Primark Close to Completing Colossal New Deal
The discount retailer plans to buy the Pavilions shopping centre in Birmingham and convert it into one of the country’s largest Primark stores. The deal underlines Primark’s growth aspiration with latest sales results showing a positive outcome with sales growing 14 percent year on year.
Primark which is one of Britain’s fastest growing fashion chains, are expected to confirm a deal with UBS Triton property fund the current owners of Pavilions within days.
The Pavilions shopping centre is a site that covers 250,000 sq. ft. and in the centre of Birmingham. Primark however do not plan for it to be of sole use, there are plans to sublet half of the space to other retailers. Current retailers there include M&S and Waterstones.
Primark has 269 stores worldwide and while it is not uncommon for supermarkets to buy stores of this size, it is for clothing retailers, emphasising the magnitude of this deal for Primark.