One in four small retail businesses are fearful of Brexit

A quarter (25 per cent) of small UK retail businesses admit they are fearful of Brexit; according to data revealed by YouGov and then analysed by Vend.

The results indicated that 80 per cent believe that the talks with the European Union are not going well, with an another 26 per cent saying they feel less confident about Brexit than they were when the referendum took place in 2016.

Moreover, nearly a third (32 per cent) of small retail businesses believe Britain’s global influence will decrease because of Brexit.

Higor Torchia, UK Country Manager for Vend said: “The UK retail sector has a huge international footprint, both in the staff it employs and the supply chain it sources through, so it’s understandable that some retailers are nervous about what will happen after March 2019.

“But UK retailers are an innovative bunch and have succeeded through many ups and downs over the generations, and we know that they are bullish about the future. Conversations we are having with Vend customers across the UK show that many are already putting preparatory measures in place so they are in the strongest possible position, post-Brexit.”

Alice Mayor, owner of London-based souvenir retailer We Built This City, said: “The uncertainty of Brexit, coupled with the rising rates we’ve found ourselves subject to, means the future certainly looks challenging. But we’re not ones to take that lying down and we’re innovating to ensure we’re always improving our appeal to shoppers.”