Bleak Friday as shoppers swerve the High Street
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Gloomy Friday as shoppers swerve high street: Bitter blow as numbers remain below pre-pandemic levels
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High Streets suffered a bitter blow as Black Friday deals failed to entice shoppers back to the stores.
The numbers remained below pre-pandemic levels. While high streets and malls were busier than last year, up 4.6 percent, overall footfall was a fifth lower than before Covid hit.
Analysts Springboard said high street stores were hardest hit, with sales 26.5 percent below pre-pandemic levels.
No deal: Business was slow as High Streets suffered from Black Friday deals failing to entice shoppers back to the stores
Retail parks performed best, but still welcomed 11.5 percent fewer customers than on Black Friday in 2019.
Black Friday is a US import that was adopted by UK shoppers in 2010 when Amazon lured them to the event on its website. But it wasn’t until 2013, when Walmart-owned Asda joined it, that it really took off.
While it has provided a sales boost for major retailers, it has been to the detriment of small store owners. Former Marks and Spencer boss Steve Rowe famously opposed it, telling reporters in 2017, “I bet most retailers wish it was a US import that never arrived.”
Stores across the country were hoping for a pre-Christmas boost from cash-strapped customers taking advantage of the Black Friday discounts.
But the disappointing turnout painted a worrying picture for retailers in the run-up to Christmas amid the rapidly rising cost of living.
Shares in the UK’s largest listed retailers struggled as shares of Next (model pictured) rose 0.1 per cent
Shore Capital retail analyst Clive Black said Black Friday may not become a “remarkable turning point” as the cost of living squeezes.
He said: ‘While shoppers will undoubtedly take a closer look and look for the few real bargains out there, many will be hesitant with rising essential bills, rising interest rates and future council taxes. Retailers are also smarter about the Black Friday phenomenon, so it’s a much quieter affair.”
Analysts suggested spending spread further into the week as households prepared for the World Cup matches for Wales and England yesterday.
Shares of the UK’s largest listed retailers struggled.
It then rose 0.1 percent, or 6p, to 5752p, but M&S fell 0.8 percent, or 1.05p, to 125.7p and JD Sports fell 0.9 percent, or 1.15p, to 124.55p.
In the final blow to online fashion, Asos fell 3.5 percent, or 23p, to 642p, and Boohoo fell 3.2 percent, or 1.32p, to 40.05p.