Retailers received a “sharp shock” last month as shoppers made only essential purchases in the face of cost of living pressures. Footfall across all retail destinations fell by 2.8 per cent on the month before – a significant drop from the 9.4 per cent increase seen between January and February, according to MRI Springboard.
Meanwhile, footfall on UK high streets was down 18.7 per cent on 2019 levels and 0.6 per cent below last March. MRI Springboard said inflationary pressures and interest rates had led to consumer trips now being driven by essential shopping, demonstrated by an annual decline in footfall of 1.4 per cent across high streets at the weekend – the first month this has occurred.
