Primark, the international fashion retailer, sees further growth potential in the US and Europe, with new store openings lined up.
Primark intends to focus its expansion in the US and its European markets of France, Italy and Iberia as well as continuing to grow in Central and Eastern Europe.
With stores now in the Czech Republic, Slovenia, and Poland, it has signed leases for its first store in Bratislava, Slovakia, and four further stores in Poland.
Building on the successful opening of 15 stores in the past financial year, it has 11 new store openings confirmed this year in Italy, Spain, Czech Republic, and Ireland.
Over the next five years, Primark expects its store estate to grow to 530 stores.
Primark set to Accelerate US Expansion Plans
In the US Primark plans to grow its store network to 60 stores in the next 5 years.
The Irish headquartered retailer entered the USA market six years ago when it opened its first store in Boston. In the past financial year, almost a third of Primark’s new store openings were in the US, including the most recent launch in September at Fashion District, Philadelphia, its 13th store in the country.
The company made an announcement this month that it has five new leases signed in the New York region.
The US business performed well in the past financial year, delivering like-for-like sales growth of 6% (excluding its downtown Boston store) on two years ago and a good profit margin.
“Six years after we opened our first store in Boston, it’s clear that US customers – from Florida right up to Chicago – are loving the unique Primark offer. With our current portfolio of 13 stores trading really well, it feels like we’ve established a strong foundation from which to accelerate our expansion in the US market. The three new store locations in the New York region announced today are important new additions to our offer and the team is working hard to convert the sizeable growth potential we see in the market into more new Primark stores – and more loyal Primark customers. The future for Primark in the US is looking very bright”, stated Paul Marchant, CEO of Primark.
Primark is an international retailer that offers customers the latest fashion, beauty and homeware at great value prices.
Founded in Ireland in 1969 under the Penneys brand, Primark today has 399 stores across 14 countries in Europe and North America and employs more than 70,000 people.
Primark is working to make more sustainable fashion affordable for everyone and is focused on giving clothing a longer life, protecting life on the planet and improving the lives of people who make Primark products. As part of this it has unveiled a series of commitments it is working to achieve by 2030. These include making all its clothes from recycled or more sustainably sourced materials, ensuring clothing is recyclable by design, halving carbon emissions across the value chain, removing single-use plastic and pursuing a living wage for workers in the supply chain.
You can find out about these commitments and more here.
Source: Primark Press Release