Primark, the renowned retailer marking its 50th anniversary on the Great British high street, has announced plans to invest more than £100m ($126.3m) in its UK stores this year.
This substantial investment includes more than £75m earmarked specifically for new initiatives in UK retail throughout 2024.
Expansion and new ventures
The retailer’s investment strategy encompasses a range of initiatives, including the transformation of existing stores and the opening of eagerly awaited new outlets.
Among the highlights are the inauguration of new stores in Bury St. Edmunds, Teesside Park, and Glasgow Fort, with additional stores confirmed for Epsom and Newbury.
Primark’s expansion efforts are anticipated to create approximately 700 new jobs in 2024, spanning roles from retail assistants to store managers.
In addition to establishing new locations, Primark is embarking on significant store extensions.
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Notably, the Westfield Stratford store in London is set to nearly double in size, becoming the capital’s second-largest Primark outlet. Similarly, the Metrocentre in Gateshead will expand its total shopping space to nearly 80,000ft² upon reopening later this year.
By the year’s end, Primark aims to operate 195 stores, boasting nearly eight million square feet of retail space across the UK.
Commitment to sustainability and community
Primark’s investment plan also underscores its commitment to sustainability and the local community.
The company plans to refurbish 15 existing stores this year as part of its ongoing refit programme, which includes upgrading decor and implementing LED lighting to reduce its carbon footprint.
Furthermore, the announcement of two new store locations in Epsom and Newbury is expected to inject more than 55,000ft² of retail space into local shopping destinations, providing a welcomed economic boost.
Kari Rodgers, UK retail director at Primark, emphasised, in a statement, the company’s dedication to offering value and accessibility to consumers.
“We’re as committed as ever to offering the very best value on the high street and making great fashion more affordable and accessible for everyone. This latest investment will mean bigger and better stores, hundreds of new jobs across the country and shows our ongoing commitment to the UK high street.”
As Primark celebrates five decades of operation in the UK, its investment signifies a continued evolution and commitment to meeting the needs of consumers while contributing to local economies and communities.