Oxford Street footfall dropped more than UK average last month - report
London’s Oxford Street is having a tough time since the pandemic ended. The UK capital’s major retail thoroughfare saw footfall dip by 37% month-on-month in October, hit harder than the overall 28% decline across the UK, according to analysis by RSM.
Overall, UK footfall was 31% lower last month than in 2021.
But while Oxford street struggled, RSM’s analysis of the latest data from Datscha (which tracks key high streets in all major cities across the UK) showed footfall was even worse in some other key shopping areas.
On Manchester’s Market Street and Guildford High Street, the drops were 38% in October from the previous month.
“The overall decline in footfall is largely driven by the economic and political uncertainty faced by consumers which was heightened last month” according to the audit, tax and consultancy firm
“Artificially high levels in September due to the passing the Queen, particularly in London, also contributed to the drastic fall”, it added.
Jacqui Baker, partner and head of retail at RSM UK, said: “Retailers are bearing the brunt of the decline in footfall across the board, and it paints a clear picture that the weight of recent economic uncertainty is really hitting home for consumers.
“Looking ahead, retailers are relying heavily on Black Friday and the remainder of the Christmas period to bring shoppers to the high street. But so far, the Golden Quarter hasn’t quite lived up to expectations. Retailers need to be prepared in case this continues through to the end of the year, or January could come as a real shock.”
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