"The surprise result of the referendum appeared to trigger an immediate drop in food and drink spending, which more than offset some modest sales growth earlier in the month. Hopefully, this will prove to be a short-lived shock and calmer waters lie ahead".
-IGD
According to the latest economic figures, Britain's retail sales went down last month, meaning that country is facing a lot of challenges following the vote to leave the EU. The British Retail Consortium-KPMG Retail Sales Monitor – market-leading insights tool for retailers, which provides an instant snap shot of industry performance – plunged 0.5% in the 12 months through June following a 0.5% expansion the previous month. The following data diminished for the third consecutive month in June.
Meanwhile, Britain's retailers still remain open for new businesses. The outcome from the EU referendum vote has not changed their stabile willingness of delivering for customers day in, day out or their investment in order to make people's shopping process as much comfortable as it could be, being inspired by digital and technology. Moreover, despite the harsh plunge in the pound, the time it takes for input price increases to conversion into higher shop prices will depend on a combination of different factors including further changes in the pound, commodity prices and the overall political situation.
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