Retailers bet on coronation boost after extra May bank holiday announced
Retailers are hoping for a royally big boost next year after the government announces an extra bank holiday for King Charles III’s coronation.
In an announcement today, Prime Minister Rishi Sunak confirmed the UK-wide holiday would fall on Monday 8 May, following the Coronation on Saturday 6 May.
“The Coronation of a new monarch is a unique moment for our country. In recognition of this historic occasion, I am pleased to announce an additional bank holiday for the whole United Kingdom next year,” Sunak said in a statement.
“I look forward to seeing people come together to celebrate and pay tribute to King Charles III by taking part in local and national events across the country in his honour.”
Whilst this is great news for Brits up and down the country who get to enjoy an extra day off, it also provides a fresh opportunity for shops and leisure centres.
British Retail Consortium (BRC), a trade association which represents 200 major retailers, said coronation celebrations “provide a welcome boost to sales, particularly snacks and decorations”.
BRC told City PM that retailers will hope the longer weekend will give people more opportunity to visit the shops, although there are no guarantees.
According to recent data from accountancy firm BDO, retail sales volumes dropped dramatically last month.
In-store like-for-like sales saw the lowest growth since lockdown in February 2021, with growth of just 5.9 per cent.
It signifies a damp launch for retail’s golden quarter period, ahead of Christmas, as consumers have been forced to cut back on spending.
New West End Company interim chief executive Dee Corsi warned that there were still barriers for a prosperous bank holiday period.
“The absence of tax-free shopping is a missed opportunity for the high street, which will deter overseas shoppers from visiting the UK, while the relaxation of Sunday trading laws in London’s two international centres would be appealing for those that have visited the Capital for the Bank Holiday weekend, she told City PM
“The government must consider these measures if we are to secure the future of high streets in London and further afield.”
The Night Time Industries Association chief Michael Kill echoed this sentiment.
“Trade is hugely challenging at present, news of an additional Bank Holiday in celebration of the Kings coronation will be welcomed for next year, but many of these businesses will not survive to see the benefit without further support,” he told City PM