Penneys to invest €40m to expand presence in Portugal

Four new stores creating 500 jobs

The company now operates across 17 different markets.

Fashion retailer Penneys has announced a €40m investment to expand its presence in Portugal.

The retailer, which operates as Primark outside Ireland, will open four new stores, adding 500 jobs. It brings to 14 the number of stores it operates in Portugal having first established an outlet there in 2009. The company said the expansion increases its selling space in the country by 30%.

The invesatment in Portugal is is part of the retailer’s growth plans to expand across new and existing markets. It aims to reach 530 stores by 2026. Last month, Primark entered its 17th market, opening its first store in Budapest, Hungary. It continues to invest in Ireland with a new store in Bray, Co Wicklow expected to open this summer.

"Since opening our first store 15 years ago, we have built such a strong business here with a huge base of loyal Primark customers," Nelson Ribeiro, Head of Sales Primark Portugal said.

"Primark is a retailer built entirely around our stores, so we know that a big part of our success is our committed retail colleagues who have supported us every step of the way and have been our best ambassadors in helping Portugal fall in love with Primark. 

"We are excited to keep growing, investing in more stores, creating even more jobs, and introducing even more Portuguese shoppers to our incredible style and value.”