Bleak Friday as shoppers swerve the High Street
HIGH Streets suffered a bitter blow as Black Friday deals failed to lure shoppers back into stores.
Numbers remained below pre-pandemic levels. While high streets and shopping centres were busier than last year, up 4.6pc, overall visitors were a fifth lower than before Covid struck.
Analysts Springboard said high streets were the worst affected, with sales – 26.5pc below pre-pandemic levels.
Retail parks performed best, but still welcomed 11.5pc fewer shoppers than on Black Friday in 2019.
Black Friday is a US import that was taken up by British shoppers in 2010 when Amazon lured them to the event on its website. But it wasn’t until 2013 when Walmart-owned Asda took part that it really took off.
While it has provided a sales boost for big retailers, it has been to the detriment of small shop owners. Former Marks and Spencer boss Steve Rowe was famously against it, telling reporters in 2017: ‘I bet most retailers wish it was an American import that never arrived.’
Shops across the country were hoping for a pre-Christmas boost from cashstrapped shoppers taking advantage of the Black Friday discounts.
But the underwhelming turnout painted a worrying picture for retailers in the run-up to Christmas amid the spiralling cost of living.
Shore Capital retail analyst Clive Black said Black Friday may not end up being a ‘ notable turnaround moment’ as the cost of living squeeze bites.
He said: ‘Whilst shoppers will no doubt take a look and seek the few genuine bargains out there, many will be holding back with essential bills rising, interest rates on the up, council taxes to come too. Retailers are also smarter on the Black Friday phenomenon, and so it is a much more muted affair.’
Analysts suggested spending had been spread further across the week as households prepared for the World Cup games for Wales and England yesterday.
Shares in the UK’s biggest listed retailers struggled.
Next (model pictured right) rose 0.1pc, or 6p, to 5752p, but M&S fell 0.8pc, or 1.05p, to 125.7p and JD Sports sank 0.9pc, or 1.15p, to 124.55p.
In the latest blow for online fashion, Asos fell by 3.5pc, or 23p, to 642p and Boohoo by 3.2pc, or 1.32p, to 40.05p.