Confident it can crack the $300 billion U.S. clothing and shoes market where man...
LONDON - Confident it can crack the $300 billion U.S. clothing and shoes market where many other foreign retailers have failed, Britain’s Primark is ready to raise its bet on the country by securing new sources of fast fashion in central America.
It has invested 250 million pounds in the United States, achieved a critical mass of sales and has a four-year education under its belt on a crowded market that is battling to stay afloat in the face of rapid e-commerce growth. The plan now is to tap suppliers from countries in central America, such as Guatemala, Costa Rica and Mexico.
Some analysts believe Primark’s combination of value, fashionability and breadth of range, means it could build a U.S. business over the next decade as big as its one in Europe. Stores in highly populated cities on the eastern seaboard at locations with high footfall will follow. AB Foods said this month that Primark was delivering strong sales growth in the United States and forecast a significantly reduced operating loss for 2018-19, which reflects the deliberate under utilisation of its warehouse.
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