British retail sector is changing fast due to Brexit disruption
Retail may look different in the UK due to trade frictions that are expected to appear after Brexit, according to a recent Kantar Worldpanel report. With only half of the food produced in the country, British consumers will witness fast changes that are expected to develop right before their eyes.
The first conclusion presented by the report is that retailers are stockpiling what they can. This is mostly limited to ingredient commodities such as milk powder and sugar, which can be used in their own label production. However, fruit, vegetables, meat and some dairy are perishable and cannot be stockpiled, leaving them vulnerable to border delays.
For that matter, in the near future retailers are expected to switch to fresh products that are having a longer shelf life. Delisting products to simplify their imported ranges is a move that is also expected in the following months. Eating seasonally it may be the next thing to be transmitted to the consumer as the disruption in the supply chain still remains to be seen.
"Many imported foods are likely to rise in cost because of added trade friction. Additionally, the UK’s tariff policy is yet to be determined but any tariffs applied to imported foods, plus any further devaluation of the pound, will also increase the price on the shelf. We are likely to see a further push on ‘Buy British’ to encourage shoppers to opt for locally produced foods," says the report.
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