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Market Commentary

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Weekly Retail & Leisure News - 28 November​​​, 2016​​​​​​​​​​​​​​​​​​​​​

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Black Friday footfall stronger than expected

UK consumers are expected to spend £5.76bn over Black Friday, Cyber Monday and the weekend in between, an increase of 15% compared to 2015, with similar levels of business expected on each day. However, with a lower than predicted rise in online purchasing, data from this year’s Black Friday paints a surprising picture, with an uplift in footfall of 2% against Black Friday 2015, compared with a forecast fall of 5%. High street footfall increased 2.8% while retail park and shopping centre footfall increased 0.8% and 1.4% respectively, according to the Springboard footfall index. Online purchasing failed to meet expectations and was up only 6.7% against Black Friday last year, compared with a forecast of 25% and a rise of 31% in 2015, as shoppers moved away from online offers. This data suggests that Black Friday is still very much evolving as a shopping day in the UK, and also underlines the importance of retailers embracing omni-channel strategies.

In other news, commenting on the Chancellor’s announcement on business rates in last week’s Autumn Statement, Tim Beattie, Head of Rating, JLL UK, said: “Across the UK and particularly in London, businesses will be very angry at the news that the government has ignored their demands to dramatically improve the transitional arrangements outlined in the government’s recent consultation paper by only reducing the year 1 cap from a whopping 45% to an equally eye watering 43%, when the equivalent figure for the three previous revaluations was a far more manageable at 12.5%. Business will however welcome the news that there will be a new 100% business rates relief for new full-fibre infrastructure for a 5 year period from 1 April 2017, which will help to support the digital roll out to more homes and businesses.”​

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