Cut-price fashion leader Primark is replacing Tesco as Britain’s “sharpest and most feared” retailer , says retail analyst Verdict Research.
Verdict reported that value for money will be the prime focus of any retailer who wants to survive the global downturn as clothing volumes fall. It predicts that this year will be one of the worst for the pan-European clothing sector, which is expected to decline by 5.2% to €274 billion (£248 billion).
Verdict senior analyst Daniel Lucht said: “As Tesco’s halo has slipped somewhat in the recession, Ireland’s Primark is set to take up the torch of sharpest and most feared retailer from the British Isles.”
Verdict said that clothing retailers have reacted to the recession with understated fashion ranges, cut backs on inventory and a reliance on sales.
Plunging consumer confidence and spending levels sparked by unemployment and the credit crunch will lead to “a strong and deep value focus” among retailers over the next five years.
Verdict expects that European value players such as H&M, Primark and Kiabi will be among the best placed to prosper.
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