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Despite Brexit concerns, shoppers show their love for the shops

By Vivian Hendriksz

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Business

Despite the financial instability brought on in the wake of the UK voting in favour of leaving the European Union, Brits have continue to show their love for the highstreet and its shops.

Footfall has increased across all of retail estate firm Hammerson UK shopping destinations amid consumer insecurity. Hammerson's retail tracker, which monitors sales activity across its UK portfolio of shopping centres, reported a 0.3 percent increase in footfall for the first half of 2016.

This is more than the national average of -1.6 percent and a 0.3 percent fall in like-for-like sales during the six month period to June 30, 2016. These results showcase a mixed bag of results for the wider retail market, but highlight that despite unfavourable weather patterns and jitters surrounding the Brexit, UK shoppers have remained stoic in their spending habits.

"Despite the first half of the year revealing a mixed picture for retail it is encouraging to see that although consumers might be taking a more cautious approach to spending, they are still heading out into the shops," commented David Atkins, Hammerson CEO in statement.

The retail tracker also revealed a sharp increase in the sportswear and fitness sectors, driven by the athleisure trend, which consistently outperformed all other fashion categories, with sales up 7.5 percent over the past six months. The sportswear category increased even more during the month of June, growing 16.8 percent, driven by the impending Olympics and recent British sporting events.

Other top performing categories included jewellery, reporting a 3.5 percent increase during the first half of the year. Sales in this sector grew 2.4 percent in June, driven by appetite for engagement rings.

"The appetite for both jewellery and sports-related goods has been notable throughout this year, and we anticipate this trend to continue through the remainder of the summer with the Olympics serving as further inspiration for shoppers," added Atkins.

Photo: Regent Street, Facebook

Hammerson
Retail Footfall
retail monitor