Value fashion giant Primark will become Britain’s “sharpest and most feared” retailer replacing Tesco, according to Verdict Research.
Verdict reported that value for money will be the prime focus of any retailer which wants to survive the global downturn as clothing volumes fall.
Verdict forecasts that this year will be one of the worst for the pan-European clothing sector, which is set to decline by 5.2% to EUR274 bn (£248 bn).
Verdict senior analyst Daniel Lucht said: “As Tesco’s halo has slipped somewhat in the recession, Ireland’s Primark is set to take up the torch of sharpest and most feared retailer from the British Isles.”
Verdict said that clothing retailers have reacted to the recession with understated fashion ranges, cut backs on inventory and a reliance on sales.
Verdict added that plunging consumer confidence and spending levels sparked by unemployment fears and the credit crunch will lead to “a strong and deep value focus” among retailers over the next five years.
Verdict predicted that European value players such as H&M, Primark and Kiabi will be best placed to prosper.