Despite being just six weeks into a new decade, dubbed “The Roaring Twenties", key figures within the property sector are optimistic and excited for Britain's shopping centres as footfall saw its first increase in January for almost three years.
Seeing a 0.2% increase in footfall in January may not seem like something to shout about however, shopping centres and high streets have seen dramatic falls in footfall over the past decade resulting in the closure of many well known brands including Woolworths, Toys R Us, Maplin and BHS. Many brands have also made huge cut backs in the number of stores, these include department stores Debenhams and House of Fraser.
This climb in footfall is the first increase since March 2017. January 2020 is only the third month in the last four years that footfall has grown, according to research company, Springboard.
Out of town retail parks have also reported positive figures with a 1.4% rise in footfall. However, the UK’s high streets continue to suffer, reporting a 1.8% decline.
To accompany these figures, the shop vacancy rate in town centres dropped by just 9.8% which is the lowest level in a year.
Claire White, Marketing Director at Why Media comments: “The last decade has seen more troughs than peaks for the retail sector in the UK so it’s refreshing to see that footfall figures are now on the rise, something we can hopefully continue throughout 2020. Why Media has been working with dozens of shopping centres both in the UK and Europe since 2010 and it’s been a mixed bag in terms of footfall figures. We see so many factors affecting footfall, from accessibility due to roadworks and redevelopment works to a lack of marketing resulting in people not knowing what’s available at the centre. With this in mind, we always ensure that our strategies encompass a multitude of channels to ensure potential visitors can find key information about shopping centres easily.”
For more information regarding Why Media’s collaborations with shopping centres and retail parks please visit Whymedia.com or contact firstname.lastname@example.org.