On Primark’s US expansion, Kelly Tackett, US Research Director at Planet Retail, commented:
“Given Sears’ financial straits, Primark likely got a great deal on retail space in some good malls. Some great malls, actually. One of the seven leases is for the lower level of the Sears location in one of the most productive “A” malls in the country - King of Prussia Mall near Philadelphia.
“With the initiative, Primark is replicating a successful strategy it has pursued in its continental European expansion and doing a mash-up of the strategies of several other expansion-minded foreign retailers in the US. And as US mall traffic rebounds, Primark will benefit from a ready-made flow of traffic that inevitably will build awareness for the retailer in advance of a broader roll-out.
“Indeed, if the initial leases prove profitable for Primark, there are plenty more over-spaced Sears locations across the country that the fashion retailer could lease or buy. An expanded agreement would prove a less expensive way for Sears to pare its footprint rather than a wholesale closing of stores. Plus, given its recent deal for a shopping centre in Birmingham, UK, Primark is not afraid to go big.”
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Kelly is available for further comment and can be contacted on +001 917 349 9290 or via e-mail at email@example.com
Robyn Ashman, Global Marketing Manager
Tel: +44 (0) 20 7715 6021; E-mail: Robyn.Ashman@planetretail.net