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Need help with my writing homework on Primark Strategy and Future Strategies to Ensure Survival in Tough Market. Write a 1750 word paper answering;
Need help with my writing homework on Primark Strategy and Future Strategies to Ensure Survival in Tough Market. Write a 1750 word paper answering; Then possible future environmental influences within the fashion industry will be derived from a range of publications, as well as what types of strategies competitors seem to be planning, and what Primark needs to do to ensure it stays competitive within this industry.
Primark was first established in 1969 in Ireland as Penneys and is currently operating a total of 154 stores in the UK, Spain, and Ireland. Primark has become a leading player in the UK fashion industry, showing huge growth while other players were finding it hard to maintain their income stream, with some even closing the doors of some unprofitable stores. 1 The latest company results showed an increase of 30% in annual profits, with sales 17% up reaching £1 billion. With great successes with some of its fashions such as its rage of military jackets, with more than 250 thousand sales up to date.
With the UK fashion market becoming stagnant and consumers having less money to spend due to increasing interest rates, high house prices, and rising utility costs. Primark is offering high fashion and low prices to bargain-hunting consumers. Yet Primark does not only provide consumers with low-cost fashion, but it has also developed the ability to quickly turning out designs inspired by the catwalk and red carpet. Giving its consumers access to generic fashions developed from high label brands. .
This strategy seems to not only be paying off in the UK but also in Spain and Ireland. Primark opened its second shop in Spain on the 20th of September and planning to open an additional 15 stores by March 2007, expanding its business internationally. Currently, they are employing over 18,400 people, which will increase to over 24000 by end of 2007.
In order to analyse and evaluate Primark’s position within the fashion market, we need to look at internal and external factors influencing its operations. Maybe the most basic, but effective tool that can be used is the SWOT analyzes.
