'Consumers remember how business behaves' in crisispublished at 06:31 Greenwich Mean Time 27 March 2020
BBC Radio 5 Live
Wake Up to Money
Retailers have been warned not to "exploit fears" about coronavirus by jacking up the price of things like face masks or hand gels.
James Loman, chief executive of the Association of Convenience Stores, told the BBC: “If a retailer is seeing this as an opportunity to put up prices without supply prices having changed...it won’t be authorities that get them, it’ll be the consumers. People remember how businesses behave during times like this."
He said that a few stores might also have to increase prices for practical reasons: "What’s mainly happening is that their usual supplier doesn’t have that particular product in stock, so the retailer is having to drive 50 miles just to find it. Or, they’ve found another supplier and the price is much higher.
"If that is the case, we're telling retailers to be transparent with customers about it. People will hopefully understand."