UK retail has reportedly “shrugged off” Brexit, with August sales up 6.2% year-on-year. Sales to foreign tourists taking advantage of the weaker pound cannot, however, cancel out the longer-term flipside of costlier imports and rising suppliers’ prices. As our future in Europe remains uncertain even to those in charge of shaping it, retailers are asking what Brexit means for their commercial contracts. Clauses allocating the risk of future exchange rate changes are more common than express Brexit termination clauses. Retailers should check if they can rely on such clauses, or insist upon their future inclusion.