Primark has chosen Madrid to open its second biggest store in the world. Why is this interesting? Because the value retailer is now planted firmly in the neighbourhood of Zara-owner Inditex.
The new flagship in Madrid is the discount retailer‘s eighth store in the country‘s central capital, which means that Primark has quietly brought the total number of Spanish stores to 41.
The unveiling of the mega-store was a little less modest, and as dancers in ‘I love Primark‘ t-shirts held balloons outside the shop, doors opened to a mob of around 300 shoppers – in a country where 22% unemployment has strained family finances, reported Reuters.
The latest shop from Primark is located in the iconic Gran Via 32 building, which is owned by Inditex‘s founder Amancio Ortega and also houses rival fashion brands Mango and H&M.
“Being on Gran Via and in such a large space is obviously a symbolic step for Primark. It’s the icing on the cake for the new king of low-cost clothing retailing in Spain,” Carlos Hernandez, a Madrid-based retail consultant, told the news agency.
“Spain has been one of our most important markets in Europe since the first store opened in 2006,” said a spokesperson for Primark.
“The new Gran Via store is a key store opening in the company‘s business strategy in this country, occupying a historic site in the Spanish capital‘s business and commercial hub, Gran Via.”
In Spain, which is only just beginning to emerge from a deep recession, cheap mass-market retailers are seen as appealing to price-conscious shoppers.