"Low consumer confidence ahead of a potential tax-rising Budget kept many shoppers away from retail locations in September. Tube strikes in London, heavy rainfall in the first half of September and Storm Amy towards the end of the month exacerbated the decline. While August saw stronger growth in High Street footfall, September saw High Streets back as the weakest performer across all retail locations. For the first time since June, all three retail destinations recorded year on year declines in shopper traffic."
"Retailers ability to invest in local communities and High Streets has been hampered by last year's Budget, which added £5 billion in employment costs to the industry, in addition to a new packaging tax. For retailers to invest in shopping destinations that will entice shoppers back, the government imposed cost burdens holding back that investment must be lifted. The upcoming Budget is the moment for the Chancellor to do just that, deliver the Labour manifesto commitment of a meaningful reduction in business rates for the industry and ensure no shop pays more in the process."
Total UK retail footfall declined 1.8% year-on-year in September, down from -0.4% in August. High Street footfall decreased 2.5%, reversing August growth of 1.1%. Retail park footfall fell 0.8%, improving from -1.1% in August. Shopping centre footfall dropped 2.0%, down from 0.0% in August. Footfall fell across nations: Northern Ireland -0.5%, England -1.8%, Scotland -2.3% and Wales -2.5%. Low consumer confidence ahead of a potential tax‑rising Budget, London tube strikes, heavy rainfall and Storm Amy reduced shopper visits. Budget-related increases in employment costs and a new packaging tax constrained retailers' investment and calls were made for business‑rate relief.
Read at London Business News | Londonlovesbusiness.com
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