City centre shops and malls may have lost their lustre during the COVID-19 pandemic, but as lockdowns ease across Europe many stores in and around residential areas stand to benefit as consumers remain reluctant to venture far from home.
Germany’s ECE operates nearly 200 shopping centres across Europe and told Reuters that centres in areas with a local customer base are approaching pre-lockdown footfall levels - whereas city-centre locations were serving just two thirds of their usual customer base.
“What was once a fabulous shopping experience at a central location is now actually just a place full of risk,” said Andrew Cosgrove, global consumer lead analyst at Ernst & Young. Some smaller retail chains that were struggling before the pandemic have collapsed, while mall operator Intu Properties , owner of Manchester’s Trafford Centre and already battling high debt, was forced to bring in administrators.
Springboard estimates that in the week beginning July 6, overall footfall at retailers across continental Europe remained around a fifth below the same week a year ago, and 40% lower in the UK, according to data shared with Reuters.
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