What to Know
- Primark has signed a 34,200-square-foot lease at Center City's redeveloped Fashion District mall.
- Primark is a fast-fashion retailer that has stiff competition and is facing headwinds as consumers tastes are changing again.
- The 11th and Market streets location will be the third store for the retailer in Pennsylvania.
Primark, an Irish-based retailer, has signed a 34,200-square-foot lease at the corner of 11th and Market streets at the redeveloped Fashion District Philadelphia.
This will be the third store for the company in Pennsylvania. It entered the Philadelphia market in 2015 when it opened in the former Sears space at the King of Prussia Mall and also has a store in the Willow Grove Mall. The company also maintains a warehouse in Bethlehem.
Primark is a fast-fashion retailer that has stiff competition and is facing headwinds as consumers tastes are changing again. Forever 21 filed bankruptcy last month and is shuttering hundreds of its stores. Forever 21 along with other fast-fashion retailers such as H&M, which leases 38,000 square feet in Fashion District, and Zara quickly expanded and, while they satiated the appetite for new styles, are now seeing a drop in sales. Online retailing along with a decline in foot traffic at lower quality retail centers have hurt sales as have the negative impact on the environment of “disposable” clothes.
Other retailers trying to stake a claim to discounted apparel and crowding the market include Nordstrom Rack, Neiman Marcus Last Call, Saks Off Fifth, among others.
Read more about Primark plans on PBJ.com.
Get all your business news with the Philadelphia Business Journal.