The three bank holidays in May boosted footfall, with a +1.1% rise from April which followed a rise of +7.2% from March to April, the first time that footfall has increased in two consecutive months since August 2022.
High streets drove the increase from April, with footfall increasing by +3.6% versus drops in footfall in shopping centres and retail parks of -2.2% and -0.9% respectively.
Footfall rose by +3.3% from 2022 across all UK retail destinations; by +4.4% in high streets, by +3.8% in shopping centres and by +0.2% in retail parks.
The gap from the 2019 footfall level narrowed to -10.8% from -12% in April across all UK retail destinations; -12.8% in high streets from -15.6% in April, -14.6% in shopping centres from -14.2% in April and by -2.3% in retail parks from -2% in April.
High street footfall rose by +9.2% from 2022 over the Early May bank holiday weekend versus +4.1% in shopping centres and +1.1% in retail parks.
Over the Whitsun bank holiday weekend high street footfall rose annually by +8.5% but was -0.4% below the 2022 level in shopping centres and +1.2% above 2022 in retail parks.
Footfall over the Coronation weekend as a whole dropped by -8.2% from the first May bank holiday when it had risen by +11.6% from the week before that. On the Coronation day itself, footfall was -20.6% lower than the previous Saturday.
The stronger performance of high streets during what was a period of public holidays is likely to reflect their wider hospitality offering, where consumers can take advantage of discounts and vouchers which makes it cost efficient in the face of high food inflation; 27% of consumers dined out at least once a week in May, rising from 21% in February and 18% in November 20221.
There was a greater degree of consumer resilience in May than envisaged, but consumers are selective about when they spend; high street footfall was stronger over the weekends in May when it rose by +6.4% from April versus just +2.2% during weekday periods.
Diane Wehrle, insights director at MRI Springboard, comments: “With three official bank holidays May 2023 was a unique month in the retail calendar, and it appears that it provided a further boost to retail stores and destinations with a rise in footfall of +1.1% from April. This was a second consecutive month on month rise following an increase of +7.2% from March to April, and it was the first time that footfall has increased in two consecutive months since August 2022 when footfall rose by +0.5% following on from a rise of +1.6% in July.
However, it was high streets (where footfall rose by +3.6% from April) that drove all of this increase, as footfall in both shopping centres and retail parks declined (by -2.2% and -0.9% respectively). The month on month increase in footfall fuelled an annual uplift of +3.3% across all UK retail destinations and +4.4% in high streets, and a narrowing of the gap from the 2019 footfall level to -10.8% from -12% in April.
While the gap from the 2019 level narrowed overall, again this was due to a stronger high street performance where footfall in May was -12.8% below the 2019 level compared with -15.6% in April, while worsening in shopping centres to -14.6% (from -14.2% in April) and to -2.3% in retail parks (from -2.0% in April).
High streets were the clear beneficiaries of the increase in consumer activity over the two bank holidays at the beginning and end of the month; over the three days of the early May Day bank holiday weekend high street footfall increased annually by +9.2% and was level with the 2019 footfall level whilst in shopping centres and retail parks footfall rose from 2022 by +4.1% and +1.1% respectively, with a gap from 2019 of -8.7% in shopping centres and -0.7% in retail parks.
Over the Whitsun bank holiday weekend high street footfall rose annually by +8.5% with a gap from 2019 of just -3.3% and in retail parks footfall was +1.2% higher than last year and +1.7% higher than in 2019. In contrast, in shopping centres footfall was -0.4% below 2022 with a gap of -11.6% from 2019.
The unique nature of the Coronation weekend, with the focus for consumers to witness such a historic event, means that its benefits will be more long term. Footfall over the Coronation weekend as a whole dropped by -8.2% from the first May bank holiday when it had risen by +11.6% from the week before that. On the Coronation day itself, footfall was -20.6% lower than the previous Saturday.
The stronger performance of high streets during what was a period of public holidays is likely to reflect their wider hospitality offering. Indeed, as domestic essential food prices continue to soar, and more hospitality operators offer discounts and vouchers, dining out is becoming more appealing as it can be seen as a more cost efficient option for families; 27% of consumers dined out at least once a week in May, rising from 21% in February and 18% in November 2021.
In overall terms, the uplift in footfall in May demonstrates a greater degree of consumer resilience than initially envisaged, but that consumers are selective about when they spend. This is highlighted by stronger performance over the weekends in May when high street footfall rose by +6.4% from April versus just +2.2% during weekday periods. With food inflation remaining at the highest rate for decades this should be regarded as an oasis in the desert, with a summer of caution ahead as consumers brace themselves for further price rises and rein in shopping trips and spending.