Retail analysts report that London’s festive footfall saw a smaller decline compared to the rest of the UK. Between 18th December and New Year’s Eve, footfall in Greater London dropped by 8.4% compared to 2023, while the rest of the UK experienced an 11.2% decrease, according to data from MRI Software. Despite lower numbers on Boxing Day, London saw increases in shoppers on Black Friday and Christmas Eve.
Jenni Matthews, head of marketing at MRI Software, highlighted a growing shift towards online shopping, which was already evident before the pandemic. London’s appeal as a tourist hotspot, she suggested, may have contributed to its comparatively smaller decline in High Street activity.
Meanwhile, 2024 saw the closure of over 13,000 High Street shops across the UK, including 11,341 independent retailers - a 45.5% rise from the previous year - according to figures from the Centre for Retail Research. These closures reflect ongoing challenges faced by traditional retail amidst changing shopping habits and economic pressures.
The retail sector faces further difficulties as price rises and job losses are expected following the October budget’s increase in National Insurance contributions. Matthews warned that retailers are preparing for tough financial challenges in 2025, echoing concerns raised in the autumn budget about the pressures on the sector in the coming year.
