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Introduction. Why Primark ?

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A company which has achieved superior performance in recent years is a Associated British Foods Plc subsidiary called Primark . Primark opened its first store in June 1969 in Ireland, where it operates at Penneys .Today it has a total of 193 stores operating in Ireland, Spain, United Kingdom, The Netherlands, Portugal and Germany and is still aggressively expanding. In the UK, where Primark has its maximum number of stores, 138, Primark is second to Asda¶s George in terms of the largest number of clothes sold by volume, overtaking established reputed companies such as Marks&Spencer[1]. The company has had excellent financial performance . It is reported that their profits have increased by 10%[2] and sales increased by 20%[3] in the year 2009 ³even though each of its three main markets were subject to recessionary pressure and a decline in consumer confidence´[4]. Primark has won several awards each year since 2005 and its most recent awards are ³Best Budget Store on the High Street at the GMTV High Street Fashion Awards 2009 (awarded 7th May 2009), Retailer of the Year for the second year in succession at the BCSC Gold Awards and Value Retailer of the Year at the Drapers Record Awards.[5]´. Apart from this, Primark has also been successful in establishing its brand name. Celebrities such as Katie Holmes have been spotted wearing its clothes[6] and they have also been featured in one of the worlds most premium fashion magazine Vogue[7].

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What is Primark doing right ?

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Currently Primark only operates in Europe where the retail apparel industry grew by 2.1% in 2008, valued at $420.9 billion and is further expected to be valued at $467.6 billion in 2010, an increase of 11.1% since 2008[8].

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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Primark has numerous competitors such as New Look, H&M and TK Maxx although its biggest competitor in the UK is Asda¶s clothing brand George. Primark has managed to increase sales and make profits during a turbulent economic climate even when well established brands like Next have not been able do so[9]. Primark adopts the µno-frills¶ strategy which many successful business in other industries like Ryan air have adopted. They describe themselves as having ³a lean business which responds quickly in the marketplace, has short lines of management, good buying and excellent distribution´[10]. Furthermore, unlike its competitors, Primark specifically targets people under the age of 35. These are the people who are the most fashion conscious. Primark has excellent µtime to market¶ and it is said that it takes them a maximum of 6 weeks to get the latest trends from the catwalks to the shop floors[11]. Primark has very clearly positioned themselves as being at the absolute bottom end of the market in terms of prices unlike some of its competitors such as Marks and Spencer which have mid range prices. Primark has a clear marketing strategy where it provides the young generation with the trendiest clothes at the lowest prices possible. This is further emphasized by its company slogan ³look good pay less´

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According to Porter[12] there are two ways a company can excel and make profits. Firstly, by the cost leadership strategy where a firm concentrates on having the lowest prices in the industry or by differentiating themselves so that they can charge a premium. Primark very evidently adopts the strategy where it tries to keep its costs as low as possible. Primark tries and effectively cuts costs at all stages of its supply chain. It out sources most of its supplies from oversees countries thus taking advantage of the low labor and land costs. Primark, due to its size, orders in bulk and thus benefits from economies of scale. It can respond quickly and effectively to the market due to its flat management structure. Unlike other competitors Primark spends no money on advertising. Primark then passes these costs savings to their customers. So far, this strategy has proved effective.

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Porters five forces

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³the state of competition in the industry depends on five basic forces´[13]. These forces are represented in the diagram below.

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Source- Porter, M. How competitive forces shape strategy. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=103&sid=0269c0c7-a2fc-4828-92be9cf6b828cedc%40sessionmgr114) Harvard Business Review, Vol.86,(1), 2008. (Accessed 15 November 2009)

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Michael porter has identified these five forces, which he says affect the competitiveness in the industry. The way these forces interact with each other and their collective strength determines the potential profit a firm can earn in an industry. It is essential that a firm evaluates these forces and builds its corporate strategy keeping these forces in mind so that it can defend itself from them or take advantage of them[14]. These forces have been critically examined in the context of the retail apparel industry in Europe.

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Supplier power

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Primark mostly buys its supplies from oversees. Suppliers are clothing manufacturers. In total they have more than 400 suppliers which are not individually very big in size[15]. As we can see Primark has a vast database of suppliers and is hence not dependant on any one them. In addition to this the cost of switching from one supplier to another is low as there are a larger number of suppliers making fairly undifferentiated products. Hence their suppliers are not powerful.

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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Buyer power

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Buyers here are individual customers. In the value apparel industry products are undifferentiated and substitutes can be found very easily. There is fierce competition. Primark is competing with brands such as H&M, Asda¶s George, Tesco and many others which are selling clothes at cut throat prices in order to attract customers. Hence Primark cannot charge high prices as firstly their competitive advantage is that they can sell good quality fashionable clothes at very low prices and secondly there are no switching costs for customers. In this sector there is also very little or no brand loyalty. Hence we can say there is high buyer power

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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New Entrants

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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In the value apparel industry, there are several barriers to entry which is an advantage for Primark. High entry and exit costs make it difficult for firms to enter. New firms can not benefit from economies of scale, which is a key factor as a firm has to have low prices in order to compete. In addition to this new firms wanting to enter the apparel industry would not have the sufficient capital required for investing in research and setting up the distribution channels. Research is crucial in order to keep up with trends, for example, due to its size and financial resources Primark is able to have people travel globally to keep up with the latest fashion worldwide . In addition to this set up costs are extremely high as new firms would not have sufficient funds to have stores in prime locations in city centers such as Primark . Recently ABF spent seventy million pounds on its new stores in Netherlands, UK and Spain[16].

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Threat of substitution

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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Typically in the 5 forces model Porters refers to a substitute as a product in another industry .This would mean customer could buy directly from manufacturers. However the substitutes here can also be seen as the vast number of competitors. There in no cost to customers for switching to other brands. Customers will choose the brand which offers them the best value for money. There is little brand loyalty in this industry. Brand loyalty is typically seen in higher range designer wear.

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Rivalry

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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In this industry the players are all fairly large. Primark has many competitors like Tesco, Asda¶s George and many more which offer similar products at equally low prices. Hence it faces fierce competition because it is in a market with many players offering similar products. The clothes can be seen as µperishable¶ as trends are constantly changing and thus firms are desperate to get rid of stocks. Furthermore in this industry exit barriers are high thus it is hard for a firm to leave. These factors make the competition very intense. Recent figures show that ³Asda now leads the clothing market with a 10.1 percent share, Primark follows closely with 9.9 percent and Marks & Spencer now sits in third place with 9.8 percent´[17]. These figures show how closely Primark is competing with other firms

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After the firm analyses the five forces that effects the level of competitiveness in the industry and their causes, the firm can identify its strengths and weaknesses and thus position itself appropriately[18]. We see that the biggest negatives for Primark here are that firstly, there are many competitors fighting for the same customers and secondly they have no control over the prices they charge as they have to make sure their prices are very competitive. Primark¶s strength is that so far they have been able to keep costs down due to their excellent supply chain . Marketing mix

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³the marketing mix is the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market´[19]. It consists of the ³four p¶s´ which are product, place, price and promotion. We see that Primark has a very simple marketing mix which relates to its simple marketing strategy.

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Product

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Primark mainly has fashionable apparel for people under 35. However they also sell accessories, footwear and home wear . Primark primarily focuses on women swear which works to their advantage as statistics show that ³Womenswear sales dominated the European apparel retail industry in 2008,generating 54.4% of the industry¶s overall revenues´[20]

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Source -Apparel Retail in Europe. [Online]. (http://web.ebscohost.com/bsi/pdf?vid=4&hid=3&sid=71068cf1-fcbe-4437-a97df3206b008999%40sessionmgr4). Reference Code: 0201-2005. 2009, September. (Accessed 15 November 2009)

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Price Primark uses cost leadership strategy, where they differentiate themselves from their customers on the basis of their very low costs. Primark has super competitive prices.

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Place Primark sells to its customers through its own shops. They have 193 stores in total. It mainly has its shops in prime locations like London¶s Oxford Street. This is a huge advantage for them as it makes it very accessible for their target market, which is people below 35.

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They describe their products as having ³Style, quality and affordable prices all rolled into one´[21]. Primark gets their products specifically made for them and they have a family of brands like Butler & Webb which has formal menswear, Active which has sports clothes for boys, Atmosphere which has women swear, footwear and accessories and Early Days which has baby wear to name a few.

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SWOT

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Promotion- Primark does not spend on advertising and promotion. Instead it depends on its customers to spread the word and on the local press. They pass on the cost savings to their customers.

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The SWOT analysis is used to critically evaluate what Primark¶s strengths and weaknesses currently are, the opportunities they have and their potential threats. Strengths

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³Our buying power allows us to buy in bulk and we pass the cost savings back to the customer. And we keep our overheads low wherever we can. With state-of-the-art logistics systems our stores have up-to-the minute fashion, as soon as it reaches us.´[22]. Primark has successfully managed to deliver good quality, low price products to its customers. As we can see above they have a cost saving strategy which allows them to do so. Primark focuses on people under the age of 35, which helps them to differentiate themselves from their competitors like TK Maxx which offers ³designer labels for less´. Primark¶s biggest competitor in the UK is Asda¶s George .They currently hold the number 1 position in terms of the volume of clothes sold[23]. However, Primark has an advantage over them as they have their stores in prime locations whereas Asda usually has stores in the outskirts of cities. Primark has over 400 1st tier suppliers which gives them a lot off flexibility and lowers their suppliers bargaining power. At the same time, the management states that ³Six out of our top 10 suppliers have been with Primark for a decade or more, as have nearly half of our top 50 suppliers and a quarter of our top 250 suppliers´[24]. The close relationship they keep with their suppliers allows their suppliers to understand the requirements of Primark and thus cater to them effectively. Less than 2% of these suppliers are in the UK or Ireland while the rest are overseas. Thus Primark takes advantage of the low labor costs across the globe and at the same time has suppliers close by to cater to urgent fashion trends. Furthermore, Primark has a research team going across the globe in order to find the latest trends so that the can provide their target market with the most fashionable clothes. It takes them only 6 weeks to get designs out of the catwalk on to their stores. Primark so far has had positive cash flows and has profits increasing every year which proves they are effectively catering to the market segment they have identified and that they have the right systems in place. Moreover, they have continuously been winning several awards each year since 2005 . They have won the value for money award by Prima High Street Fashion Awards for 3 years in succession and the Retailer of the Year award by BCSC Gold Awards 2 years in succession[25].

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Weaknesses

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Primark has been successful in establishing themselves as a good brand which is evident by their financial success. They should take advantage of this and expand to other countries and other continents. This is the right time as the world is trying to get out of recession and thus people would look for cheap , good quality and fashionable clothing. This is the period when people would be willing to try something new which is reasonably priced. In better times perhaps people would be more reluctant to try something such as Primark as it could be perceived as being cheap because it was of poor quality. Primark can take advantage of the situation and get people used to the habit of buying low priced clothes more often in order to keep up with trends. However, in doing this they must ensure that they have systems and organization in place in the new markets, which can replicate their success.

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Opportunities

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Primark¶s biggest weakness is that it has been criticized for having unethical working conditions. In 2005 it was called the least ethical clothes shop and ranked 2.5 out of 20 on an ethical index[26]. In 2008, BBC exposed Primark, when it carried out an investigation about its suppliers and found out that their oversees suppliers in countries such as India were using child labor and had poor working conditions for the workers. Primark denied having any knowledge of this and has since taken several steps to combat this issue. It now has workshops and training sessions for its suppliers overseas. It has launched an extranet service on ethical trading for oversees suppliers and has audits conducted of the suppliers by their own managers and external organizations. In addition to this they have joined several NGO¶s and is part of the Ethical Trading Initiative. Primark does not engage in any advertising. This has not been a major disadvantage to them so far as they have been able to pass on the money they save to their customers , however as competition is increasing and new firms are entering the market which are aggressively advertising and promoting their brands, Primark might have to reconsider their advertising strategy as this might be a disadvantage for them. Primark focuses mainly on women¶s apparel and does not have as vast a range for menswear as a result they could lose customers to competitors. Primark does not have an online catalogue and does not have online shopping which is rare today and a big drawback for them as most of their competitors are already have it. Another weakness is that Primark has a perception of being of poor quality and its competitors have repeatedly tried to differentiate themselves from Primark on this point. For example Sir Stuart of Marks&Spencer said ³You cannot sell a T-shirt in the UK for £2 and pay the designer and pay for the raw materials and pay the manufacturer and pay the rents and pay the rates ... and pay a fair living wage to the person who made it. I won¶t sell a T-shirt for £2.´[27] and Mr Thompson from Asda stated that they were concentrating mainly on improving their quality thus trying to distance themselves from Primark[28].

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Another big opportunity for Primark is to diversify. As they have already established themselves they should try and cater to more peoples needs. Perhaps try and target the older generation which they are not currently doing. They should also come out with other ranges of clothes such as children¶s schools uniforms and bridal wear . It is said that Asda was able to gain 1st position in the ranking of volume of clothes sold due the their ³back to school range´[29]. They have also introduced women¶s bridal gown which is only 60 pounds[30].

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Threats

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Primark¶s main threat is that it has a lot of competition from well established names such as Next, Marks&Spencer and H&M. In addition to this due to the sudden popularity of low prices apparel there might be new entrants trying to get a share of the market or already big clothes lines might make cheaper lines. Armani already has a cheaper line called Armani exchange . This is not as low priced as Primark, however, customers might be willing to pay a higher price due to the reputation Armani has. There could be a threat to their business if a competitor who is perceived to be superior in quality can match their prices. Primark has to constantly be innovating and differentiating themselves from others. Also, Due to their lack of advertising they might loose customers to their competitors

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Conclusion and Primark¶s future

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Primark¶s strategy has been clear so far and has worked very well for them. However, they need to consider how can they continue to be successful and further differentiate themselves from their competitors. To achieve this the following steps are recommended. They must continue to improve their supply chain and vendor base to maintain cost leadership and speed to market, be the first to bring the latest fashion and trends to the market, fill the gaps in their portfolio e.g. clothes for men and older people, think about advertising specially their new lines and in new markets, start an online business and implement and communicate to customers their efforts towards having the most ethical working conditions, concern for environment and human values. Furthermore, they must expand to markets where they can replicate their model. They may not be able to expand to developing and emerging markets as in these markets they may not have any competitive advantage. All in all, Primark has been extremely successful. As their chairman Martin Adamson said ³Primark, along with its competitors, operated in an extremely tough consumer environment. It was nevertheless able to deliver excellent sales and profit growth confirming that its merchandise and pricing are attractive in all market conditions"[30].

3. 4.

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