Associated British Foods, the U.K.-based parent company of Primark (London), has outlined its five-year growth plan for the clothing retailer, which includes expanding its footprint in the U.S. from 13 to 60 stores.
New leases have been signed for five additional locations in New York and another in Washington, AB Foods said. The company added that its strategy for winning new customers hinges on “innovation in core product categories” and “investment in digital platform to drive increased footfall.”
During the next five years, the company aims to increase Primark’s worldwide store count from 398 to 530.
The retailer cut the ribbon on its first U.S. store in Boston in 2015. It recently opened its three-level flagship in Chicago, Primark’s first and only location in the Midwest.
Beyond its low price points, the retailer is known for not selling online. While its complete reliance on brick and mortar hurt the retailer when the pandemic hit, Primark executives say it doesn’t make sense to have an online store due to high costs for shipping and returns.
“I think that COVID has more demonstrated the strength of Primark than the weakness,” George Weston, CEO of AB Foods, told Reuters last year. “What we’ve seen with Primark is when people are able to shop, they prefer to shop with us than do so online.”