57% have no plans in place, says new survey; 49% anticipate collapse in consumer confidence.
Over half of British retailers have no Brexit plans, despite the UK set to leave the EU on October 31, a new survey has found.
The survey of 200 British retail decision makers was carried out by Global-e in conjunction with Censuswide.
It found that, since the referendum in 2016, a third of retailers have experienced a fall in sales in the UK, reported Fashion United. The ongoing uncertainty has also left over half (54%) of retailers with a range of Brexit concerns.
49% anticipate a collapse in consumer confidence post-Brexit, 43% anticipate difficulty in sourcing products or goods and 34% may consider rationing in the event of stock shortages. Notably, 43% said they will have to raise prices post-Brexit.
In addition, 52% of retailers are concerned that their businesses will be impacted negatively by currency fluctuations post-Brexit. 39% also expected a decrease in sales to the European Economic Area after Brexit.
A major concern is that the Brexit date of October 31 will directly impact on Christmas trading online, with 38% saying the delay poses a ‘significant risk’ to retail performance over the fourth quarter and will affect online trading.
However, despite those stats, 57% of retailers overall are confident that their business can flourish internationally after Brexit, with some already having seen an increase in cross-border ecommerce sales.
“The government has set a formal date for Britain’s exit, which unfortunately falls right before peak trading – a vital time in the year for the sector, adding an additional layer of concern,” said Nir Debbi, co-founder of Global-e.
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