Primark's success continues as bargain High Street giant launches 'posh' flagship store in Oxford Street
16:14 GMT, 20 September 2012
Bargain hunters flocked to Oxford Street today as High Street giant Primark launched a new London flagship store.
The four-storey unit, which is near Tottenham Court Road, has a capacity for almost 2,500 shoppers.
At 82,000 sq ft, it is significantly bigger than Primark’s other Oxford Street store, which opened in 2007 and covers 70,000 sq ft.
Bargain hunting: Customers at the opening of the new flagship Primark store in Oxford Street, London
High street giant: The four-storey unit, which is near Tottenham Court Road, covers 82,000 sq ft
Mammoth unit: The flagship store has 1,443 employees, 111 cash desks and 92 fitting rooms
'It’s really great, and it’s really posh, which is not what you necessarily expect from a Primark store,' shopper Becka Yorke told the Evening Standard. 'I go to college around the corner — this could be dangerous!”
The flagship store has 1,443 employees, 111 cash desks and 92 fitting rooms and is the fifth largest Primark in the UK and the seventh largest in the company.
Its launch came as Primark's UK business reported a ‘particularly strong’ summer of trading as the budget chain continues to defy the uncertain economic climate.
Primark, which has 242 stores across Europe, saw revenues rise by 17% over its current financial year.
Going from strength to strength: Primark saw revenues rise by 17% over its current financial year
Grand opening: The flagship store has 1,443 employees, 111 cash desks and 92 fitting rooms
The figure – excluding currency movements – includes 'buoyant' trading in continental Europe, even though much of the region is mired in a debt crisis.
Primark will also have 28 outlets in Spain after opening five new stores in the debt-laden country this summer.
Its margins benefited over the summer from lower costs linked to the material falling back in cotton prices at the turn of the year.
Shore Capital analyst Darren Shirley, who continues to forecast group profits of 970 million for this financial year, described Primark as ‘possibly the most potent retail format in the UK and increasingly Europe.’
Strong sales: Primark's UK business reported a 'particularly strong' summer of trading
Just down the road: Primark's other Oxford Street store, which opened in 2007 is smaller, covering 70,000 sq ft