Coronation weekend is set to bring cheer among retailers as recent report predict that a boost in footfall as compared to 2022 across all UK retail destinations.
A spectacle not seen by the majority of the UK population, high streets are expected to enjoy a boost of activity as consumers enjoy a second consecutive bank holiday weekend to mark the occasion.
According to retail experts MRI Springboard, high street retailers can expect a significant boost, with footfall up +12.0 per cent from 2022 on the bank holiday Monday following the Coronation, with an annual increase of +10.0 per cent at UK shopping centres. Across the Coronation weekend as a whole, annual footfall is predicted to climb by +5.0 per cent on UK high streets, compared to +4.0 per cent at retail parks and +3.0 per cent at shopping centres.
On the day of the Coronation itself, MRI Springboard forecasts that footfall will drop below the week previous by -8.0 per cent across all UK retail destinations, largely due to strong footfall expected during the early May Bank Holiday weekend preceding the Coronation. Despite week-on-week footfall dropping by -8.0 per cent across all UK destinations, high streets are still likely to benefit from events hosted in town and city centres to celebrate the coronation.
The forecast boost to footfall is anticipated to close the gap to 2019 levels to -10.0 per cent across all UK retail destinations over the Coronation weekend, with footfall at retail parks narrowing to just -3.0 per cent below pre-pandemic levels.
Diane Wehrle, insights director at MRI Springboard: “The Coronation weekend will be a once in a lifetime event for UK consumers, offering a spectacle never seen before by most of the population. It is taking place the week following the early May Bank Holiday when MRI Springboard expects footfall to rise by around +12 per cent as consumers enjoy the warmer weather and the longer day light hours.
Therefore, on Saturday, the day of the actual coronation service, MRI Springboard forecasts that footfall in high streets will be -7 per cent lower than on the previous Saturday but -10 per cent lower in shopping centres.
The stronger result in high streets than in shopping centres is likely to be a result of some town and city centres holding events to celebrate the coronation, and installing screens so that consumers can watch the coronation service from the town centre.
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