ReThink Productivity Podcast
In this exciting podcast, Simon Hedaux from ReThink Productivity shares his insights and strategies for improving productivity and efficiency in the retail and hospitality industries. With the help of clients, partners, and the ReThink team, Simon covers everything from measuring and tracking productivity to developing and implementing effective strategies.
Whether you're a business owner, manager, or employee, this podcast is a must-listen for anyone who wants to learn how to get more done and improve their bottom line.
Here's what you can expect to learn:
- How to measure and track productivity
- Proven strategies for improving efficiency and reducing waste
- How to create a culture of productivity and innovation
- Tips for motivating and engaging your team
- Real-world examples of how other businesses have used ReThink Productivity to achieve success
Don't miss out on this opportunity to learn from the experts and get ahead of the curve with your own business.
ReThink Productivity Podcast
Footfall Insights December 2024
Diane Wehrle CEO at Rendle Intelligence and Insights joins Simon for their monthly chat about footfall trends and shopping behaviours. They cover:
- Footfall trends from October to November 2024
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Welcome to the Productivity Podcast. We're one episode away from the big one and Diane Wirl, Head of Insights at Rental Intelligence and Founder, joins me for our chat around footfall and behaviours from October to November. So not far from the big one, Diane.
Speaker 2:No, no. We're eagerly awaiting what happens in December. So, yeah, it's another year, can't believe that?
Speaker 1:know, I know plenty happened and same old things. Weather's not been great and we've not had a summer, and it feels like you could almost put that on loop for for every time, doesn't it? Nights are too dark. Be nice when it's lighter.
Speaker 2:All those things all those great british um, conversations about the weather.
Speaker 1:So how are we faring then? We're uh we're turning into the choppy waters that are post-budget Christmas. I think this one's got a bit of Black Friday in and out and then we're there, aren't we at the next episodes? All on Christmas.
Speaker 2:We are and I don't want to give too much away because we're actually recording this in December. So I've had some results for December but I'm not going to do too much about that. But we are going to talk November, and November included Black Friday. As you said, it was right at the end of the month, so it landed on payday for many, which really helped this year, and we're comparing the 29th of November with the 24th of November last year, so that was a week before payday last year and actually Black Friday was recognised as being successful, which really helped the month as a whole.
Speaker 2:Sales and this is sales in town and city centres were 1% up in November versus November 2023. It doesn't sound a lot, but in subsequent months we've had decreases in sales in every month since March. So it is a real turnaround and actually across the board, there's 10 sectors, 10 retail categories, real turnaround and actually across the board, there's 10 sectors, 10 retail categories and all of those saw an increase in sales, virtually apart from fashion, which saw a 3.2% drop year on year in November. So clearly the drag on total sales from fashion is continuing. People just are holding back on buying fashion.
Speaker 2:Footfall, which is a good indicator of what's happening was 4.5% down, but that didn't include Black Friday. Due to the reporting period for footfall, it didn't include the Black Friday week. So there are always complications around the data sets, as you know. But generally this is sales in towns and city centres, as reported by Beauclair, which is really helpful because, as I said, we look at the different sectors and we can look at the different metrics as well, and that has revealed some interesting findings. The increase of 1% wasn't due to more transactions, wasn't due to more customers. It was wholly due to an increase in the average transaction value in November. So those people who were buying are spending more, but fewer people are buying, which I think plays along with the fact that consumer confidence remains low.
Speaker 1:And this comes back to some of the stuff we've talked about before, of attracting new customers really tricky. It's selling more to the same.
Speaker 2:It is those people who have cash are spending, but more and more people don't have enough cash to spend, um, and so that pool of spending is actually decreasing. The circle's getting smaller. So upsell in store really, really important and the.
Speaker 1:The fashion stuff is that I always kind of see as I walk through the high street or shopping centers. Now they've got the party dresses out and the you know the suave stuff for the guys. But Christmas, christmas parties is that still a big thing? Or is that some of the challenge with the decline in terms of it's not a big thing anymore?
Speaker 2:yeah, I mean, there's real mixed messaging around that, isn't there? Um, a lot of companies aren't holding these big Christmas bashes anymore because people are working at home so much. Um, but, um, then you hear about people who are having Christmas bashes anymore because people are working at home so much, but then you hear about people who are having Christmas bashes. And will retailers not sell glitter at Christmas? I doubt that very much. So they will continue to do that, but I think that number of people who will buy that are decreasing and people are just becoming much more casual, much more flexible around their wardrobe, so it's lovely to see in the windows. I certainly haven't bought any glitter or sequins this year and haven't done for a number of years me neither well, I'm sort of glad to hear that, to be honest.
Speaker 2:Well, that'd be interesting to see yeah, well but you know, I think that formality has really shrunk actually and, um, we haven't started to wear those types of outfits for anything else. So, whilst it's lovely to see, I'm not sure they're selling that well. So we'll see in the sales.
Speaker 1:So Black Friday then I know it's kind of in and out of some of the figures, but for the ones that it's in looks fantastic, looks good or positive really good, really positive, and I think this is coming from the fact that people wanted to buy early to secure those discounts.
Speaker 2:You know it landed on payday. People had the money to spend. They knew that. You know things were lower than cost than perhaps they were in october. Yes, they may not be true bargains, as people say. You may be able to get that discount and better discount earlier in the year, but people don't have the budget in april to buy christmas presents. You know they have to wait for when they have the budget. So, um, they will have bought early on that day and it is does launch christmas trading for consumers. You know that's the all. The christmas lights are up, um, and you know it's a friday, so people regard it as a bit of a kickstart into the christmas period but that may mean that we've just pulled those sales forward yeah, and I don't want to, you know, steal my own thunder for next month because we want something to talk about on our podcast for next month, don't we?
Speaker 2:but? Um, the early indications are that is exactly what's happened, and even to a bigger degree this year than previous years. Um, and it's really disappointing. I mean, I was always forecasting a cautious christmas. Um, and it's really disappointing. I mean, I was always forecasting a cautious christmas, um, and it's seeming that is starting to pan out, but let's not talk about it, because I want something to talk about, indeed, indeed so but any other insights from um the october to november period that are worth sharing well, inflation, of course, as we know, went up.
Speaker 2:That didn't help, and that was driven by a lot of increase in food, so that means that there's less to spend on anything else, quite frankly. So it's tricky for people, people finding it really tough. Consumer confidence increased very marginally. So whilst we're over the initial hurdle of the jitters around election, post-election, pre-budget, post-budget, people aren't feeling particularly confident still, and that just plays into not really going mad in spending terms.
Speaker 1:So we're saving for a rainy day, which some would argue is a good thing, but that clearly has a detrimental effect, then, on the immediate economy and the immediate um environment absolutely.
Speaker 2:I mean people. You know the savings ratio is high it's 10 which means that people are stashing money away, which is good in a way that they'll hopefully have some money for 2025, but it may not help the christmas trading period very much at all.
Speaker 1:Yeah, okay, so again we won't step on those toes. No, and November weather was average for. November, I think, wasn't it. There wasn't any particularly big storms or things that happened. That was more for December's chat.
Speaker 2:Did we have storm Bert, or was that December?
Speaker 1:Borderline, but there wasn't anything other than Black Friday. There wasn't anything abnormal or outrageous that happened that would, um, that would influence. It was a as average as you could get, I suspect yeah, yeah, pretty much average.
Speaker 2:You know, dark, rainy cold yeah, welcome to november.
Speaker 1:Good, so we'll pause there. Next one we'll get into the nitty-gritty of christmas. What that looked like and did and didn't and I think that there's probably people listening will expect really sets us up for 2025. Then doesn't it of how that's going to pan out, because I think for lots of organisations, with the costs that are coming down track 1st of April, christmas is more than ever going to be for some make or break. So, yeah, let's see how that pans out.
Speaker 2:Let's hope the weather's kind to everybody and everybody has an amazing time with their friends and family.
Speaker 1:Yeah, wishing everyone a fabulous christmas.
Speaker 2:Lovely thanks, die. I'll catch you soon. Thanks, take care.
