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Free AccessMNI BRIEF: UK Retail Footfall Plunged During Second Lockdown
The BRC-Shoppertrak footfall montitor plummeted 31.9pp to -65.4% in November as the second national lockdown kicked in. High streets were again the worst performing location with footfall dropping by 63.9% year-on-year. Footfall in shopping centres slumped to -61.8%, while retail parks saw a decline of 26.8%. Northern Ireland saw the shallowest decline in footfall -21.0%, while the South West recorded the largest drop of -74.6%. The first day when shops were permitted to reopen (Dec 2) footfall surged by 150% compared to a week before (Nov 25).
The report noted that many businesses face financial pressure as rents have to paid and full business rate liability returns in April 2021, adding that the government must act. "Without this, parts of the industry face the stark reality of being unable to pay their bills, resulting in further job losses and store closures, and setting back any wider economic recovery.", Helen Dickinson from the BRC said.
"Not even Black Friday could loosen the grim grip of lockdown, which wiped out footfall on the High Street in November. Forced to close just at the time they needed to capitalise on Christmas trade, the real test now comes as those retailers can reopen." Andy Sumpter from Shoppertrak added.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.