UK retailers report 2.2% drop in December footfall, ending ‘disappointing year’ – business live | Business

January 3, 2025

The US president-elect has taken to his social media platform Truth Social to hit out at the UK for taxing oil companies and allowing windmills in the North Sea.

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His post said:

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\n

The U.K. is making a very big mistake. Open up the North Sea. Get rid of Windmills!

\n

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Trump’s post linked to, and appeared to be a response to, news that an arm of US oil and gas producer APA Corp is planning to exit the North Sea by the end of 2029.

\n The company said it expects North Sea production to fall by 20% year over year in 2025.

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Trump at the Double Eagle Energy oil rig, Wednesday, July 29, 2020.”,”caption”:”Double Eagle Energy oil rig Donald Trump at the Apparatus, Wednesday July 29, 2020. “,”Credit”:”Photo: Evan Vucci/AP”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Last year, the British government announced it would increase the windfall tax on North Sea oil and gas producers from 35% to 38% and extend the levy by another year.

\nProceeds from that tax increase will be used to fund renewable energy projects as part of a broader plan to decarbonize the power sector by 2030.

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However, oil producers operating in the North Sea say the measures could lead to a sharp drop in investment and that some (such as APA) may decide to jump ship before the tax increase takes effect. I'm warning you.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

We start this Friday with disappointing news for high street shops, as the British Retail Consortium (BRC) reports a 2.2% fall in footfall for December, compared to a year earlier.

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That is slightly better than the 4.5% drop in November, but will provide little comfort to the shops that had been hoping for a end-of-year rebound during the all-important Christmas shopping season.

\n Figures from the BRC show that shopping centres were the hardest hit, followed by high street shops:

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\n
High street footfall decreased by 2.7% in December (year-on-year), up from -3.7% in November.

\n
Shopping centre footfall decreased by 3.3% in December (year-on-year), up from -6.1% in November

\n
Retail park footfall was unchanged at 0.0% in December (year-on-year), up from -1.1% in November.

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Overall, it meant that fourth quarter footfall was down 2.5%, leaving full-year 2024 footfall down 2.2% compared to 2023.

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And although footfall is not an accurate guide to potential sales due to the boom in online shopping, it will add to anxiety about how retailers performed.

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The BRC’s CEO Helen Dickinson said:

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\n

A drab December which saw fewer shoppers in all locations, capped a disappointing year for UK retail footfall. This means 2024 is the second year in a row where footfall has been in decline.

\n

High streets and shopping centres were hit particularly hard throughout the year as people veered towards retail parks to take advantage of free parking and the variety of larger stores.

\n

Even the Golden Quarter, typically the peak of shopping activity, provided little relief, with footfall down over the period.

\n

While the Black Friday weekend delivered more promising results, they were overshadowed by a lacklustre festive season.

\n

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\n The agenda

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\n
8.55am GMT: Germany unemployment for December

\n
9:30am GMT: UK mortgage approvals, net mortgage lending, consumer credit for November

\n
1:30pm GMT: US ISM manufacturing index for December

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main events

Donald Trump advises UK to build North Sea windmills

The US president-elect took to his social media platform Truth Social to criticize Britain for taxing oil companies and allowing windmills to be built in the North Sea.

his the post said:

Britain is making a huge mistake. Open up the North Sea. Please remove the windmill!

President Trump's post linked to and appeared to be responding to news about the weapons attack. US oil and gas producer APA Corp planning to leave the North Sea By the end of 2029.

The company said it expects North Sea production to fall by 20% in 2025 compared to the previous year.

Donald Trump at the Double Eagle Energy oil rig on Wednesday, July 29, 2020. Photo: Evan Vucci/AP

Last year, the British government announced it would increase the windfall tax on North Sea oil and gas producers from 35% to 38% and extend the levy by another year.

Revenue from the tax increase is intended to be used to finance renewable energy projects as part of a broader plan to decarbonize the power sector by 2030.

sarah butler

Shoppers visit Oxford Street in London during the holidays. Photo: Amer Ghazzal/REX/Shutterstock

Full text: Downtowns and other shopping districts have had a “dull December,” ending a year of declining foot traffic and avoiding disappointing sales in the most important month for retailers. There are growing concerns about this.

Attendances to UK shopping centres, retail parks and high streets fell by 2.2% in December compared to the same period in 2023, according to data from analysts at the British Retail Consortium (BRC) and Sensormatic. The decline was driven by a 3.3% decline in shopping centers.

With the rise of online shopping, footfall is no longer a clear indicator of potential sales, but the figures will add to concerns about how retailers performed in the run-up to Christmas. .

A series of industry trading reports revealing how key periods have fared begins on Tuesday with figures for clothing and homewares chain Next, which is expected to gain market share.

Sainsbury's, Tesco and Marks & Spencer are also expected to do well, but Quiz and Shoezone have issued profit warnings before Christmas, and some clothing and footwear retailers are expected to struggle.

Some food companies, including Morrisons and Asda, are also thought to be facing difficulties amid operational problems and intense competition, with prices dropping to 8p for a bag of festive vegetables.

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Returning to shoppers, the BRC puts part of the problem on the fact that high street stores don't have the extra cash to invest in the kinds of “experiences” that can captivate consumers.

BRC CEO Helen Dickinson This is partly due to high taxes and onerous regulations. Retailers are now worried about being pinched by increases in employer national insurance contributions and the minimum wage.

Dickinson says:

Shopping habits are changing rapidly, with customers increasingly demanding more experiential shopping, a variety of cafes, services and activities.

Unfortunately, investment in town centers and high streets is held back by an outdated business rates system that penalizes town and city centres.

While the government's proposals for trade charges reform may ease the burden on some retailers, it is important that ultimately no stores end up paying more than they did before.

With retailers facing £7 billion in additional costs this year due to increased taxes and regulation, changes to the business rates system need to be made in a way that supports retail investment and growth in the coming years.

Markets opened on a chilly Friday morning, with a mixed picture across Europe.

FTSE100 It's flat
french CAC40 It has fallen by 0.2%
spanish ibex It has increased by 0.1%
german Zetra DAX It's flat
italian FTSE MIB It has fallen by 0.35%.

Introduction: UK retailers suffer 'disappointing year' with footfall down 2.2%

good morning. Welcome to our regular coverage of business, financial markets and the global economy.

This Friday starts with some disappointing news for high street shops. British Retail Consortium (BRC)) reported that the number of customers visiting its stores in December decreased by 2.2% compared to the same month last year.

That's slightly better than November's 4.5% decline, but it will provide little comfort to retailers who were hoping for a year-end recovery during the all-important Christmas shopping season.

According to BRC statistics, shopping centers were the worst hit, followed by high street stores.

high street footsteps decreased December saw an increase of 2.7% (year-on-year), up from -3.7% in November.
shopping center footsteps decreased Increased by 3.3% in December (compared to the same month last year), up from -6.1% in November
retail park There were footsteps Doesn't change December was 0.0% (year-on-year), up from -1.1% in November.

Overall, foot traffic in the fourth quarter was down 2.5%, resulting in a 2.2% decline in foot traffic for the full year of 2024 compared to 2023.

The boom in online shopping also increases concerns about retailers' performance, even though foot traffic is not an accurate indicator of potential sales.

of BRC CEO Helen Dickinson Said:

A lackluster December, with fewer shoppers everywhere, capped a disappointing year for UK retail footfall. This means that 2024 will be the second year in a row that foot traffic will decline.

High streets and shopping centers were particularly hard hit throughout the year as people flocked to retail parks to take advantage of free parking and a variety of large stores.

Even the Golden Quarter, usually the peak of shopping activity, saw little foot traffic during this period, offering little relief.

Black Friday weekend had more promising results, but was overshadowed by a lackluster Christmas season.

agenda

8:55am (Japan time): Germany's unemployment rate in December
9:30 a.m. (Greenwich Mean Time): UK mortgage approvals, net mortgage lending and consumer credit in November
1:30pm GMT: U.S. ISM Manufacturing Business Index for December