Primark planning to open more than 100 new stores

Primark's growth is set to accelerate with the opening of more than 100 new stores over the next five year - stoking the fires of hope for many wanting the retailer to set up shop in their town.

The fashion outlet already has a number of stores across the county, with shops in Canterbury, Maidstone, Thanet, Medway, Folkestone, Bluewater, Gravesend and Dartford.

Could Primark be set to open more stores in Kent?
Could Primark be set to open more stores in Kent?

Now its owners, Associated British Foods (ABF), says it intends to increase the number of stores it has worldwide from 398 to 530.

But, be warned, the firm has its sights set on global expansion.

It says it will "accelerate the expansion" in the "major markets of the US, France, Italy and Iberia [Spain and Portugal].'

It added the potential for new stores in the US "is considerable".

ABF chief executive George Weston also insisted Primark has no plans to up prices, despite supply chain pressures.

Primark at Westwood Cross in Broadstairs
Primark at Westwood Cross in Broadstairs

He said: “We haven’t increased prices at Primark over the past 10 years and we won’t do so this year.

“We have currency difference in our favour and there are other areas we have recognised to find cost savings so won’t pass that on.”

ABF told investors its adjusted pre-tax profits fell by 1% to £908million for the year to September 18, as revenues stayed broadly flat at £13.88bn.

Primark revealed like-for-like sales dropped by 12% against pre-pandemic levels, as it continued to be impacted by store restrictions across regions, particularly at the start of 2021.

The group said that Primark lost “a third” of its available trading days due to enforced store closures as part of public health measures.

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