The three bank holidays in May boosted retail footfall, with a 1.1 per cent rise from April which followed a rise of 7.2 per cent from March to April, stated a recent report, saying this is the first time that footfall has increased in two consecutive months since August 2022.
The data from MRI Springboard shows high streets drove the increase from April, with footfall increasing by 3.6 per cent versus drops in footfall in shopping centres and rextail parks of 2.2 per cent and 0.9 per cent respectively.
Footfall rose by 3.3 per cent from 2022 across all UK retail destinations; by 4.4 per cent in high streets, by 3.8 per cent in shopping centres and by 0.2 per cent in retail parks.
The gap from the 2019 footfall level narrowed to -10.8 per cent from -12 per cent in April across all UK retail destinations; -12.8 per cent in high streets from -15.6 per cent in April, -14.6 per cent in shopping centres from -14.2 per cent in April and by -2.3 per cent in retail parks from -2 per cent in April.
High street footfall rose by 9.2 per cent from 2022 over the Early May bank holiday weekend versus 4.1 per cent in shopping centres and 1.1 per cent in retail parks. Over the Whitsun bank holiday weekend, high street footfall rose annually by 8.5 per cent but was 0.4 per cent below the 2022 level in shopping centres and 1.2 per cent above 2022 in retail parks.
Footfall over the Coronation weekend as a whole dropped by 8.2 per cent from the first May bank holiday when it had risen by 11.6 per cent from the week before that. On the Coronation day itself, footfall was 20.6 per cent lower than the previous Saturday.
Diane Wehrle, insights director at MRI Springboard, commented: “With three official bank holidays, May 2023 was a unique month in the retail calendar, and it appears that it provided a further boost to retail stores and destinations.”
She added: “The stronger performance of high streets during what was a period of public holidays is likely to reflect their wider hospitality offering. Indeed, as domestic essential food prices continue to soar, and more hospitality operators offer discounts and vouchers, dining out is becoming more appealing as it can be seen as a more cost-efficient option for families; 27 per cent of consumers dined out at least once a week in May, rising from 21 per cent in February and 18 per cent in November 2021.
“In overall terms, the uplift in footfall in May demonstrates a greater degree of consumer resilience than initially envisaged, but that consumers are selective about when they spend. This is highlighted by stronger performance over the weekends in May when high street footfall rose by 6.4p er cent from April versus just 2.2 per cent during weekday periods. With food inflation remaining at the highest rate for decades, this should be regarded as an oasis in the desert, with a summer of caution ahead as consumers brace themselves for further price rises and rein in shopping trips and spending.”
