International value fashion retailer Primark has entered the Hungarian market with its first store in the country’s capital, Budapest.
With an investment of €8 million and more than 180 jobs created locally, the store spans 33,900ft² and offers fashion, beauty and homeware products.
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The new store is Primark’s entry to its 17th international market. Hungary is also Primark’s sixth market in central and eastern Europe (CEE) where it now operates 13 stores.
The retailer can now be active in Hungary’s retail industry, which is expected to show a compound annual growth rate of more than 7% by 2027.
Primark plans three further stores in the CEE region in late 2024: in Timisoara, Romania, in Bydgoszcz, Poland, and a second location in Prague, the Czech Republic.
The retailer aims to reach 530 stores by the end of 2026 as part of its global expansion plans.
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By GlobalDataPrimark currently operates 440 stores, including a brand-new flagship in Madrid’s Salamanca district.
Primark chief executive Paul Marchant commented: “I am extremely proud of our local team in Hungary, whose dedication and hard work have driven our growth across the CEE region.”
The retailer recently announced its participation in The Fashion ReModel, a new project by the Ellen MacArthur Foundation, that aims to accelerate the adoption of circular business models across the fashion industry.
