00:00 14 July 2012
Sales or budget-friendly fashion shop Primark recently soared by up to 16%, proof that consumers are now considering costs more heavily than in the past. This gives Primark an edge over its upmarket competitors, such as Marks & Spencer, which are struggling to retain their share of the market.
As recession further affects more and more consumers, they seem to be getting more cost-conscious and are therefore looking for cheaper ways to update their wardrobes. The increase in Primark’s sales also means that it has successfully snatched sales away from more expensive brands. This is backed by a noticeable drop of 6.8% in M&S’ sales, which was found at its lowest in three years.
Primark is known for offering products that closely resemble those offered by designer brands but at just a tenth of the price. In fact, it has faced scrutiny recently for some of its products, which are close copies of the creations of many famous designers such as Greek designer Mary Katranzou and New York designer Prabal Gurung. More recently, Primark released a collection for summer 2012 that appears to be ripped off from Prada designs.
Some industry experts called Primark’s copycat designs as ‘shameful’, but, as seen from the sales hike the budget store experienced lately, consumers seem to disagree.
Primark has 238 stores where it sells its summer tops for just £3, its bikinis at £8, and its men’s shorts for a mere £10.
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