Footfall is up in retail parks and shopping centres, but down in the high street, new research from retail analyst Springboard reveals.
Footfall fell 0.5 per cent in the five weeks to 25 January compared to a drop of 0.7 per cent last year, driven by a 1.4 per cent jump in retail park visitors.
Shopping centres also saw an 0.2 per cent increase, the first increase since March 2017 and the third month in four years that footfall has gone up.
Meanwhile high street footfall dipped 1.8 per cent in January, as consumers favoured the convenience of retail parks and improved shopping centre experience.
Springboard marketing and insights director Diane Wehrle said: “It seems that this is an early sign that the regeneration schemes long planned by owners to broaden the offer of malls to incorporate a greater experiential element, particularly in the larger malls, are working and they now better reflect consumer demands.”
“This result reinforces the benefit of a single ownership structure and also demonstrates the realisation that the old format of 100 per cent retail is no longer relevant.
“Whilst the gestation period for shipping centre investment may be a long one, once the chess pieces are finally in place a single owner is often more readily able to deliver meaningful change than a high street, which can be weighed down by a multiplicity of owners all of whom have varying objectives and aspirations for their particular asset.”
Consumers flock to retail parks as high street falters
Retail footfall fell 0.5% in the five weeks to 25 January, driven by a 1.4% jump in retail park visitors, new research from retail analyst Springboard reveals. Shopping centres also saw an 0.2% increase, the first since March 2017, and the third month in four years that footfall has gone up. Meanwhile high street footfall dipped 1.8 % in January.