Brooklyn Behind Primark Success As Expansion Drives Increase In Sales

Primark gross sales within the Eurozone had been 5% forward of final yearGetty

Primark’s new retailer in Brooklyn is proving a success with New York metropolis customers after the opening of its ninth US retailer in July final year. The UK low cost trend chain mentioned the Kings Plaza retailer was benefitting from ‘very robust buying and selling’ which, along with its continued enlargement in Europe, elevated gross sales by 4%.

Sales at home within the UK rose by 1% within the 16 weeks to five January after Christmas buying and selling “exceeded expectations”, regardless of a year-on-year decline within the wider market.

Although there was a modest fall in total like-for-like gross sales, Primark mentioned elevated promoting area helped drive total gross sales development, with 4 new shops opened within the interval in Seville and Algeria in Spain, Toulouse in France and a metropolis centre retailer in Berlin, Germany. As a outcome Primark now has 364 shops throughout 11 international locations and trades from 15.1m sq. toes of area.

Shares in Associated British Foods (ABF), Primark’s mother or father firm, rose by greater than 5% in early buying and selling because the food-to-fashion conglomerate stored its outlook for the year unchanged and mentioned it might proceed to develop Primark’s footprint, with plans so as to add an additional 0.9m sq. toes of promoting area this monetary year.

The opening of its subsequent US retailer within the American Dream shopping center in New Jersey has been pushed again to the subsequent monetary year whereas the launch of what would be the world’s largest Primark in Birmingham, measuring 160,000 sq. toes, is expected to open in April.  The group may even add a 12th nation to its record – Slovenia – later this monetary year.

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