The Merchant Life - Brexit + Retail
Signs of "vote to leave" and "we want our country back" as I travelled to my Mayfair office.
The #Brexit vote was here.
Back in 2016, did voters know what was in store?
Casualties of Brexit?
And the Brits.
No visa, no travel - as a merchant, travel is part of your job.
Customs and tariff nightmares.
Supply chain mayhem - trucks being turned away at the border due to red tape and incorrect paperwork.
As if the pandemic wasn't enough to disrupt #retail ...
But wait, there's more!
UK retailers that have product or components made outside the UK will be taxed.
Hold up...isn't everything made in China?
At a value of $120B, China is the largest textile producer + exporter globally followed by the EU with $66B.
The UK will now need to rethink its product, materials, manufacturing AND distribution strategy.
Basically the Brits are screwed.
Not only will the cost of goods increase, the cost to YOU, the consumer will skyrocket.
M&S and Ocado warn of food shortages and John Lewis and Fortnum & Masons are suspending delivery into the EU.
With many retailers barely surviving COVID-19 restrictions, Brexit could break them.
Voters said they wanted their country back and got just that.
Careful what you wish for.