In April 2015 Sears Holdings Corp. announced that it had entered into lease agreements with "a leading fashion retailer in Europe."
That fashion retailer was Primark and the deal with Sears enabled the Dublin-based company to set up shop in the U.S.
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A few months later Primark opened its U.S. flagship store in Boston, replacing Filene's Basement in the Burnham Building.
The fast-fashion clothes, footwear, homeware and beauty company, which opened its first store as Penneys in Dublin in 1969, has big plans for the next phase of its American adventure.
Primark, which has more than 400 stores across 15 countries in Europe and the U.S., wants to have 60 stores in the States by the end of 2026, part of a global drive to get to 530 stores worldwide in the same period, CoStar News reported.
"We’ve kept our strong Irish roots, but today you’ll find Primark up and down the UK, across mainland Europe, expanding into Central and Eastern Europe and just getting going in the U.S.," the company said on its website.
Keeping Costs Low Key to Primark
In November, Primark, now a subsidiary of Associated British Foods (ASBFY) -), said it was "taking New York by storm with the opening of three new store locations in the region -- Roosevelt Field in Garden City, Long Island; Jamaica Avenue in Queens, and City Point in Brooklyn.
Primark opened 10 new stores in 2022, doubling its U.S. footprint.
Earlier this month, Primark opened a new store at The Mills at Jersey Gardens in Elizabeth, N.J.
"Primark’s business model is centered around delivering value to customers by offering high-quality, fashionable products at low prices," according to The Strategy Story. "The company achieved this by keeping tight control over its supply chain and employing a high-volume, low-margin strategy."
By negotiating favorable contracts with suppliers and maintaining efficient distribution channels, Primark keeps costs down and passes the savings on to its customers.
Digital 'Increasingly Important' to Primark
Up to now the company had shown less interest in an online business, which may sound strange in these days of smartphone shopping. But Primark it says now that “digital plays an increasingly important role in sharing our story and engaging our customers.”
“We have over 24 million fans engaging in our content across our social channels and we’re rolling out a brand-new customer website across our markets, showcasing a much bigger range of what we sell and providing customers with availability by store,” the company said.
Primark is also good at nailing down space left behind by struggling department store chains and getting good real estate deals.
And then, of course, there's "Barbie: The Movie," which is teaching "Oppenheimer" a thing or two about massive explosions.
Primark is doing its first collaboration with Mattel (MAT) -) by launching its Barbie collection, which includes more than 73 pieces across women's wear, menswear, nightwear, beauty, and accessories all tied into the hottest movie of the moment.
"Packed with fun, shimmer, and plenty of pink, our "Barbie: The Movie" collection will make your inner Barbie fan happy," the company said.
