Primark believes expansion can make up for lack of e-commerce
As Shein discount retailer is gaining traction worldwide, the British retailer bets on physical stores to fuel growth. It plans 47 new stores in the U.S. in 5 years. This expansion is also European with 11 openings in 2022.
Despite a 5% drop in sales to US$7.4 billion (fiscal year ending mid-September 2021 via 399 stores), Primark opened 15 new stores last year including in Philadelphia, Marbella, Rome, Prague and Calais. This physical expansion is going to continue.