SUBSCRIBE

Inside food & drink manufacturing

Headlines > People

Read more breaking news

 

 
IGD's Big Debate Conference

Retailing competition could reduce Brexit cost impacts

Matt Atherton

By Matt Atherton+

28-Oct-2016
Last updated on 28-Oct-2016 at 13:24 GMT2016-10-28T13:24:15Z

Joanne Denney-Finch said shoppers would be in control of prices
Joanne Denney-Finch said shoppers would be in control of prices
Loading the player...

The food sector is so competitive that price wars between retailers may reduce the financial impact of Brexit on shoppers, said grocery think-tank IGD chief executive Joanne Denney-Finch.

Shoppers will be in control of any price increases associated with Brexit, Denney-Finch added in this exclusive interview.

It’s such a competitive arena that even if there are price increases through imports, I think that for a period of time it will be muted because of that competitive dynamic,” Denney-Finch told FoodManufacture.co.uk after speaking at IGD’s Big Debate conference on October 18.

‘Shoppers will decide’

“I think another thing is that if some products did become more expensive, shoppers who create markets will decide whether those products still offer value for money, or if they’d prefer to substitute for other products.”

While the cost of imports is expected to increase, retailers could source products from around the world to mitigate some of those additional costs, she explained.

Meanwhile, Unilever raised its product prices on October 13, including Marmite, PG Tips and Ben & Jerry’s Ice Cream. Tesco refused the price hike, and temporarily removed the manufacturer’s products from its online shop. The dispute was resolved that evening, both parties confirmed.

A week later, confectionery giant Nestlé said it may also raise its product prices as a response to cutting its annual growth forecast from 4.3% to 3.5%, due to deflation.

 

How the row between Unilever and Tesco was reported:
  • The Guardian: Brand power ‘favours Unilever in row over UK-produced Marmite’
  • Daily Telegraph: Tesco pulls Marmite from online store amid Brexit price row with Unilever
  • Financial Times: Tesco pulls products over plunging pound
  • The Independent: Brexit hits supermarkets for first time as pound slump sparks Tesco­-Unilever row
  • Daily Mirror: Tesco withdraw Marmite, PG Tips, Flora, Ben & Jerry’s and dozens more household brands from shelves in Brexit price war
  • Daily Mail: Consumers ‘face Brexit price hikes’ following Unilever and Tesco row
Food firms need to show honesty: research boss

Food firms need to show honesty: research boss

Professor Steven Walker

Director general, Campden BRI

Businesses can save money by making changes along the supply chain

Big cost savings from small supply chain changes

Helen Munday

Chief Scientific Officer, Food and Drink Federation

Food manufacturers can save money by being environmental

How to save money? Go environmentally-friendly

Richard Clothier

Managing Director, Wyke Farms

Brexit price rises could be stopped by retailing competition

Retailing competition could reduce Brexit cost impacts

Joanne Denney-Finch

Chief Executive, IGD

Food manufacturers must improve shopper experiences

Manufacturers and retailers must work together

Food and drink manufacturers need to work with retailers to help customers have “an experience” when...

Morrisons, Dairy Crest and ABF expected to report trading updates

Good news on the way for Morrisons: Shore Capital

Morrisons, Dairy Crest and Associated British Foods (ABF) are just three companies expected to...

Food and and drink manufacturing: Next Month’s News

Next Month’s News: our podcast preview

Welcome to Next Month’s News, the latest edition in Food Manufacture Group’s new podcast...

Food Manufacture’s new podcast: Next Month’s News

Next Month’s News: Food Manufacture’s new podcast

Welcome to Next Month’s News, the Food Manufacture Group’s new podcast that predicts what...

Turkey boss offers video advice to younger self

Bernard Matthews boss offers advice to younger self

After more than 40 years of industry experience, Bernard Matthews group technical director Jeremy...

Top food and drink trends 2016

2016 trends: Sports nutrition goes mainstream

Sports nutrition moving ‘beyond the athlete’ was among the top 10 trends for 2016...

Food nutrition ‘significantly developed’ over past 50 years

Nutrition’s future is linked to epigenetics

Judy Buttriss

director general, British Nutrition Foundation

Food challenges are the same globally: skills boss

Food challenges are common globally: skills boss

Jon Poole

Chief executive, IFST

Pie maker on why he left successful IT career for food

Meat firm boss on his switch from IT to food

Tom Martin

Owner, Eric Richmond

US food show offers answers for UK students

US food show offers answers for UK students

Two British students gained valuable insights into the global industry after visiting one of...

Food safety new technology to keep food fresher

Latest food safety tech ‘keeps food fresher’

Richard Akkermans

Technology Director, Campden BRI

Tea manufacturer advises on winning a food and drink Oscar

Core values key to winning an FMEA

Gill Green

Marketing director, Wessanen UK

Food Manufacture Excellence Awards entrants ‘should play to strengths’

FMEA Oscar hopefuls ‘should play to their strengths’

Entrants to this year’s Food Manufacture Excellence Awards (FMEAs) should use their unique strengths...

Drinks boss gives food and drink packaging tips

Coke boss gives packaging sustainability advice

Nick Brown

Head of Sustainability , Coca-Cola European Partners

Labour market to top Food Manufacture Excellence Award themes

Labour ‘one of this year’s awards themes’: FMEA judge

Jeremy Richardson

director, Turner & Townsend Suiko