Primark gives further details about US expansion
Primark, one of the largest retailers in the UK and Europe, has explained further details about its to upcoming US expansion plans.
Retail giant Primark, founded in Ireland in 1969, currently boasts over 400 stores in 13 European countries. Primark debuted in the US with a store in Boston in 2015 and has since expanded with units in New Jersey, Chicago, and Philadelphia.
The company discussed the considerations taken with its US expansion plans to Modern Retail. Kevin Tulip, Primark's President of US Operations, said: "The biggest lesson was store space. In most of our continental Europe market, we typically open in a space that’s over 50,000 square feet. But here, we’ve downsized our stores to about 35,000 square feet, which has shown to be more profitable."
"There was probably some expectation on the brand to just open a large number of stores right away, but this pace has allowed us to continue learning a lot of lessons around locations."
Earlier this year, Primark announced ten new store openings, which will double its US presence. This includes openings in New York, Maryland, and North Carolina. Tulip also announced that more store openings will follow, with a goal to reach to 60 US stores by the end of 2026, and 530 stores by 2026 globally.
In the most recent fiscal year, ending September 17, Primark-owner ABF reported that the retailer brought in a revenue of £5.59 billion, a 5% drop from 2020. This year, Primark is forecasting revenue of roughly £7.7 billion or a 40% increase.
This news follows Primark's announcement that it has £140 million UK retail investment plans over the next two years, which includes the opening of four new stores across the UK located in Bury St Edmunds, Craigavon, Salisbury, and Teesside Park.