Primark Cuts Prices by Up to 29% in Bid to Counter Shein and Temu

Primark said on Monday it is cutting prices by up to 29% across hundreds of clothing items, including jeans, jumpers and socks, as it faces pressure from online rivals Shein and Temu, according to BBC. The retailer, which has more than 190 UK stores, has been experiencing a drop in like-for-like sales and is also preparing for parent Associated British Foods to spin off the business onto the London stock market next year. Retail analyst Natalie Berg said the moves reflect a more competitive fashion market, with Primark trying to draw shoppers in with cheaper staple items in a supermarket-style tactic. Primark said the lower prices apply to selected core products, are intended to stay in place, and are being paired with improvements to quality, fit and style. BBC reported that Primark said about 85% of its products are £10 or less in its latest annual report.