Global fast-fashion retailer Primark has inked leases for four new stores as part of its U.S. rollout, even as its parent company warned of uncertainty regarding consumer spending.
The Dublin-founded chain, owned by London-based Associated British Foods, on Wednesday said it had struck deals for its latest stores. Primark plans to open up shop in a new state, Minnesota, at Mall of America in Bloomington. It also has locations lined up at Brandon Exchange, Brandon, Florida; Vineland Premium Outlets, Orlando, Florida; and Sugarloaf Mills, Lawrenceville, Georgia.
The retailer is celebrating its 10th anniversary of entering the U.S. market. Its first American store debuted at Downtown Crossing in Boston in 2015. The chain now has 33 stores across 13 states, with openings most recently in El Paso, Texas; Jersey City, New Jersey; and Memphis, Tennessee. Primark has plans to unveil a new flagship, its first Manhattan location, at 150 W. 34th St., next year. Old Navy will be vacating that space, directly across from Penn Station in the Herald Square area.
As a fast-fashion company like H&M and Zara, Primark is known for replicating clothing trends at low prices and selling them in large quantities through its brick-and-mortar stores.
Associated British Foods reported its fiscal second-half results this week and voiced concern about consumer behavior, sending its stock tumbling. But despite the impact of tariffs and the economy, Primark’s double-digit sales growth in the United States has been a stellar bright spot compared with other markets.
“I’m pleased with how the group has performed in the second half of our financial year in what continues to be a challenging environment, characterised by consumer caution, geopolitical uncertainty and inflation,” George Weston, CEO of Associated British Foods, said in a statement. “Primark delivered improved trading in the U.K. and strong sales growth in the U.S., while trading on the continent was softer in a weaker consumer environment.”
In the United States, Primark’s sales are expected to rise around 23% for the second half of the year, with growth of 21% in the third quarter and projected growth of 24% in the fourth quarter, according to Associated British Foods.
“Our stores traded well in [the second half] and our value proposition resonated with customers,” Primark’s parent said. “We made further progress with our space expansion program, opening four new stores in [the second half], including our first store in Tennessee.”
Primark itself, which has 450 stores globally, said it has made some key hires for its U.S. team and opened an office in downtown Boston this year.
“Primark came to the United States a decade ago very deliberate in our approach, testing and learning to ensure that as we continued to expand our footprint in-market, we were getting it just right for U.S. shoppers,” Kevin Tulip, president of Primark U.S., said in a statement.
The chain is expected to host 10-year anniversary festivities at its Downtown Crossing store in Boston on Friday.
Primark has previously said it aims to have 60 stores in the United States — and 530 stores worldwide — by the end of next year.