Word: primark
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Dates: during 2000-2009
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...PRIMARK Be Cheap, but Chic...
...recent weekday in May, Primark's flagship Oxford Street store in London bustled with shoppers snapping up $3.20 T shirts, $1.60 turquoise tank tops and $21 pink chiffon dresses. The fitting rooms were so crammed that some patrons tried on skirts and shirts in front of mirrors on the store floor. Crisis? What crisis? In the six months to February, revenues at Primark, an Ireland-based company that is the U.K.'s second largest clothing retailer, surged 18% to $1.8 billion, with same-store sales up 5%. Operating profits, at $200 million, jumped...
...Sure, discount stores tend to withstand downturns. But since the slowdown began, two of Primark's competitors - MK One and Select - have been restructured under creditor-appointed managers. What makes Primark different - and keeps customers interested - is a keen eye for fashion trends worthy of a more expensive retailer. Devotees call the store Primani or Pradamark in honor of its acute fashion sense. And hot styles are delivered with commendable speed. New products can take as little as six weeks to hit the hangers. Primark has bridged "the gap between sheer value and fast fashion," says Robert Clark of London...
...What's more, Primark in recent years has invested in upgrading its outlets so the shop floor looks as hip as the clothes. "Primark has been moving into big stores that look as good as any middle-market retailer," says Maureen Hinton, lead analyst at U.K. retail consultants Verdict Research. "If you can pick up a dress for GBP 15 [$24] in a place that looks as good as any other High Street store, it makes the value even better." Even in hard times, it pays to keep up appearances...
...fashion will boost sagging sales. In 1999, its profits hit a high-water mark of $54 million but have been sliding since, down to $20 million last year. The slump is largely due to increased competition - not only from rival charity shops, but also from discount retailers like Primark and Peacock, which sell trendy new clothes at prices nearly as low as those found in secondhand shops. Says Sarah Farquhar, Oxfam's retailing head: "We realized we needed a different clothing-business model...