UK: January shocks as footfall sees greatest YoY increase since 2016

New figures from MRI Software have shown an increase in January footfall of 1.4 percent compared to the same month last year, the greatest YoY increase seen outside of the pandemic since January 2016, when footfall was up 1.2 percent.

Upticks were seen across all UK retail destinations, with shopping centre footfall up 1.8 percent, retail parks up 1.4 percent and high streets increasing 1.1 percent. This came despite a significant drop in month-on-month footfall, which fell 20.8 percent, however, this aligned with historical trends observed each January, MRI noted.

The return to office helped drive weekday footfall figures during the month, with footfall up 1.6 percent from Monday to Friday. MRI’s Central London back to office benchmark welcomed a 1.4 percent uptick in January footfall, driven by a 4.4 percent rise during the early evening period. In contrast, weekend footfall across all retail destinations fell by 3.5 percent.

Looking ahead, MRI said that the impact of the Autumn Budget, to which many retailers are responding with increased prices, is “likely to start being felt by both consumers and retailers”. A survey by MRI Software’s Insights found that 39.4 percent of retailers were planning to increase product prices over the next month, while a small number of brands have taken to closing high street stores and are rethinking their physical presence.