Primark (UK) is standing strong as the fast fashion retailer prepares to reopen on June 15.
Consumers who were expecting to find fire-sale discounts will be disappointed.
During lockdown the clothing chain has built up almost £2 billion (US$ 2.5 billion) worth of stock to sell, double its normal stockholding, according to a BBC report.
“The stock will be sold in the normal course of business, albeit at a later date,” the company told BBC.
The excess stock mainly comprises non-fashion and non-seasonal ranges plus some excess spring-summer goods, it said.
Some of the latter will be held back until spring 2021 while the rest will be sold “in the normal course of business”.
Primark has already opened more than 100 of its stores across the EU.
Comparative Data
Inventory on hand: US$1.87 million worth of stock on hand plus a commitment to suppliers to buy another $501 million-worth.
Normal inventory levels: $1.12 billion stock on hand (in pre-pandemic times).
