Primark, also known as Penneys in the Republic, has announced investment plans exceeding €40 million in Portugal. This capital injection will give rise to four additional stores in the cities of Montijo, Guimarães, Viseu and Covilhã, thereby raising the total count to 14 stores across Portugal. This high-level investment is set to broaden the selling space by over 30 per cent and generate upwards of 500 new job opportunities. Not only will these new stores see the introduction of self-service checkouts, but the Primark store located in Colombo, Lisbon, is also set for expansion.
Nelson Ribeiro, who leads the sales division in Portugal for Primark, highlighted the strength of the business since the opening of the inaugural store at the UBBO shopping centre in Amadora 15 years ago. He stated that the brand has nurtured a core base of dedicated customers throughout its tenure in Portugal.
The increased investment in Portugal is part of Primark’s aggressive growth strategy to broaden its reach in both new and existing markets worldwide. The overarching aim is to operate 530 stores by 2026. Recently, the corporation marked its presence in its 17th market with the opening of a store in Budapest, Hungary, and foresees the launch of an additional Penneys store in Bray, Co Wicklow, in the upcoming summer.
Currently, Primark operates more than 440 stores globally and provides employment to over 80,000 individuals. It operates as a subsidiary of the London-headquartered group, Associated British Foods.