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Primark fashion retailer revealed its plan to spend $103.5 million or €100 million to launch new stores in Spain, which is its second-largest market. The company said on Tuesday, Nov. 29, that it will open eight stores across the country.
Spain is second to Britain when it comes to sales for Primark, which is owned by Associated British Foods. The company shared that one of the new outlets will operate on the island of Lanzarote, and one will be in a portion of territory within Melilla, as per Reuters.
With the plan for expansion in Spain, Primark is also set to hire at least 1,000 additional employees over the next two years. It was noted that despite the fact that many high-street fashion retailers are having difficulties due to the tough business competition against brands selling online, the Boston, Massachusetts-headquartered retail firm continued with its expansion over the past years.
To make sure that customers will keep coming back to its stores, Primark said it would not change its prices and hold them steady even with the rising inflation. Then again, the company also warned that the increasing input costs are bound to hit its results in the new financial year.
The announcement of new investment was made just a week after the company said it is putting in £140 million to build new stores and improve the existing ones in the United Kingdom. It also recently revealed its plan to invest €100 million in its French business.
Moreover, it will open three new fashion store outlets in Spain, and these are the latest additions in the country in the last 12 months. The locations are in San Fernando, San Sebastian, and Girona.
Primark is making this series of aggressive investments to further grow its markets in the U.S., Italy, France, and Spain. Currently, it is operating 409 stores and aiming to have 530 outlets by the end of 2026, with additional shops in the U.S. and launching in new markets, including Slovakia and Romania.
“Spain is Primark’s second biggest market with 56 stores across the country, and today we are proud to announce a significant investment in our store portfolio and long-term growth of Primark Spain,” Primark Spain’s director general, Carlos Inacio, said in a press release. “This exciting expansion plan will create employment, positively impact the local communities we are opening in, and bring Primark stores closer to our customers across Spain.”
