If the experience of Tustains is a barometer for the broader UK watch market, then the industry has little to fear and the potential to game from post-Brexit economic turmoil.
Tom Milner, co-owner of the independent watch and jewellery boutique in the picturesque town of Royal Leamington Spa, told WatchPro yesterday that summer trading is strong, despite a short term dip following the Brexit vote.
“The week after the referendum was dead. It was shocking,” he admitted. “But since then business has risen and we are having a strong summer.”
Royal Leamington Spa and its near neighbours Warwick and Stratford-on-Avon are firmly on the tourist trail, and the weak pound is making holidaymakers’ money stretch further.
There is a considerable price advantage for British watch retailers for people arriving from the Eurozone, Mr Milner says, although he expects brands to adjust prices in an effort to reduce the differentials between countries.
2016 is a one-off opportunity where buying watches from Switzerland and the Eurozone took place for retailers in spring before the Brexit vote and before the value of the pound slumped. British retailers can now enjoy the weakness of the pound as tourists splash out on big ticket items that can be 20% cheaper than in their home countries.
Read the full interview with Tom Milmner, co-owner of Tustains, in the September edition of WatchPro.