fashion

Primark to make 250 million euro capital investment in Ireland


Fast fashion retailer Primark has announced a 250 million euro capital investment into its home market of Ireland, alongside the creation of 700 jobs in stores and at its global headquarters.

The announcement is part of the retailer’s 10-year capital injection plan into store expansions and redevelopment across Penneys, the title it operates under in Ireland. The investment is to include one new store location, one relocated store, existing store redevelopments and the development of a warehousing and distribution centre in Newbridge, Co. Kildare. It stated that the new developments will result in the creation of 700 jobs in Ireland over the next three years, with 600 retail positions and 100 openings at its global headquarters in Dublin to become available.

Additionally, Penneys will receive a 20 percent increase in total retail space over the next 10 years, including a new 43,000 square foot Penneys store at The Square, Tallaght, set to open in Autumn 2022. The opening will bring the total to 37 Penneys stores across the region. Furthermore, a 60 million euro investment will go towards its Patrick Street store extension in Cork city and 20 million will be injected into the redevelopment of its Eyre Square location in Galway. The company will announce more store extensions throughout the coming months.

100 new roles are to be available at Primark’s headquarters over the next six months, centred around highly skilled jobs in areas such as technology, buying and merchandising, finance and HR. It will see its global team build on its 1,000 employees across its 14 markets.

“Penneys is one of Ireland’s best-known retailers and an international success story…”

“This announcement is a really strong vote of confidence in the retail sector, with investments planned for stores in cities and towns across the country,” commented Leo Varadkar, Tánaiste and minister for enterprise trade and employment, in a statement.

He continued: “It’s creating significant employment with 700 new jobs and will also help to secure footfall in our towns and cities once we emerge from the pandemic. Penneys is one of Ireland’s best-known retailers and an international success story, having driven significant global expansion over the last few years. Much of this success is thanks to accessing to a talented workforce in Ireland.”

The new investments follow the announcement of Primark’s plan to develop a warehousing and distribution facility in the region. Located on a 38-acre site, the company expects the project to be completed in early 2024.

Additionally, the retailer has revealed plans to accelerate its expansion in the US, through strong trading and growing brand awareness. It has stated that it expects Primark to grow to around 60 US-based stores over the next five years, alongside a focus on its expansion through European markets.

Over the next five years, Primark expects its store estate to grow from 399 stores currently to 530 stores globally.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more