A queue of shoppers wait outside the Swatch Group AG watch store on Oxford Street in London, UK, on Tuesday, Aug. 16, 2022
(Picture: Bloomberg via Getty Images)Footfall levels on Oxford Street surged in July as the shopping district received a much welcome boost, new figures have shown.
According to RSM UK analysis of data from Datscha, reported by the Retail Gazette, footfall on the busy high street rose by 24 per cent from June to July.
Overall, footfall across the capital increased by 26 per cent due to warmer temperatures and the return of international travel.
“Retailers are reaping the benefits of increased footfall. Despite the mounting pressures being faced by consumers in the form of rising energy prices, inflation and the cost-of-living crisis, footfall levels have managed to hold up significantly well in July,” head of retail and partner at RSM UK, Jacqui Baker said.
Despite the positive figures, Ms Baker warned of a tough period ahead for Oxford Street and the retail sector in general over the autumn due to surging energy prices.
She said: “It will undoubtedly be a tough period ahead for the retail sector. With another jump in energy bills looming in October, this will see consumers tighten their belts even further.
“It’s crucial that retailers start thinking ahead in terms of how they can cut costs and continue to attract consumers to their stores. The coming months will be an opportune time for the government to step in and provide additional assistance, or there’s a very bumpy ride ahead for these retailers.”
In May, RSM reported that Oxford Street’s footfall was 52 per cent lower than pre-pandemic levels.
