Britain's "Brexit" vote to leave the EU has had many immediate consequences-- including the fall in Sterling. Retailers who buy product in dollars can therefore expect to experience a rise in costs. In order to mitigate this, Bain & Company partner Jonathon Ringer suggests focusing on improving productivity.

"It is yet another reason, alongside changing dynamics and customer behavior, for these retailers to be relentlessly focused on the efficiency of their cost and operating models in order to invest in the things that matter most to their customers," Ringer says.