Based on Beauclair Data across the largest 62 Cities and Towns nationwide.
Overall, in December 2023 Sales & Customers were down -3% vs December 2022. Behind the headline, there were some strong differences in performance by sector.
1. Food & Drink saw the highest sales growth, +6%, with higher prices on top of low customer growth. On a full year basis, it was a strong performer with customers +3% and sales +6%. For high streets, Food & Drink is a key in-person experience that cannot easily be replicated at home or online so a potential growth engine.
2. Fashion had a very poor month with sales down –8% on December 2022, and customer numbers down –6%. Things were somewhat better across the whole year, with weak +2% sales growth. However, this came despite a –1% drop in customers.
3. Health and Beauty had a relatively poor December on the high street, with a -1% decline in both customers & sales. Across the full year, however, Health & Beauty was the stand-out success; customers +5% and sales +8%. This is echoed in Boots strong financial quarterly results, showing online AND offline growth – demonstrating the potential of a strong omni-channel approach in the High Street.
4. Despite a turbulent few years of store closures and a flat December, on a full year basis General Retail performed well with customers +5% and sales +4%. ATV dropped -3% due to high levels of promotion in this market, particularly during the November Black Friday period.
5. Overall, 2023 outperformed 2022 with modest 1% customer growth and 2% sales growth. There was strong performance until September 2023, when YTD sales & customers were running at +5% growth, followed by a weaker final quarter. All major sectors saw Customer & Sales growth, apart from Fashion, so a hugely positive result against some serious challenges.
Whilst the challenges in terms of cost of living, inflation, supply chains and retail security clearly remain, the high street in 2023 has yet again proven its resilience and there are still significant opportunities for success for those who adapt and evolve.