Recently popped by the 3rd Primark store to open in the US. A couple of takeaways and the store review below:
1. Cheap Fashion - The retailer known for $10 jeans and $3 t-shirts is officially here. Believe it. Cheaper than Macy's, Kohl's, H&M, Forever 21 and even Walmart.
2. Quick Start - An initial 8 stores with a projected $600-$650 per square foot in sales (well above industry averages) for $325 million in total sales in 12 to 18 months.
3. The shift to unbranded fast fashion and basics will continue. New entrants like Primark and Uniqlo join stalwarts like Forever 21, Zara, H&M and Old Navy to increasingly steal market share from traditional retailers including department stores.
4. 0% ecommerce.
Bottom line: Primark is the new shiny kid on the block making its' presence and pricing known in the Northeast. Given the trends and the offering I saw, I can't help but see many more stores opening with Primark on the door.