Shops offer grottos and wine to combat 'drab' December

Published On Jan 3, 2025, 6:35 AM

In 2024, UK retail saw a decline in footfall for the second consecutive year, dropping by 2.2%. Experts attribute this downturn to rising costs of living, a shift towards online shopping, low consumer confidence, and unfavorable weather conditions. While some local shops have implemented creative strategies to drive traffic, overall spending decreased. The British Retail Consortium has called for the government to lower business rates to help retailers. Upcoming reports from major retailers like Tesco and Sainsbury's are expected to shed light on the holiday season's sales performance. Investment experts suggest potential recovery for the retail sector in 2025 if inflation and interest rates decrease.