Executive Summary

• Primark is about much more than price; it delivers value for money in the broader sense. It has a fast-fashion element in its apparel offer, and its newer flagship stores are impressive retail destinations.
• This proposition has yielded impressive metrics—sales per store, margins and sales densities have tended to head in the right direction, barring short-term hits.
• We have little doubt that Primark will make waves in the US. We think the retailer will resonate with US shoppers who are wary of spending big on fashion but who still want to look great.
• E-commerce looks to be off the agenda, but international expansion is generating rewards. Shoppers are flocking to big stores in city locations, and the stores are getting bigger.
• Swaths of Europe—and the US—remain untapped. There is major scope for further growth.