Footfall to the UK’s physical stores fell by 4.2% in the 12 months to last November and while that might not seem much, it adds up to 3m fewer shopper visits and 3m fewer opportunities to sell the latest collections.
UK households’ hopes for their finances over the year ahead remain near a five-year low, due to growing concern about job security ahead of Brexit, though easing inflation pressures have offered some short-term cheer.
UK store portfolios could be cut by as much as 20% as the migration to online, Brexit uncertainty and increasing consumer caution continue to bite, according to a quarterly update from KPMG/Ipsos Retail Think Tank (RTT).
The UK has been named as the largest online exporter in Europe, beating Germany and France, and clothing is the most popular category for cross-border shoppers, according to a new report conducted by PayPal.
Snow drove shoppers away from UK stores last month with footfall down nearly 12% and close to 29% in the first week of the month. The new report from Ipsos Retail Performance also said London/South East suffered most.