Retail Footfall Continues to Fall
Greater drop in retail footfall than during the 2009 recession sees more stores closing down.
In March and April 2009, in the middle of the global financial crisis, retail footfall in the UK declined by 3.8%. This puts into perspective this years’ decline – an “unprecedented” 4.8% reduction in the period from March and April 2018.
These kind of figures continue to highlight the challenges that high street shops are facing. We mentioned this in our last blog in April, outlining the impact that changes in consumer habits and technology are having on retail footfall. Online deliveries to your door, and the rise of services such as ‘click and collect’ are reducing the need to shoppers to head into town centres.
These poor figures are no doubt a major factor influencing the low number of stores opening in the UK. The Local Data Company found there were 4,083 new store openings in 2017, the lowest since 2010. There were 5,855 shops that closed over 2017, meaning that a total of 1,772 shops disappeared. The British Retail Consortium also found that people were choosing to spend their money on leisure activities such as going to restaurants or pubs, rather than shopping.
If you’re reading this as an owner, manager or employee of a high street store – can you afford not to monitor your own levels of retail footfall? How is your own store performing compared to national averages? If you have multiple sites, how are they performing against each other? Is one of your stores experiencing high footfall but limp sales? Was that marketing campaign you ran a success?
The data gathered from an advanced retail footfall system helps you answer all of these questions and more. Depending on the size of your stores and the layout of your entrance Axiomatic have 3 solutions, enabling us to work with almost any entrance. The data gathered is then displayed on an intuitive and simple dashboard for you to quickly view your daily, weekly, monthly and even yearly footfall figures, as well as compare your sites.