By now we are all aware of the early impact of the vote to leave the EU, and are starting to see how this affects our businesses, in real terms.
Even before the referendum, businesses were realising that they need to be agile in order plan for the future of retail and to maximise on opportunities that come their way. This is a great philosophy to help us all roll with the changes that are coming, rather than be stymied by them.
The fall in the GBP-USD exchange rate is the most major consequence affecting the toy trade; the costs of importing are rising dramatically and could result in increased import prices of 15-20% compared to 1 year ago. For Keycraft customers, this will result in some unavoidable price adjustments in the Autumn/Winter Brochure. BUT, not yet! For now, our prices are staying the same, and we would encourage you to take advantage of these current prices to stock up as much as you can. It’s likely that retail prices will increase, so stocking-up could also help increase your profit margin further down the line.
Other opportunities come from the falling exchange rate. This is likely to increase the number of families staying in the UK for the holidays. And we are more likely to see an increase in the number of tourists visiting Britain, where they will be able to get more for their money. These two factors should see spending in stores and at attractions increasing.
Every importer and retailer is going to be facing the same challenge, and whether we voted for it or not, the quicker we can embrace the change, and support each other through our shared thoughts and insights, the sooner we can begin to map out a post-Referendum future for our businesses.
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