Fragile consumer sentiment as a result of a surge in inflation appears to have kept cash-conscious shoppers off Britain’s high streets last month – even before interest rates were raised.
According to figures published by market intelligence group Springboard and the British Retail Consortium, overall footfall in October slipped by 2 per cent on the same month a year ago, which marked the lowest rate since last year’s Brexit referendum.
It was also below the three-month rolling average of a fall of 1.4 per cent, and the 12-month rolling average of a decline of 0.5 per cent.
“All shopping destinations saw shopper footfall ease back in October, which mirrors the month’s paltry sales performance,” said BRC chief executive Helen Dickinson.
“Even retail parks, which have continually bucked the trend until now, struggled to attract as many visitors as the previous year.”
The data shows that the East was the only region to show growth in October. Footfall there rose by 1 per cent, representing an eleventh consecutive month of growth.
Shopping centres suffered a particular decline, ranging from 1 per cent to 3 per cent. Greater London was the only region to see positive growth – of 0.2 per cent.
Diane Wehrle, Springboard marketing and insights director, said that last month was the worst October for footfall since 2013, when it declined by 2.9 per cent. She said that the rolling three-month average was now at the lowest since June last year, indicating that “both high streets and shopping centres are clearly under pressure”.
The figures showed that the vacancy had improved slightly, but Ms Wehrle said that it was important not to read too much into this.
“This is a trend that has occurred over the last few years as landlords fill empty stores with temporary lettings in the run up to Christmas,” she said.
Chiming with Monday’s data, a survey by accountancy and business advisory firm BDO last week showed that British shops suffered their worst October for sales in a decade.
