BUZZ-UK retailers: Investec mulls impact of "Brexit"

** Investec (LSE: INVP.L - news) analysts point to 5 key issues - weaker consumer demand, sterling weakness, labour cost pressure, change in trade terms, and the basis on which investment decisions are made

** But none of these issue are new to the UK retail industry, which the analysts see as better placed than many other sectors. Analysts point to strength of cash generation and multiple self-help and growth stories

** Say the economic impact of a Brexit vote would likely be a negative for UK retail demand as it would take 2 yrs to negotiate an exit, causing uncertainty and potential impact to GDP growth

** Say more restrictive immigration rules could result in higher labour costs from lower availability of low skilled employees

** Say cos with international earnings, high margins, flexible cost bases and most UK/local sourcing are probably best placed. Name Kingfisher, Dixons, JD Sports , ASOS (LSE: ASC.L - news) and boohoo

** Cos with UK earnings and substantial international sourcing less well placed

** FTSE 350 General Retailers Index has fallen 4.3 pct YTD (Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)