Primark plans to open more than 1million sq ft of new selling space in 2019 while planned in mainland Europe as well as in the UK, including its biggest to date, a 160,000 sq ft branch in Birmingham Pavilions. According to the long-running survey by research firm GfK, sales at Primark stores turned negative in November 2018. Consumer confidence dropped 3 to -13 per cent, the lowest level this year.
As Barclaycard reveals overall consumer spending during the month rose by 3.3 per cent year on year in November, the lowest growth since March, despite the boost from Black Friday, clothing spending contracted by 2.9 per cent, the biggest fall since October 2017, while spending on household appliances declined by 14 per cent. Famed for its “cheap chic”, careful stock management, coupled with improved clothing profit margins is expected to bring Primark back on the track for bigger profits in the coming year.
