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Tourists responsible for boost in Oxford Street footfall

By Rachel Douglass

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A new report by audit and tax consultancy RSM has found that international travellers could be directly contributing to increasing Oxford Street footfall, which it said has continued on an upward trajectory in July, up 24 percent from the previous month.

According to RSM UK’s analysis of Datscha data, footfall as a whole increased 16 percent in July, with the likes of Leeds, up 26 percent, Brighton, up 19 percent, and Newcastle, up 14 percent, also seeing significant progress.

The firm said a number of factors could have contributed to the positive levels, including school summer holidays, prolonged hot weather and a handful of major events, such as the Women’s Euros, likely drawing international tourists to the UK.

Footfall holds up 'significantly well' in July

“Retailers are reaping the benefits of increased footfall,” said Jacqui Baker, partner and head of retail at RSM UK, in the report.

Baker continued: “Despite the mounting pressures being faced by consumers in the form of rising energy prices, inflation and the cost-of-living crisis, footfall levels have managed to hold up significantly well in July. While it’s managing to resist succumbing to the same drops in consumer confidence, we suspect there’s a lag and it’s only a matter of time before footfall starts to follow suit.”

The company said that the upcoming period could still be tough for retail, with another jump in energy bills expected in October, likely impacting consumer confidence once more.

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