UK Retailers Suffer as Shoppers Desert High Street in May

UK retailers suffered the steepest monthly decline in footfall for six years in May, according to figures from Springboard, the retail research company, the Financial Times reported. The figures, published on Monday, show that footfall across high streets, retail parks and shopping centres declined by more than 3 per cent in May compared with the same month last year. The high street segment was the worst affected with footfall down 4.8 per cent. The decline at retail parks was comparatively softer at 0.8 per cent and, across a three-month average, retail parks saw footfall increase by 1 per cent. Bricks-and-mortar retail businesses have come under particular pressure in the past year as costs such as business rates and the national living wage increase, while consumer confidence declines and customers move to shop online. Many retailers, such as Philip Green’s Arcadia group, have entered contentious insolvency proceedings. Read more