brother fashion chain imprint lays out a plan to invest £140m ($169m) in boutique property in the UK over the next two years, betting on the lowest prices to attract customers as the country grapples with the crisis cost of living.
The budget group, part of Associated British Foods, said on Friday investment will include the opening of at least four new stores and will create at least 850 jobs.
The plan stands in contrast to other retailers such as Marks & Spencer, which have closed stores due to low volume and rising costs, while the shift to online shopping due to the rapidly accelerating pandemic has also slowed. impede store sales.
“The UK is our largest market and as we continue to grow and expand our business internationally, we remain committed to investing in our stores,” said Primark CEO Paul Paul. Marchant said in a statement.
Even before the pandemic spurred more people to shop online, many high street retailers were already struggling due to stiff competition from online-only brands like Boo Hoo and ASOS led to the downfall of familiar names like Debenhams.
That suggests Primark, which has eliminated the extra cost of home delivery, launched its online click and collect service earlier this month.
Primark, which sells shirts for as little as £2.5 ($3.03), said it would keep prices “to support customers”, even as it warned that input cost inflation would affect its results in the new financial year.
Exacerbating the pain of rising costs, visitor arrivals to UK retail outlets are on average still 15% lower this year than pre-pandemic levels, according to Springboard data.
“Crowded towns and cities benefit all of us – we want to see big streets and shopping malls thrive,” Marchant said.
