Diane Wehrle, CEO of Rendle Intelligence and Insights, commented on the bleak retail outlook saying, "It seems that my prediction for a 'cautious Christmas' for consumer spending is playing out." This statement highlights the ongoing decline in footfall into retail stores, further exacerbated by disappointing shopping trends in the weeks following significant retail events like Black Friday.
The data reveals concerning trends: a week-on-week drop in footfall into stores of -9.1%, with a subsequent rise of only +7.5%. This, coupled with the last two weeks averaging -3.1% compared to the previous year's already poor performance, paints a dismal picture for retailers,
Last week, shopping centres underperformed compared to high streets, faring -4.7% vs -3.3%. This trend indicates the impact of social activities on footfall, suggesting that consumers are opting for experiences over shopping.
Retailers are holding out hope for a late surge in consumer spending. As Diane Wehrle noted, "Will this lead to pre-Christmas discounting? Almost certainly, and several retailers have already started," implying a strategy shift in response to lower foot traffic.
Collection
[
|
...
]