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Primark powering ahead…

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Peter Saville Zolfo CooperPeter Saville (pictured), partner at advisory and restructuring firm Zolfo Cooper, comments on today’s Primark results:

Primark’s stellar success flies in the face of conventional wisdom. Whilst the rest of the retail world is obsessing over online selling and multichannel strategies, Primark is powering ahead despite it having no online business at all.

Primark has become much more fashion-focussed, with fast-turning stock and a nod towards the latest trends. As a result, the company has been able to offer low-cost fast fashion at a time when most consumers are keeping a careful eye on their spending.

Primark stores in major shopping destinations like Westfield Stratford City and London’s Oxford Street have been attracting cash-strapped consumers in droves, driving footfall to these prime retail spaces.”

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