UK bricks and mortar retailers suffer autumnal blues

UK high street retailers were hit hard in October, with the wet and wintery weather putting off many consumers from venturing out to the shops, according to research from the BRC and Springboard.

The drop in overall footfall of -3.2% was the worst result for October in seven years. High street footfall, meanwhile, saw a far steeper rate of decline than September, at 4.9%. This was steeper than the three-month average of 2.8%.

“Weak consumer demand and Brexit uncertainty have both impacted sales in recent months, and this could be further affected by the imminent election campaigning,” says Helen Dickinson, Chief Executive at British Retail Consortium.

“Nonetheless, retailers will be hoping for footfall to pick up as they enter the all-important Golden Quarter. There is some cause for optimism, with the vacancy rate decreasing slightly, buoyed by strong results in London which saw vacancies fall by almost a third.”

The election offers an opportunity for a future government to outline how it would support an industry that pays over £17 billion in tax every year and employs over three million people, she adds.

“With retail accounting for 5% of the economy yet paying 10% of all business taxes and 25% of business rates, it is clear there is room for improvement. The next government should follow the Treasury Select Committee’s advice and scrap downwards transition, which takes money from retailers and uses it to subsidise other industries.”