High Street retailers Christmas distress as John Lewis, M&S and Next make main name
As Boxing Day sales saw a decline of in-store shoppers on the High Street, some retail giants like John Lewis and Marks & Spencer chose to remain shut for the public holiday
The Boxing Day sales proved to be a disappointment for the High Street, with a decline in shoppers racing to grab in-store bargains.
The annual sale saw a 7.6% drop in footfall on last year and a staggering 30% decline since 2019. Some retail big guns like John Lewis, Marks & Spencer and Next chose to keep their doors shut for the bank holiday.
In previous years, shopping destinations such as London’s Oxford Street, Leeds’ Briggate, and Princess Street in Edinburgh has seen some of their best trading days between Christmas and New Year. However, MRI Software analyst Jenni Matthews said the downturn was most likely due to the cost of living crisis and online shopping, The Times reports.
She said: “The growing presence of online shopping continues to reshape spending habits.
“Many retailers kicked off their Boxing Day sales online [on Christmas Day], providing shoppers with the opportunity to grab early bargains from the comfort of their own homes.
“This is further supported by MRI Software’s Consumer Pulse Report, which identified that 53 per cent of shoppers planned to complete at least half of their Christmas shopping online; a trend that may well continue into the period between Christmas and [the] New Year.”
MRI Software analysed the the sale’s footfall and found traffic on UK high streets was down by 9.6%, while at retail parks it was down by 6.1%. Shopping centre footfall was down by 5.1% as off 8pm, yesterday, December 26.
However, Matthews said footfall is expected to rise today, December 27, as shops continue to reopen. Despite the drop in footfall, Boxing Day sales are expected to exceed £3.7 billion which is a 1.3% increase on last year, according to research by GlobalData for Voucher- Codes. Online sales will balance out the decline in in-store buys.
Analyst at Rendle Intelligence and Insights Diane Wehrle said shopping habits have been changing over the last 10, with people heading out for a Boxing Day sale bargain spend money on things to do rather than items to take home.
Barclays research found a notable shift towards kitchen appliances like air fryers, with sales up by 7%. The bank said Brits were splashing cash on “practical big ticket items which ordinarily fall outside their budgets”.
