Due to the compulsory lockdown faced by the world as a result of the Corona Virus, Irish fashion retail brand, Primark has gone from making £650 million a month to nothing, putting the brand as one of the biggest losers during the pandemic.
The loss comes as no surprise to individuals familiar with the brand, as several users on twitter claim the brand’s failure to develop an online retail outlet for customers is the main reason for the loss. Regardless of this development, CEO, George Weston says he will continue to put his staff’s health and welfare as a priority.
He said in a released statement “Much as I would love to be allowed to reopen Primark stores across the UK, continental Europe and the USA soon because lockdown has so harmed our business and our supply chains, I know that we must not do so until we have suppressed this disease… When we are allowed to reopen we must make our Primark stores safe for our staff and our customers, even if that means ensuring there are fewer people shopping at any one time and so accepting lower sales at least until the remaining risk is minimal.” He then added “In time we can rebuild the profits. We can’t replace the people we lose.”
It has also been reported, Primark has over £1.5billion worth of stock due to the pandemic and an expert is currently predicting a bumper sale once the lockdown has been lifted in other for them to shift stock.