While many other fashion stores in the UK are suffering due to a shift in spending habits, Primark is still enjoying continued success and there are plans afoot to open even more stores. Although primarily a fashion store, the popular retailer also sells beauty products, homeware and confectionary. It is a store which is widely known for its low prices and with such a diverse product range, it is a popular choice for all ages.
Fashion stores, in general, are suffering at the moment, as consumers are spending their money differently. Spending habits have shifted from fashion to fitness and leisure, however, the affordable prices Primark offer could be one of the main reasons they have not experienced the same shift. Sales have increased and this is despite the fact that they don’t provide options to buy their stock online. If online shopping was made available by Primark, it is doubtful that they would have the means to cope with the demand.
The year on year sales for Primark increased by 7% for 24 weeks up until 4th March, with the popular clothing store also enjoying a rise of 2% on like for like sales. It is thought that intelligent buying decisions are responsible for the increase in sales, with buyers paying close attention to key trends and tightly monitoring the most favourable locations to open their stores.
There is a total of 174 Primark stores in the UK, with 320 stores in total throughout Europe and the US and additional stores are still continuing to open throughout the UK – with plans to make three new additions this year. There will also be at least one more Primark store opening in the US this year and there is more focus on moving into larger key premises. At present, Primark operates throughout the UK, Europe, Ireland and America.
The retailer is not concerned about the effects of Brexit on sales, or the snap general election, which is due to take place in June this year. With suppliers keen to form relationships with the successful retailer, it looks like there won’t be much cause for concern for the future. Primark has established itself as a trusted brand and many consumers have a loyalty to the brand. Consumers know what to expect when they shop at the retailer and they are often delighted at the amount of shopping they can do at reasonably low costs.