Bank Holiday Flop for Retailers
Data released today from research group SPSL, show that 73% of the 3,100 stores that make up the sample for The Retail Traffic Index™ suffered a year-on-year decline in footfall or were neutral this bank holiday.
The number of shoppers entering retail outlets across the UK was down by 9.8% for the Saturday and Sunday together (25th and 26th) versus Saturday and Sunday (26th and 27th) last year. On the bank holiday Monday (27th), retail footfall was down 9.7% versus the bank holiday (28th), last year. Overall for the 3 days, footfall was down 9.8% year on year. Just 27% of stores that go to make up the RTI registered year-on-year growth.
According to Dr. Tim Denison, Director of Knowledge Management at SPSL and leading retail psychologist; “We feel that there are a combination of reasons for the poor shopper turn-out this weekend. Without doubt, the first good weather for some weeks will have tempted people to be outdoors, making the most of it, many choosing to follow recreational pursuits other than shopping. Secondly we believe that this weekend’s figures provides another sign of the long-awaited consumer tipping point which retailers have been working so hard to stave-off. Thirdly, most of the Sales which retailers have been holding to dispose of their stock piles and maintain a shopping momentum have now come to a close.
“Whatever the exact balance between these factors, these latest figures will not be good news for retailers after a tough Summer for many. In July we saw retail footfall fall below its 2006 level for the first time in six months with a 1% decline. Going forward we cannot discount the impact of rising interest rates, taxes and household bills against a background of subdued wage increases.”
