Newstalk
Newstalk

17.01 29 Apr 2016


Share this article


The CEO of Musgrave, the Cork-based retail group that owns SuperValu, has suggested a Brexit could fuel a cross-border shopping exodus.

The Irish Independent reports that Chris Martin is concerned that if the UK votes 'Yes' to leaving the EU on June 23rd and the sterling continues to fall against the euro, shoppers will start looking to Northern Ireland for cheaper deals.

He suggested a situation similar to 2009 – when the two currencies neared parity, thus enticing people in the Republic across the border – could be on the cards.

Martin told the Irish Independent:

"Without getting into the complexities of Brexit, the challenge is that if the UK votes to leave then we’ve got internal issues of exchange rate management and so on, but the broader challenge is going to be about consumer confidence.

"We’ve been here before, when the exchange rates were close, and we had to renegotiate. We saw all the cross-border activity and some of that may re-emerge...

"What will happen to financial markets? How will it play out in tourism into Ireland? So it does have an impact on our business and in retail consumer confidence plays a significant role".

Musgrave has reported revenue of €3.7bn and pre-tax profits of €52.8m from continuing operations in 2015. 

Shareholders were paid a total dividend of €15m for the year, down from €16.4m in 2014.


Share this article


Read more about

Business

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

The Tom Dunne Show

The Tom Dunne Show

22:00-00:00

Share

Up next

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

LUNCHTIME LIVE

LUNCHTIME LIVE

12:00-14:00

Share

MONCRIEFF

MONCRIEFF

14:00-16:00

Share

THE HARD SHOULDER

THE HARD SHOULDER

16:00-19:00

Share

OFF THE BALL

OFF THE BALL

19:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

00:00:00 / 00:00:00

Share on