“Consumers shop at Primark differently than they shop at a lot of retailers,” says Bernstein’s Jamie Merriman. “It’s almost like shopping at a Costco,”—which sells buckets of peanuts and vats of detergent—“where you’re thinking about it in terms of volume.” H&M sells an annual average of £3,400-worth of clothes per square metre in Britain, according to Bernstein. Primark sells £5,300-worth.
