Track footfall in retail destinations to better understand opportunities for investment and development, and demonstrate the trading potential of locations in order to attract and retain tenants.
One of the fundamentals driving the value of retail property is the viability of its retail occupiers. Footfall is not only a key determinant of retailer success but also an indicator – it is a circular integral relationship whereby successful retailers drive footfall and footfall drives successful retailers.
This has long been acknowledged by owners and investors who monitor footfall in their own locations meticulously. However, it is only by comparing a particular location’s footfall with key benchmarks that true insights around the success of a retail asset can be determined – footfall in a shopping mall or retail park may be improving, but if sector, regional and UK benchmarks are improving to a greater extent, then the centre is actually under-performing and losing market share.
For the evaluation of the performance high street assets the need for benchmarking data is even greater, as these ownerships tend not to benefit from the ready availability of footfall data. Understanding trends in high street footfall provides a clear indication as to the trading potential of the asset, and Springboard’s substantial UK coverage means that benchmarking data is available for many individual high streets around the UK.