bn in the three months to end of November.

UK pharmacy sales were down 3.5% while sales across the rest of its offer were down 2.6%.

The group is now launching a major cost-cutting drive which will see it save nearly £800m in three years. The retailer has not confirmed whether job cuts will be part of that drive.