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Oxford Street struggles as footfall lags behind pre-pandemic levels

// High street footfall across the UK continues to lag behind pre-pandemic levels
// International travel restrictions dampened the numbers of shoppers in central London hubs

Oxford Street has struggled to return to its pre-pandemic levels of success with football down 46% on pre-Covid levels.

Overall, high street footfall levels were down 23% in February as retailers brace for rising costs from April, according to an RSM analysis of data from Datscha, with the overall decline in footfall being the worst in London.

Key shopping streets in major Northern cities are also suffering, with footfall on Manchester’s Market Street down 38%and Newcastle’s Northumberland Street down 37%. Footfall on Buchanan Street in Glasgow is also down 25 per cent.

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Restrictions on international travel and testing requirements amid the height of the Covid-19 outbreak which have now been scrapped, deterred tourists from visiting the UK, and consequently hampered footfall levels particularly in London.

In addition to those measures, storm Eunice, concerns about the rising cost of living, and a post-pandemic behavioural shift to online shopping have all contributed to the drop off in footfall.

Although, in contrast with the general trend some shopping destinations did mark increases in footfall – Guildford marked a 28% increase in footfall while Leeds saw a 7% rise.

However, there was hope that the worst of the pandemic for retailers has come and gone, according to Jacqui Baker, partner and head of retail who said: “Despite high street footfall being below pre-pandemic levels, there’s hope that the worst of the pandemic is now behind us, particularly with the removal of all Covid restrictions which is a huge step in the right direction for the sector,”

“Keeping the best of in-store through the retention of good staff and investing in technology to enhance the customer experience will be key in helping the sector regain its pace.

“Consumer confidence is already fragile due to the pandemic and is now facing another setback as a result of the cost of living crisis. Fears of soaring energy costs, higher mortgage repayments and increased petrol prices are all squeezing incomes and creating competition for household spend, which, in turn, may impact future footfall.

“Retailers face an upcoming pinch point from 1 April as the national minimum wage and national insurance increase kicks in, along with the end of Covid support schemes. Many retailers will have been underwhelmed with the Chancellor’s Spring Statement with no mention of the long-awaited business rates reform – a real missed opportunity to support retailers recover and thrive post-pandemic.”

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The post Oxford Street struggles as footfall lags behind pre-pandemic levels appeared first on Retail Gazette.



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