While most retailers are racing to ramp up online efforts in the wake of the pandemic, fast fashion retailer Primark (UK) says online is not the right channel for them.
The pandemic has hit Primark hard, with weeks of shuttered stores pushing operating profit for the year to Sept. 12 fell to £362 million ($470 million), down 62 percent from £969 million a year ago.
However Primark argues that given the low prices of its products, selling online (the requisite free shipping, restocking, etc) would add costs that are not economically viable without raising prices.
“I think that COVID has more demonstrated the strength of Primark than the weakness,” Chief Executive George Weston told Reuters.
Mr. also said that over half of Primark’s core customers did not buy anything online during lockdown, preferring to wait for stores to reopen.
