The Irish retailer has landed in America, and wants to sell Forever 21 styles at Wal-Mart prices.
Paul Marotta / Getty Images
Fast-fashion chains like Forever 21 and H&M have transformed the American clothing industry in the past decade, pushing consumers to expect ever-lower prices on a constantly revolving array of styles.
But Primark, the latest entrant to the game, plans to go even cheaper in a world already populated by $10 sweaters and $4 leggings.
The Irish retailer has said its mission is "delivering Forever 21 fashion at a Walmart price," Goldman Sachs analysts wrote in a note on Sept. 15, without a hint of irony. At Primark first U.S. store, which opened in Boston in September, shoppers will find $7 jeans, $8 sweaters, $3.50 t-shirts and tanks tops for $1.60.
The store, the first of at least eight planned to open in the U.S. Northeast by next year, has four floors and measures 77,000 square feet; it has neon signage, video boards and phone charging stations and is, apparently, well organized.
Prices are about 40% lower than H&M's and 75% cheaper than Gap Factory, the Goldman analysts wrote — so cheap they can't be sold online. An analyst from Cowen & Co. referred to Primark as "fast fashion 2.0," while another analyst from KeyBanc predicted the chain will be "highly disruptive" to American retail in coming years.
Goldman Sachs Global Investment Research
Primark's $1.60 Tops Are The Final Frontier Of The Clothing Price War http://ift.tt/1iOPBEM
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