Primark’s new store on Oxford Street has not dented trading at its flagship at the opposite end of the road, with both shops delivering massive combined weekly sales of £5 million.
Despite the discount fashion chain opening by Tottenham Court Road Tube in September, like-for-like sales have remained in positive territory at its store close to Marble Arch, fashion industry sources have told the Evening Standard.
The average weekly sales figure of £5 million from the two stores is a huge fillip for the area east of Oxford Circus Tube, which has been blighted by empty shops and lower footfall since the CrossRail project began.
Primark’s performance also reinforces how it has continued to grab sales from rivals, such as Marks & Spencer, Next and Bhs, during the consumer downturn.
Meanwhile, wealthy shoppers from the Middle East increased their spending by more than a quarter in London last month, making them the most important group for the capital’s retailers from outside the European Union, according to the research firm Global Blue. This was largely driven by the second Eid festival for Muslims between October 26 and 28.
