Primark sales up 21%
Saturday, July 11, 2009
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As the recession continues to bite in the retail sector one high street store is bucking the trend. Primark announced this week that their sales were up 21%.
Primark is known for being the place to shop for budget yet fashion conscious people. Their shops certainly are interesting places, a strategy of pile it high sell it cheap seems to work. This article explains further.
It could be suggested that Primark clothing is an inferior good (in the economic sense!). Will we see a drop in sales as the UK emerges from recession in the next 12 to 24 months. I guess it also depends which type of consumer we are looking at - young fashion conscious people are likely to be earning far less and they are likely to be the target market for Primark. Consumers aged thirty plus are more likely to have more money (when the UK is not in recession) and therefore seek out more expensive key items.
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