Report: Swiss retail loses CHF 9 billion every year to foreign retailers

As per a report submitted by the research community for retail operations at the University of St. Gallen, Swiss retailers lost approximately 8.9 billion Swiss francs (€8.1 billion)in business during 2015 because of clients wanting to shop outside the nation. The study polled 4,000 clients in the German-speaking area of the nation.

This is essentially because of the Swiss national bank's decision to end the settled exchange rate between the euro and the franc in January. It instantly made typical costs 20 % higher in Switzerland than its neighboring countries.
Besides, food and furniture, the effect was particularly perceptible for clothing, a class whereby some CHF 1.9 billion (€1.74 billion) in retail sales were attained overseas. The report states that, in January every third client did buy apparels outside Switzerland. The impact is in no way constrained just to cantons which neighbor to Germany. Obviously, interviewees say they are ready to travel more than 50 kilometers for a deal.

Members specified that it was not just value that mattered, but also that products was better exhibited in German shops. Then again, Swiss customers consider staff and administrations preferable at home when compared to going overseas. (Source: Textilwirtsch)

Follow CeSport on twitter

Image provided by: Rowing regatta paddles swiss banner ID 58901393 © Filippo Romeo | Dreamstime.com

Rowing regatta paddles swiss banner

ID 58901393 © Filippo Romeo | Dreamstime.com