Overstock Is Over 1 Billion 500 Million Pounds, And Britain'S Fast Fashion Giant Primark Is Looking For Extra Warehouse Space.

As the outbreak of the new crown virus has led to the closure of stores, the fast fashion retailing giant Primark is seeking more storage space to store a large backlog of stocks.

In April, Primark said it would normally pay all orders for goods delivered in April 17th and before, with a total value of about 370 million pounds. Prior to that, Primark has promised suppliers to pay for orders already scheduled for shipment and transportation on March 18th. The value is not disclosed.

Unlike most fashion retailers, sales of Primark are all carried out through physical channels, so the nationwide blockade caused by the epidemic makes it impossible for them to sell goods in stock. According to Primark last month, the backlog of the epidemic has reduced its clothing inventory by 284 million pounds, and the monthly sales loss is around 650 million pounds.

At present, the total inventory of Primark has exceeded 1 billion 500 million. In order to store these backlog stocks, the warehouse space that Primark has already leased has increased by 40% compared to the same period last year. But this is not enough to meet their needs. Primark is also seeking short-term rental of up to 400 thousand square feet (37 thousand square meters) of warehouse space. It is not clear how long these stocks will last. A large proportion of them will not be able to start selling immediately after the outbreak. Many of them will remain in the spring and summer of 2021.

A spokesman for Primark said: "our intentions have been expressed very clearly, and we hope to ensure that more storage space is used to store the inventory we receive from suppliers."

British warehouse operators are experiencing a short-term outbreak. A large number of retailers are looking for places to store their inventory. The goods ordered before the outbreak are still arriving in the UK, making them more demanding for storage space.