U.K. Retail Recovers on Boxing Day With Boost From Central London
LONDON — Cheers are in order for the British high street as it slowly recovers.
Footfall on Tuesday, known as Boxing Day in Britain, rose by 4 percent across all U.K. retail destinations when compared to last year. The results were mostly driven by the high street and central London, accounting for an 8.8 percent increase, according to data from MRI Software.
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However, week-over-week footfall was lower across all destinations, resulting in a decline of 33 percent, with shopping centers and retail parks seeing drops of 34.9 percent and 47.5 percent, respectively.
In central London, the stores were more hopeful, with footfall increasing by 10.6 percent compared to 2022 and 1.6 percent from 2019, pre-COVID-19 when the high street was at its peak.
Overall footfall still remains lower than in 2019, registering a 14.9 percent decline.
The MRI Software data, which was compiled between 2014 and 2022 with the exception of the COVID-19 years, concludes that footfall is generally weaker in the final week before Christmas, with an average week-over-week decline of 20 percent.
“The fact that compared to 2019 levels, footfall remains minus 14.9 percent indicates the long-term impacts of the continued rise of online shopping, as many consumers may have started their sale shopping on Christmas Day evening, and with Black Friday only a few weeks ago many will have grabbed their bargains back then,” said Jenni Matthews, marketing and insights director at MRI Software.
“We also can’t forget that many people may be tightening their purse strings given the cost-of-living status, or may still be spending time with their families on Boxing Day and not be heading out to stores and destinations until later in the week,” she added.
Central London’s Bond Street experienced the highest footfall growth on Boxing Day with a 20 percent year-over-year increase, though it didn’t match the 34 percent jump it saw in 2019.
The results were primarily driven by international visitors.
“More than just shopping, many flock here to enjoy all that the area has to offer across the festive season — little wonder then that we have had a busy December, rounded off with a bumper Boxing Day to set the West End up for a positive start to 2024,” said Dee Corsi, chief executive officer of the New West End Company.
“However, we cannot afford to ignore that it is international visitors driving our recovery this winter, particularly on Boxing Day. The cost-of-living crisis is squeezing domestic spending and dampening consumer confidence. It is imperative that the government heeds calls for an independent review of tax-free shopping to put us back on a level playing field with continental Europe,” she added.
London’s streets are filling up with new openings every week in a fight to revive the high street and as overseas brands continue to view the British capital as vital to their international expansion.
For example, American luxury eyewear brand Moscot opened its fourth shop on 68 Marylebone High Street earlier this month. Outside of New York City, Moscot’s base, London has become a second home for father-and-son duo Harvey and Zack Moscot.
“London is a second home to Moscot, because as a cosmopolitan city, it feels most like home in New York City; the uniquity, diversity and creativity found in both cities are quintessentially Moscot,” said Zack, the firm’s chief design officer in an interview.
Meanwhile, jewelry brands are flocking to London as well.
In November, Mejuri opened its third store on King’s Road and Missoma unveiled its first brick-and-mortar store on Monmouth Street in Covent Garden.
Swedish brand Toteme made its London debut by taking over Balenciaga’s 3,000-square-foot space on Mount Street, neighbors to Scott’s and The Connaught.
Gucci relocated to New Bond Street in September, replacing its former location on the corner of Old Bond Street, with a 15,000-square-foot space with five floors inside a Grade-II listed building that was founded in 1913 as an art gallery.
Gaelle Drevet, founder of The Frankie Shop, confirmed to WWD in mid-December that the brand will be taking up space in London in the early spring of 2024.
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