Report: TJX Cos. among U.S. retailers to be impacted the most by Brexit vote
The recent vote by the United Kingdom to leave the European Union will have the biggest retail impact on companies that have high U.K. exposure, including U.S. off-price giant TJX Cos., MarketWatch reported.
Swedish fast-fashion giant H&M is also among the retailers to be most impacted. The United Kingdom is the company’s third largest market, behind Germany and the United States.
The MarketWatch report also cites a note by analysts at Cowen & Co., who believe that a stronger U.S. dollar, a byproduct of the vote, will further weaken the purchasing power of foreign tourists in the United States. Particularly vulnerable is the Saks Fifth Avenue flagship in New York City (which is owned by Hudson’s Bay), Macy’s and Tiffany & Co.