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As the UK wakes up to a new Labour government, the British Retail Consortium has called on the incoming regime to urgently tackle issues holding back the high street and other retail locations after footfall fell back again in June.
Covering the four weeks to 29 June, the BRC-Sensormatic IQ Footfall Monitor found total UK footfall decreased by 2.3% in June, with drops across all locations.
High street footfall decreased by 3.1% in June, worse than the 2.7% decline in May.
Retail park footfall decreased by 0.4% in June, while shopping centres were down 3.2% – although both were an improvement from declines of 2.3% and 4.5% in May respectively.
Helen Dickinson, CEO of the British Retail Consortium, said: “As the new government forms today, it is vital that the problems facing local communities are addressed in its first hundred days. Planning reform must be a priority – a fast-track planning system, which includes automatic approval in certain cases, will give retailers tools to invest up and down the country.
“Speeding up these processes, alongside reform of business rates, will help town and city centres to thrive. With our high streets undergoing transformation, as properties are used more often for wider purposes beyond retail, these reforms are essential for successful regeneration of local areas across the UK and ensuring footfall recovers in the medium and longer term.”
On the data she noted a failure to repeat last year’s heatwave had hit shopper figures.
“However retail parks and shopping centres did see an uptick compared to the previous month’s washout, and footfall levels in Edinburgh and Liverpool were boosted as Taylor Swift enchanted crowds of fans. Retailers are hoping that warmer Weather and maybe, just maybe, a successful European Championships for England could bring footfall home this July.”
Andy Sumpter, retail consultant EMEA for Sensormatic Solutions, added: “June’s footfall saw an improvement in performance compared with last month. With the rain finally giving way to drier and sunnier weather, this along with events including the start of the 2024 Euros and Taylor Swift’s Eras tour helped to deliver an ambient boost to shopper traffic.
“However, while edging up compared to May, store visits remain marginally down compared to 2023, suggesting recovery in shopper traffic has yet to fully turn a corner. With home nation hope still alive in the Euros, retailers will be hoping football – and footfall – will be coming home in July, as other major sporting events, including Wimbledon and the Paris Olympics, also provide positive opportunities to entice shoppers into store.”
Morning update
The FTSE 100 has jumped 0.9% on the news that the Labour Party has secured a sizable majority in yesterday’s general election.
While some seats remain to counted, Labour currently has 409 seats to create a majority of 168 seats.
The Conservative Party has been reduced to just 120 seats, with nine seats yet to declare.
In terms of market news, Science in Sport has raised approximately £8m of new cash via a share placing.
It has placed 47.06m new ordinary shares at a price of 17p per share.
The placing shares represent 25.8% of the issued ordinary share capital of the company prior to the placing.
On the markets, risers this morning include Glanbia, up 3.7% to €18.88, SSP Group, up 1.7% to 158.2p and Naked Wines, up 1.5% to 62.9p.
Fallers include Hilton Food Group, down 2.9% to 880p, Science in Sport, down 2.5% to 17.3p and Greencore Group, down 1.6% to 171.2p.
Yesterday in the City
The FTSE 100 closed up yesterday 0.6% at 8,171.1pts as the market gave its seal of approval to polls suggestion Labour would win a large majority in the general election.
Amongst those risers were Kerry Group, up 6.9% to €80.60, Bakkavor, up 6.1% to 147p, SSP Group, up 4.1% to 155.6p, Deliveroo, up 1.9% to 132.3p and Ocado, up 1.6% to 305.5p.
Fallers included Fever-Tree Drinks, down 4.4% to 1,053p, Science in Sport, down 4.1% to 17.75p, Naked Wines, down 1.6% to 62p, AG Barr, down 1.5% to 599p, THG, down 1.4% to 64p and PZ Cussons, down 1.4% to 101.6p.
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