Despite two warm and sunny Bank Holidays, May 2018 was another dismal month for High Streets and Markets.
Ipsos Mori’s Retail Traffic Index reports a YoY decline of 8.6% in footfall on the High Street. In fact, the sunny Bank Holidays were very much part of the problem, with falls as high as 30% recorded in some regions. Shopping seems to be waning as the default leisure option, with customers preferring to do things rather than buy things for leisure therapy. Retailers responded to the pressure, dropping overall prices by a further 1.1%, the 61st consecutive month of price deflation.
But for markets bargain prices on the High Street make it impossible for them to compete on price. Managers and traders need to develop other areas where markets can compete – for example ambience and product knowledge.