New figures confirm that there was a slow but steady recovery in retail footfall last year in the wake of the pandemic, although levels remain below 2019 and are likely to remain so in 2023 and beyond.
The data from Springboard shows the gap with pre-pandemic footfall remained significant during last year, down 14.2% across the period. However, this was an improvement from the -20.8% figure recorded in January 2022.
The data suggests that consumer localism slowed the retail recovery in Central London, where footfall was down 17.8% on 2019 figures between May and December.
Hybrid working had an impact on high streets, where weekday footfall remained 18.2% below pre-pandemic levels across the year. However, the gap was smaller at weekends at 11.8% below.
Meanwhile, retail parks were more resilient with footfall down only 3.7% on 2019 levels. Springboard stated that these sites benefited from pandemic spending patterns and the fact that they were easier to reach by car during rail strikes.
Diane Wehrle, insights director at Springboard, commented: “The question on everyone’s lips now that we are firmly in the midst of the pandemic recovery period, is what are the trends that are going to be prevalent during 2023?
“Over the decade that Springboard has been publishing its data, footfall declined by an average of -1.3% per year each year from 2009, and so in even the absence of Covid, footfall across UK retail destinations would now be circa 4% lower than in 2009.
“Taking this into account, with all things being equal, footfall will not return to pre-pandemic footfall levels, and in 2023 Springboard anticipates that the gap from 2019 will settle at between -5% and -10%.”
NAM Implications:
- Little surprise to those living in the real world?
- Best compare your business with these stats to at least check you achieved your fair share of sales and investment.
- Meanwhile, work on the basis that any growth has to come at the expanse of rivals…
