// Primark hires Savills to help find space to temporarily store its excess stock ordered before the lockdown
// It’s seeking 400,000sq ft of warehouse space on a short-term lease to store the £1.5bn worth of inventory from overseas
Primark has reportedly drafted in real estate company Savills to help find space to temporarily store its excess stock ordered before the coronavirus lockdown.
According to Property Week, the retailer is looking for up to 400,000sq ft of warehouse space in the Midlands on a short-term lease to help store the £1.5 billion worth of inventory from overseas suppliers.
It come after Primark recently agreed to take £370 million of additional stock that was both in production and finished, and planned for handover by April 17.
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Their decision followed a wave of fashion retailers cancelling, deferring or seeking discounts on orders from suppliers overseas as the lockdown brought in-store sales to a dramatic halt.
Primark has already reportedly leased 40 per cent of warehouse space in response to the coronavirus pandemic.
”We have made clear our intention to secure additional space to house product we are receiving from our suppliers,” a spokesperson for Primark told Property Week.
“We don’t comment on commercial arrangements.”