03-07-2006 21:53
Primark has caused a sales slump among other retailers on the high street.
Retail expert Verdict reported that the success of affordable fashion from Primark and other stores including New Look and TK Maxx have forces other clothing retailers to cut their prices.
The report also predicted that Primark, who also own Penney’s in the Republic of Ireland, will become one of the top five womanswear chains in the UK by the end of the year.
The Irish company’s success is based on high trend, low cost fashion which has led to it’s success in the UK.
Maureen Hinton, of Verdict Research, said: 'Its low prices are helping it steal back market share and volumes from not only middle market rivals but also from value retailers.'
Patricia Johnson
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