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October washout sees footfall drop 5.7% in October

October washout sees footfall drop 5.7% in October

On this episode of Talking Shop, we're joined by Dan Cate, CEO and Founder of SoldThrough. Dan is a heavyweight retail executive who has spent decades steering the merchandising and digital operations of America’s most iconic retail institutions, from Saks Fifth Avenue and Bloomingdale’s to Century 21 and Lord & Taylor. Today, through his platform SoldThrough, Dan helps international fashion brands cross the Atlantic and crack the notoriously brutal U.S. retail landscape. We break down his journey from the shop floor to the C-suite, the operational indicators that prove a brand is truly ready for international expansion, and how to navigate a fragmented American market without destroying your margins. We also discuss how to balance localised inventory with central efficiency, and the one non-negotiable metric that tells you a product has found genuine market fit.

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Footfall decreased 5.7% in October as wet weather negatively impacted consumers’ willingness to visit UK highstreets, according to the latest data from MRI Springboard.

It found that high street footfall decreased by 4.6% in October (YoY), down from -1.7% in September.

Meanwhile, retail parks experienced a 4.3% decline, down from -2.4% in September. Shopping centre footfall decreased by 7.3% in October (YoY), down from -4.0% in September.

Of the UK nations, England saw the least significant YoY drop in footfall, showing a decrease of 5.3%. Scotland saw a YoY drop in footfall of 1.4%. This was followed by Wales at 5.6% and Northern Ireland at 6.8%.

Helen Dickinson, chief executive of the British Retail Consortium, said: “Umbrellas were up as heavy rainfall descended across the UK in October, leading many shoppers to stay at home. As inflationary pressures on households begin to ease, some people are shopping around slightly less, braving the rain only to make their final purchases. This led to a larger year on year drop in footfall in all shopping locations than we saw in September.

“While consumer confidence may be higher than 2022 it is still very weak, dropping over the last month. The economic landscape remains tough, with input prices and cost pressures above normal levels. Retailers are investing heavily in their Christmas offering – trying to provide the best value and service for their customers.”

She added: “The Government must ensure it does not unnecessarily burden retailers with additional costs and the Autumn Budget offers an opportunity to avoid a £470m-per-year business rates rise, which would push up prices and limit industry growth.”

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