British shopper numbers increase 0.9% last week on weather boost
Overall increase in shopper numbers, or foofall, was driven by a 3.3% rise in high street shopper traffic, which more than offset declines of 0.8% and 2.2% in retail parks and shopping centres respectively
Shopper numbers across Britain rose 0.9 per cent in the week to July 17 compared with the previous week, boosted by the return of sunny weather, researcher Springboard said on Monday.
It said the overall increase in shopper numbers, or foofall, was driven by a 3.3 per cent rise in high street shopper traffic, which more than offset declines of 0.8 per cent and 2.2 per cent in retail parks and shopping centres respectively.
“There was a glimmer of hope for the hospitality industry, as the most gains in foofall were made post 5 pm as shoppers took the opportunity provided by hot weather to enjoy hospitality venues,” said Diane Wehrle, Springboard’s insights director.
High street foofall post 5 pm rose by 9.8 per cent from the week before compared with 1.9 per cent up to 5 pm.
Springboard said overall UK foofall was down 24.9 per cent compared with the same week in 2019, before the pandemic started to disrupt traffic.
The pandemic has hammered Britain’s retailers, already struggling with high rents and business taxes, tight margins and online competition. Hundreds of store closures and thousands of job losses have been announced.
Springboard forecast that shopper numbers will rise by nearly one fith this week versus the previous week thanks to the liting of most remaining COVID-19 restrictions in England on Monday.
Meanwhile many asset managers seeking authorisation for sustainable funds are failing to give accurate information to substantiate their green credentials, Britain’s financial watchdog said on Monday.
Investors are puting more of their cash into funds that have a stated strategy of favouring environmental, social and governance (ESG) themes and contribute to tackling climate change and other sustainable goals.
The wall of money into ESG funds has already raised concerns among regulators over “greenwashing” or overstated green credentials.
The Financial Conduct Authority said ESG and sustainable funds are now the fastestgrowing segment of the European funds market, resulting in a high volume of applications for authorisation.
“A number of these have been poorly drated and have fallen below our expectations. They oten contain claims that do not bear scrutiny,” the FCA said in a leter to fund managers, setting out guiding principles on what it expects in authorisation applications.
Questions raised by the regulator at the authorisation stage should have already been addressed earlier on.
“We expect to see material improvements in future applications,” the FCA said.
“We also expect clear and accurate ongoing disclosures to consumers where funds make Esg-related claims, and we want to see funds deliver on their stated objectives and/ or strategy.”
The European Union has already set out principles for ESG investing, known as the sustainable finance disclosure regulation or SFDR, but Britain is no longer in the bloc.
Given many asset management companies are cross-border, the FCA said its guiding principles are intended to be complementary SFDR until Britain fleshes out its own regulations in this area.
Bank of England interest-rate seter Jonathan Haskel said reducing stimulus was not the right option for the foreseeable future, despite rising inflation, distancing himself from two colleagues who last week said tighter policy might be needed.
“In the immediate term, the risk of a preemptive monetary tightening curtailing the recovery continues to outweigh the risk of a temporary period of above-target inflation,” Haskel, a member of the Boe’s Monetary Policy Commitee, said in a speech during an event organised by the University of Liverpool.
“For the foreseeable future, in my view, tight policy isn’t the right policy.”
The value of sterling slipped ater Haskel’s comments and British government bond prices rose to a day’s high.
Last week, two other MPC members said the time might be nearing for the BOE to rein in the huge stimulus programme it deployed last year to steer the British economy through the coronavirus pandemic.
Haskel said inflation was likely to exceed 3 per cent by the end of the year - well above the Boe’s 2% target - but that this would probably be fleeting due to the effect of a one-off rise in energy prices and comparing prices now with the deep economic slump of 2020.
“These pressures and erratic data readings should be temporary and therefore could be looked through,” he said.
“In addition, the economy is fully not recovered yet and faces two headwinds over the coming months: the highly transmissible Delta variant and a tightening of the fiscal stance,” he added.