The vibrant and bustling streets of London have played a pivotal role in the notable surge of shoppers flocking to the high streets of the United Kingdom on Boxing Day, as indicated by the most recent data. According to retail analysts MRI Software, footfall in central London has witnessed an increase of 10%, and a nationwide increase of 8.8% compared to the previous year. However, when considering data from retail parks and shopping centres, footfall only saw a modest increase of 4%.
Historically, Boxing Day sales held significant importance as a major shopping event. However, with the rise of pre-Christmas events such as Black Friday and the early onset of online sales, the relevance of Boxing Day sales has diminished. Furthermore, prominent retailers such as M&S, Next, and John Lewis chose to delay the reopening of their stores until the 27th of December, which has also impacted footfall.
When comparing footfall numbers to those of 2019, it is evident that national Boxing Day footfall remained 14.9% lower, with a slight 1.6% increase in central London. This data, collected by MRI Software, was gathered from 3,600 counting points in 1,300 shopping locations across the UK.
Jenni Matthews, a spokesperson for MRI Software, suggested that the current cost-of-living situation may have prompted individuals to be more prudent in their spending or to prioritize spending time with their families on Boxing Day instead of venturing out to stores. She expressed keen interest in observing how the remainder of the week unfolds for the retail sector as we draw closer to the conclusion of 2023.
The New West End Company, representing businesses in Oxford Street, Regent Street, and Bond Street, has confirmed that the West End experienced a “bumper” Boxing Day, with footfall in the area witnessing a 20% increase compared to November of last year. Dee Corsi, Chief Executive of the New West End Company, lauded the West End as “world-class” and emphasized that the area offers more than just shopping, attracting visitors to revel in the festive season.
With international visitors contributing to the winter recovery, particularly on Boxing Day, Corsi recognized the impact of the cost-of-living crisis on domestic spending and consumer confidence.
In summary, while it is undeniable that London has been instrumental in driving the surge in footfall on UK high streets on Boxing Day, it is imperative to acknowledge the challenges faced domestically as a result of the cost-of-living crisis. As the festive season draws to a close, it will be intriguing to observe the evolving trends in the retail sector as we progress into 2024.
