With Easter eggs flying off the shelves and consumers enjoying distinctly fuller wallets than this time last year, many retailers hoped that the Bank Holiday weekend would see a return to prosperity not experienced since before the recession struck.
However, the showery weather in some areas and anxiety surrounding the upcoming general election put something of a dampener on the high street, where footfall dropped by a disappointing 4.7 per cent over the long weekend.
Although Springboard forecast a bump in footfall of around 5 per cent in the period from Good Friday until midday on Easter Monday, the latest data from the retail intelligence body showed that the boom failed to materialise in town centres throughout the UK. In part, the high level of optimism was based upon the fact that Easter fell slightly earlier this year, with experts believing the proximity to March’s payday would have a beneficial impact upon the high street.
Springboard lead analyst Diane Wehrle believes the election is a key reason for cautious spending amongst UK consumers.
She says; “Consumers have been more cautious than we anticipated this Easter, possibly due to uncertainty with the upcoming election, and combined with the gloomy weather this has had an impact on footfall over the weekend, particularly for UK high streets.”
However, while consumers may have shunned the high street, shopping centres and retail parks enjoyed a much more profitable Bank Holiday weekend – in fact, the former enjoyed one of its most successful periods in recent years. Footfall at shopping centres outperformed the 1.6 per cent growth forecast by industry experts, rising by 2.7 per cent during the three days.
Springboard analysts believe that the decline on the high street and corresponding growth in footfall at the nation’s top shopping centres may be in part due to the huge level of investment development owners are making into diversifying leisure offerings in their premises.
With many commercial developers choosing to introduce dining quarters, multiplex cinemas and family orientated leisure facilities into their centres, consumers are being offered more incentives to spend a day in major retail destinations and increase their dwell time – in fact, this trend has become so powerful that developers in Ayr are in the process of transforming the Kyle Shopping Centre into a leisure destination, eschewing the small retail presence still in situ entirely.
Although high street retailers may be feeling somewhat gloomy following the disappointing weekend, Ms Wehrle points out that technological initiatives have allowed them to recoup a significant proportion of losses. Online sales rose by 11 per cent on Good Friday alone, which she believes reflects the growing popularity of click and collect.
Ms Wehrle continues; “The rise of online has definitely played a role in footfall this Easter.
“Traditional key shopping periods are decreasing in importance as the opportunities online stores and click and collect offer leave shoppers no longer feeling the need to rush out.”
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