Business Insider/Mary Hanbury
Primark has nine stores in the US.
- Primark, a low-cost, European apparel chain, is the fastest-growing retailer in the United States, according to a report from the National
Retail Federation's Stores magazine, which used sales data from Kantar Consulting. - The ranking is based on year-over-year domestic sales growth. In 2017, Primark pulled in $9.875 billion in sales worldwide. Its US sales are up 103% year-over-year as the company continues to expand along the East Coast.
- Primark has opened nine stores in the US since 2015 and has plans to open more.
Primark has already invaded Europe, and now, it has its sights set on the United States.
The low-cost, European clothing chain was ranked in the top spot on a list of the 100 fastest-growing retailers in America by the National Retail Federation's Stores magazine, which used sales data from Kantar Consulting.
The ranking is based on year-over-year domestic sales growth. In 2017, Primark pulled in $9.875 billion in sales worldwide, and in the US specifically, sales are up 103% year-over-year.
Primark is making a slow and steady expansion in the US. It has opened nine stores in the country since 2015 and has plans to open more.
Its expansion is timed well to take advantage of an explosion in value-oriented stores in the US. While department stores have suffered, off-price and dollar stores have experienced somewhat of a boom in recent times, enabling them to grow and add new locations across the country.
Experts say that the success of value-oriented stores can be attributed to larger social changes.
"The middle is disappearing - low and middle-income customers increasingly shop at discounters and dollar stores, forcing retailers that once served these customers to close shop," analysts from intelligence firm Gartner L2 wrote in a recent report on department stores.
Find out more about the company below: