Brexit is having a damaging impact on the retail sector, according to the views of 71 per cent of UK retailers.

Retail operations platform Brightpearl surveyed 112 executive-level retail decision-makers during January and February and found that 81 per cent were concerned about the impact Brexit will have on business, while 42 per cent have seen a detrimental impact on their own sales since the process to leave the EU began.

Over three quarter (77 per cent) stated their belief that it was wrong for Britain to leave the EU in hindsight and 73 per cent said they would support another referendum.

“Retailers are extremely concerned about Brexit, but there’s much they can do to minimise its impact,” commented Brightpearl’s chief executive Derek O’Carroll aucasinosonline.com.

The research also revealed a negative impact on consumer spending, with nearly three quarters (74 per cent) of respondents claiming that Brexit uncertainty means shoppers’ are spending less on the high street and online.

"Brexit is affecting consumer confidence in almost all sectors,” said Gareth Austin-Jones, director at designer footwear brand Cocorose London. “Another fundamental issue for us, and many retailers, is the increased cost of importing finished goods, parts or materials as a result of Brexit.”

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