Fashion giant expands to new US markets | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

The past few years have been brutal for retail. And with the potential for tariff-related upheaval, things aren’t looking too rosy in the near term.

Although retail was sluggish before the Covid pandemic, the events of 2020 made things exponentially worse.

💵💰Don’t miss the move: Subscribe to TheStreet’s free daily newsletter💰💵

Forcing consumers to stay out of stores and limit themselves to online shopping drove a lot of retailers into the ground. And even those that survived the pandemic didn’t necessarily have it easy.

Once society opened back up, retailers were hit with inventory challenges and labor shortages. And by the time those issues resolved themselves, inflation was already surging.

That put a strain on retailers with tight margins, forcing many to close their doors.

Fashion giant expands to new U.S. markets.

Image source&colon; Getty Images

Retail stores have been dropping like flies

Not only has inflation driven costs up for retailers, but it’s also taken away a lot of their business.

Many consumers have had to change the way they spend their money to cope with inflation. A lot of people have cut back on nonessential and even essential purchases, driving a wave of bankruptcies across the retail sector.

In April of 2024, popular mall retailer Express filed for bankruptcy. The company cited a decline in sales and changing consumer preferences as big factors in that decision.

And earlier this year, Forever 21 filed for bankruptcy for the second time. The company said it was struggling to attract customers given increased competition from budget online retailers like Temu and Shein.

Things got so dire for Forever 21 that the company wound up liquidating.

Fashion giant bucks retail closure trend, opens new stores

At a time when so many retailers are filing for bankruptcy and closing their doors, Primark is thriving. And now, it’s making plans to expand its U.S. footprint.

In late July, Primark is scheduled to open its first store in Memphis, Tennessee. Once that location opens, it will mark the company’s 31st store.

Following that, Primark has plans to open a second store in Franklin, Tennessee.

The Memphis location will span over 35,000 feet and feature the inventory Primark is known for, including budget-friendly apparel, beauty products, and housewares.

“Bringing Primark to Tennessee is a proud and exciting milestone for us,” said Primark U.S. President Kevin Tulip. “As we grow our footprint across the Southern U.S., we’re thrilled to open our doors at Wolfchase Galleria and introduce Memphis shoppers to the incredible value and style that has made Primark a go-to destination for families and fashion lovers around the world.”

Although Primark has a limited footprint in the U.S., it boasts a total of 450 stores, mostly in Europe. But the fact that Primark is expanding is a clear indication that there’s still a strong appetite for budget-friendly retail here in the U.S.

More retail:

Even during the pandemic, when people were staying at home most of the time, consumers were still spending money on clothing. With the right strategy, Primark could position itself to thrive at a time when so many retailers are floundering.

If the company can continue to offer appealing, trendy products at prices consumers like, it might easily take business away from more established retailers and carve out a name for itself as a leader in affordable fashion.