Despite concerns of high inflation rates, November’s consumer confidence rose 3 points to -14 compared with October. With this optimistic outlook and Black Friday set to fall this week, retail experts at Springboard have forecast a 7.9 percent increase in footfall across all UK shopping destinations.
With one sleep until the big day, we’re exploring how British retail is preparing for the biggest shopping event of the year – Black Friday.
What is Black Friday?
Originating from the United States, Black Friday marks the start of the festive shopping period and has routinely seen America’s strongest annual retail sales since 2005. Despite the Christmas calamity in America, Britain had to wait another 5 years for any eye-popping pre-December deals to travel across the Atlantic, with Amazon.com introducing the event in 2010.
Traditionally, deals were only held on Fridays, with Cyber Monday being the day on which internet purchases peaked before Christmas. Year on year, the event has grown with many retailers offering sales throughout the entire week.
Which areas of retail will thrive?
Due to the COVID-19 pandemic, last year’s Black Friday footfall was -60.4 per cent lower than 2019. This sharp contrast is to be expected considering the country was amid a national lockdown throughout the entirety of November.
Black Friday 2021 is expected to be more popular than ever, with footfall increasing 7.9% for the week as a whole. Footfall will peak over the weekend, with increases of 19% on Friday, 13% on Saturday and 11% on Sunday.
Shopping centres, with their diverse retail offerings, are expected to be the most appealing location for Black Friday buyers, with footfall expected to increase by 24 percent. High streets will also see a rise of 20% and 6% in retail parks.
Shopping centres and high streets will be clear winners in terms of the uplift in shopper numbers, as consumers make the most of the opportunity to grab Christmas presents early. Fears of supply shortages instigated by the scarcity of HGV drivers and a desire to soak up the festive vibes absent from 2020, will be key in motivating consumers.
Despite a predicted smaller increase for retail parks, it’s safe to assume that they will continue to appeal to shoppers due to the compelling Black Friday discounts offered by electrical and homeware retailers. This, combined with their accessibility and free parking, makes it easy and convenient for shoppers to click and collect online purchases.
At Targetfollow, we intend to work closely with our tenants at The Pantiles, Peterborough One Retail Park and Salle Moor Hall Farm to ensure a lucrative holiday season. For the latest information regarding our commercial assets, be sure to follow us on Facebook, Twitter and LinkedIn.