Primark post-lockdown 'bumper sale' on the cards after retailer builds up £1.5billion of unsold stock
22 April 2020, 08:00
Primark could be planning a huge sale for when the lockdown restrictions are lifted, in order to shift a huge amount of unsold stock.
Primark closed all stores across the UK back in March after the UK Government announced lockdown measures, along with all other high-street retailers.
However, Primark's sales have understandably plummeted as, unlike other high street retailers, they do not have an online shop for customers to use during this time.
It has been reported that the company's earnings have gone from £650million a month, to £0.
However, this could mean a huge sale for customers when Primark stores reopen and the lockdown ends.
Due to the lockdown, Primark is said to have around £1.5billion worth of unsold stock sitting in warehouses.
Now, an expert has predicted a "bumper sale" when lockdown ends, in order for the retailer to shift the stock.
Hargreaves Lansdown analyst Sophie Lund-Yates told the Mirror: "When Primark was ordered to shut its doors mountains of inventory was already on its way, ready to replenish stores which are in hibernation.
"For consumers this could mean bumper sales when shops reopen, as sales stickers are one of the quickest ways to shift excess items."
While this has not been confirmed by Primark, regular shoppers are already getting excited about the potential for a huge sale.
Primark owners Associated British Foods have recently revealed 68,000 members of their staff have been furloughed across Europe due to the coronavirus pandemic.
However, boss George Weston has said that Primark stores across the UK, Europe and US will not open until the disease is under control.
He said: "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."