£1bn in lost sales for Primark

Primark had already told us just after Christmas that the latest lockdowns would dent its sales significantly, but on Thursday, it said that lost sales for the current half year would add up to a massive £1.05 billion.

But the company has continued to open new stores and while lockdowns have delayed some openings, they will continue in 2021. It expects to add a net 0.7 million sq ft of additional selling space in this financial year. It should open 15 new stores: five in Spain, three in the US, two in Italy, one in each of the UK, France and the Netherlands, a further store in Poland, and its first store in Czechia (Prague).

Based on its successful resizing of several US stores, it will also downsize its Boston Downtown Crossing store to 38,000 sq ft. “This will improve both store profitability and customer experience”, it said.

It has also signed leases for new locations in Jamaica Avenue in Queens New York, six in Italy, three in France, plus Katowice in Poland and Brno in Czechia.

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