June heat and thunderstorms spell tough month for high street
Total UK footfall fell by 1.8% year-on-year in June, a dip from May's 1.7% decline, according to British Retail Consortium (BRC)-Sensormatic data.
The high street was particularly affected by the uncomfortable weather, suffering a 3% drop in shopper numbers on last June.
Even retail park and shopping centre footfall decreased, by 1.1% and 1.6% respectively.
Footfall decreased year-on-year across all nations, down 1.4% in England, 3% in Scotland, 3.3% in Wales, and the largest decrease of 5.2% in Northern Ireland.
However, there were more encouraging signs in some parts of the UK, with Manchester and Birmingham recording positive footfall for the third consecutive month due to popular new shops opening and major concerts drawing in crowds.
BRC chief executive Helen Dickinson said: 'Extreme weather meant shoppers stayed away from their local stores last month, leading to a decline in footfall across all three key retail locations.
'High streets were particularly affected as extreme heat was followed by severe thunderstorms, discouraging visits.'
Ms Dickinson added: 'Subdued consumer sentiment means shoppers remain cautious, making it increasingly difficult for retailers to generate strong footfall into their stores.
'The Government formed a year ago promising to reinvigorate our high streets. However, footfall remains negative, with retailers struggling to invest more in local stores due to the rising costs from the last Budget. This is compounded by an outdated, broken business rates system in urgent need of reform.
'While we welcome Government's plans to reform rates, it is essential that the changes leave no shop paying more. In doing so, the Government can ease the pressure on high streets, enabling greater investment in our towns and cities, something local communities desperately need.'
Andy Sumpter, retail consultant for Sensormatic, said: 'June delivered heatwaves, storms, and what could be the hottest June on record, but even the sunshine wasn't enough to spark a retail revival.
'One year on from the general election, with footfall still in the red, it appears that consumer confidence has yet to find its feet.
'That said, the rate of decline is easing, and with summer now in full swing, retailers have an opportunity to turn seasonal footfall into sustained momentum, especially those who can deliver value, experience, and convenience in equal measure.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Walmart's Mexico unit posts 10% dip in Q2 profit even as sales rise
MEXICO CITY (Reuters) -Walmart's Mexico and Central America unit reported a 10% dip in its second-quarter net profit on Wednesday, coming in at 11.23 billion Mexican pesos ($598 million). Revnues for the quarter were up 8% from the same quarter in 2024 to reach 246.25 billion pesos. ($1 = 18.7654 Mexican pesos at end-June)
Yahoo
17 minutes ago
- Yahoo
Shares of Donald Trump Jr.-Backed GrabAGun Falter in NYSE Trading Debut
GrabAGun (PEW), an online firearms retailer backed by Donald Trump Jr., lost a fifth of its value on its first day as a publicly traded company. Trump Jr. sits on the company's board of directors and holsa a 1% stake, according to a regulatory filing. The eldest child of President Donald Trump rang the New York Stock Exchange opening bell to kick off the day of trading Wednesday. GrabAGun went public Wednesday after merging with a special purpose acquisition company, Colombier transaction generated $179 million in gross proceeds for GrabAGun, the company said; the money will be "working capital and other corporate purposes to accelerate the Company's future growth initiatives," according to a filing. GrabAGun reported more than $90 million in revenue in each of 2023 and 2024, the company said, turning in a more-than $4 million net profit in both years. Shares of GrabAGun, which trade on the New York Stock exchange, ended the day more than 20% lower. The shares opened at $21.40 but moved no higher, closing a bit off daily lows at $13.20. Read the original article on Investopedia Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
an hour ago
- Yahoo
High Tide Closes on $30 Million Convertible Debt from Cronos Group Inc.
CALGARY, AB, and TORONTO, ON, July 16, 2025 /CNW/ - High Tide Inc. ("High Tide") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that it has closed a loan agreement (the "Loan Agreement") with a wholly owned subsidiary of Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) to secure convertible debt with a principal amount of $30 million (the "Junior Secured Loan"). High Tide intends to use this working capital to fund future acquisitions and organic growth as it seeks to expand its business and grow its domestic store network beyond 300 locations in Canada. "Given our strong and proven business model, it's incredibly validating to receive a second vote of confidence in the form of an investment from a major licensed producer in recent months," said Raj Grover, Founder and Chief Executive Officer of High Tide. "Their support speaks volumes about the value High Tide brings to the legal cannabis ecosystem, not only as a growth-focused retailer but as a key industry player that's helping improve the operating environment for licensed producers, reduce illicit market share, and reinforce Canada's regulated framework overall. With this investment, which will serve entirely as growth capital, we're poised to accelerate our expansion both in Canada and internationally." "Our investment was driven by the belief that a competitive and equitable retail environment benefits the entire industry, including producers, retailers and adult consumers," said Mike Gorenstein, Chairman, President and Chief Executive Officer of Cronos. "We remain fully committed to working with and supporting all our retail partners." Transaction Details The Junior Secured Loan is secured by a third priority lien on certain of High Tide's assets and bears interest at 4% per annum. Pursuant to the terms of the Loan Agreement, Cronos may, with the agreement of High Tide, from time to time, convert the Junior Secured Loan, excluding the amounts attributed to the original issuance discount, into common shares in the capital of High Tide (the "Common Shares") at a price of $4.20 per Common Share (the Common Shares issued from such conversions, the "Conversion Shares"). The Junior Secured Loan has a 5-year term and may be repaid, in whole or in part, at any time, at High Tide's option with no penalty. Additionally, Cronos received a Common Share purchase warrant (the "Warrant"). The Warrant is exercisable into up to 3,836,317 Common Shares (the "Warrant Shares") at an exercise price of $3.91 per Warrant Share, representing a 25% premium to the 30-day volume weighted average price of High Tide shares on the TSX Venture Exchange (the "TSXV") ending on the trading day prior to the date of this news release, for a period of five years, at Cronos' option. The TSXV has conditionally approved the listing of the Conversion Shares and Warrant Shares, subject to the fulfillment of the requirements of the TSXV's conditional approval. ABOUT HIGH TIDE High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer globally by store count1. High Tide (HITI) is uniquely built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including: Bricks & Mortar Retail: Canna Cabana™ is the largest cannabis retail chain in Canada, with 202 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in the world. Retail Innovation: Fastendr™ is a unique and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup. Consumption Accessories: High Tide operates a suite of leading accessory e-commerce platforms across the world, including and Brands: High Tide's industry-leading and consumer-facing brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™, Hue™, Evolution™ and more. CBD: High Tide continues to cultivate the possibilities of consumer CBD through and Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™. Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name. High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2024 for the fourth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange in 2022, 2024 and 2025. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact of High Tide, visit For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR. __________ 1 As reported by ATB Capital Markets based on store counts as of February 6, 2025 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. CONTACT INFORMATION Media InquiriesCarter BrownleeCommunications and Public Affairs AdvisorHigh Tide Investor InquiriesVahan AjamianCapital Markets AdvisorHigh Tide ABOUT CRONOS Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. For more information about Cronos and its brands, please visit: Media InquiriesEmily Investor InquiriesHarrison CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release may contain "forward-looking information" and "forward-looking statements within the meaning of applicable Canadian and U.S. securities legislation and court decisions. All information contained herein that is not clearly historical in nature may constitute forward-looking statements or forward-looking information. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on High Tide's and Cronos' current beliefs or assumptions as to the outcome and timing of such future events. The forward-looking statements herein include, but are not limited to, statements regarding: the aggregate amount of proceeds that High Tide will receive, the satisfaction of conditions precedent, including necessary regulatory approvals including final TSXV approval, High Tide's expected use of proceeds, the listing of the High Tide common shares deliverable on conversion and underlying the High Tide warrants on the TSXV, High Tide's ability to meet its future goals such as reaching 300 stores and the future adult use cannabis retail market in Canada and the anticipated benefits. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Although High Tide and Cronos believe that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond High Tide's and Cronos' control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to High Tide's current annual information form, risk factors discussed in Cronos' Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, each of which has been filed on SEDAR+ and EDGAR and can be accessed at and respectively, and elsewhere in this press release, as such factors may be further updated from time to time in High Tide's and or Cronos' periodic filings, available at and which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the High Tide's and Cronos' expectations as of the date hereof and are subject to change thereafter. Neither High Tide nor Cronos undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. View original content to download multimedia: SOURCE High Tide Inc. View original content to download multimedia: Sign in to access your portfolio
