Primark registered sales of USD 1,924.74 Million in United Kingdom in 2020
Primark recorded a historical decline (CAGR) of 23% between 2017 to 2020
Key highlights
The UK footwear retail market is highly competitive with many fashion retails companies, footwear specialist retailers, online retail companies, sports retailers and independent stores active across the competitive landscape. Fast fashion retailers are experiencing success in the footwear market, where companies such as ASOS have grown in popularity. Millennial consumers in particular display a demand for this specific type of retailer as they can choose from a wide array of high fashion footwear, which is often low in price.
UK apparel market drivers
Impact of COVID-19 on the apparel market
The UK has been one of the most affected European markets throughout COVID-19, being written off the original 2020 Apparel market forecast, resulting a decline in sales as a result of multiple lockdowns, economic uncertainty and stringent restrictions on social gatherings leaving consumers with fewer reasons to buy.
Channel analysis
Footwear market category size
In the Footwear market segment in United Kingdom Women’s footwear has the significant market share. Men’s footwear and Children’s footwear are among the other notable sub-segments in the footwear market.
Top 10 apparel brands by market share and price positioning
Top 10 men’s footwear brands by value & price positioning
Strong international presence enables Primark to retain sales
As the retailer continues to resist introducing a transactional website to its operations, despite consumers’ rapid shift to purchasing fashion online during the pandemic, its strong presence in international markets outside of the UK has provided a lifeline during these trying times. Stores in several of its EU markets are still trading, albeit with some reduced opening hours, while performance in the US has also been promising, aiding its adjusted operating profit to reach slightly above break-even for the period.
Following the UK government’s recent announcement outlining the country’s roadmap out of COVID-19, retailers are now able to make more informed decisions about their future ranges. While Primark reported strong sales for nightwear and loungewear in H1, demand in the second half is likely to experience a rapid shift towards more trend-led products, such as day dresses and blouses, as the opening of UK retail synchronises with outdoor hospitality, with hope instilled for a return to normality as quickly as June. Therefore, though it will have already placed orders for its upcoming spring/summer lines, it must now review these ranges in depth to ensure that they will still meet the ever-changing demands of its customers.
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