1. News
October 11, 2018

The impact of Brexit on retail – tell us what you think

With a deal or no-deal Brexit to be decided in weeks, GlobalData Retail are conducting a quick survey to see what retailers are doing in preparation for Brexit.

By Ana gyorkos

With a deal or no-deal Brexit to be decided in weeks, GlobalData Retail are conducting a quick survey to see what retailers are doing in preparation for Brexit.

Please take two minutes and fill out the survey now  and see the results of the survey so far instantly.

Follow Verdict Retail and GlobalData Retail for results and Brexit and retail analysis in the coming weeks.

Why the Brexit retail sector impact matters?

While some clothing retailers like Next might not expect much of an impact from a potential no-deal Brexit the likelihood of increased food costs is a real threat and demand for clothes and other non-essentials, which could see a demand hit.

In addition, the Chartered Institute of Procurement & Supply (CIPS) warned in September  that customs delays at the border could have a significant impact on UK companies and their suppliers.

The CIPS found that one in 10 companies believed they would go bankrupt because of customs delays of only 10-30min.

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There have also been news of companies stockpiling goods and the CIPS found 24% of companies surveyed were looking to do so.

Brexit timeliness

The UK is expected to leave the EU block on 29 March next year and the EU summit next week (17-18 October) is the likely date the EU and UK negotiations are to agree on a  so called Brexit deal.

Both the UK government and the EU have made positive statements around an imminent Brexit deal in recent days.

An emergency EU summit could still be scheduled for November if the two sides fail to agree a divorce bill.

However, the UK House of Commons and leaders of most EU member states still need to confirm the deal reached by the two sides early next year before it can come into effect.

If a no-deal Brexit is to go ahead little is known what happens post 29 March 2019, however the UK Government has issued some documentation on the possible scenario in recent weeks.

Take the survey here.