There are only two winners in Britain’s retail market at the moment: online and Primark — at least according to Associated British Foods, which owns the value fashion retailer.
John Bason, finance director at AB Foods, said that Primark was winning on high streets that were largely failing because it was continuing to invest in its stores “while other retailers are cash-constrained or finding trading very difficult”.
Speaking as AB Foods reported a solid end to the year, Mr Bason said that Primark continued to “power ahead” with British like-for-like sales rising by 1.5% in the year to September 15, despite highly challenging conditions.
