Brexit Challenges Facing Retailers

Like it or not, the UK is leaving the EU and this is bound to have an effect on online retailers. Whether you operate a small online clothing boutique or a large online department sore, the effects will be felt far and wide. So what can we expect and how can we prepare for it?

Firstly, remember that the effects of Brexit may not all nesisserily be negative. I’m not saying that they will all be positive, but certain industries my see benefits which were previously hidden. For example, whatever trade deal is reached with the EU, the possibility of trading with other countries outside the EU is likely yo open up considerably. There are huge markets to tap into in the US, Canada, China and elsewhere, so it may be best to see Brexit as an opportunity rather than a setback. If you are currently doing most of your overseas trade with countries within the EU, you might be thinking that all is lost, but don’t panic. True, you may have to deal with more legislation, but nothing is cast in stone yet.

The key to facing the challenges that will confront all retailers is to be prepared. Exit from the European Union is over two years away, so there is plenty of time to get fully clued up and plan for the future. Businesses which don’t do this will not succeed in the future as well as those that do.

Accurately judging how profits are likely to be affected is tricky as there are many other factors in play including the UK economy, the global economy and retail trends. Many larger companies have voiced concerns about keeping their headquarters in the UK post Brexit, and we have yet to see if they will actually follow through on their words.

Whatever the outcome, the key is preparation , so don’t get left behind.

Resources

Here are a list of Brexit resources which you might find useful:

https://www.brownejacobson.com/training-and-resources/resources/brexit

https://www.tes.com/teaching-resource/brexit-and-the-eu-referendum-11253170

http://www.icaew.com/en/library/brexit-resources

http://www.middletemple.org.uk/library-archive/library/electronic-resources/links-lawyers/brexit

https://www.elsevier.com/connect/brexit-resource-centre

 

 

 

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