Wow this is one crazy autumn with the Pound falling quicker than leaves from the trees!
As you will have seen on the news broadcasts and read in the press of late Britain’s Exit from Europe will likely result in an increase in prices to the UK Customer and the businesses that supply them.
Over the last few weeks Nige has been looking at the available new stock and deciding on new product ranges we intend to stock for the winter fly tying season and throughout 2017. Prices will not increase overnight on products purchased from UK Suppliers, but as their stock dwindles and they need to purchase from overseas prices will start to increase and these will have to be passed on.
The biggest issue right now for Lakeland is that we buy as much as possible direct from suppliers to get the best prices. However over the last few weeks the pound has taken a battering from the Dollar and Euro with exchange rates tumbling on a daily basis to new lows that the team at Lakeland have never seen before. It’s the exchange rates that are causing the price increases as we buy in new stock. On low value items the increase in minimal but when you start looking at more expensive items like vices you will notice the increase but this is beyond our control. If we had been buying a product at $250.00 the basic cost would have been £172.41 the same item is now costing £204.91, the increase is there to be seen.
It’s not all Doom and Gloom as Lakeland will only increase prices when they have to and will always price to be ultra-competitive. The reason behind this message is to keep you informed on the current situation that is affecting all retail businesses.
The Good news is, if you are in a position to upgrade your vice or treat yourself to some new capes do it now to get the best prices. It’s not for Nige or the Lakeland Team to say what will happen in the future, I wish I had a crystal ball to see what the final part of the year holds.
Lakeland have put off purchasing stock over the last few weeks but we must start buying new stock in for the fly tying Winter season so the new price structures will come into place. But one thing we can promise you is that if the exchange rates start to improve Lakeland will drop the prices!!
Rather than look at the negatives in the message look at the positives and treat yourself now before items sell out and new stock arrives with the inevitable happening.
Now is the perfect time to treat yourself!!!
A special Message to our many overseas customers in Europe and beyond, NOW definitely is the perfect time to treat yourself. With the pound so weak your euros and dollars will buy lots more goodies from Lakeland, go on do it treat yourself.