Penneys: one of London's biggest

Penneys, the low-price fashion retailer which trades in Britain as Primark, is to open a new shop at Oxford Street in London. Primark opened its first shop on the street three years ago and it has since consistently recorded huge sales, according to retail sources, with turnover said to be around €1.7m a week.

The new shop will be one of the biggest in London, at 85,000 square feet of the 141,000 square-foot building, being developed as part of a 50-50 joint venture between Land Securities and Frogmore Real Estate Partners.

"We are pleased to be part of this redevelopment plan and we hope the new Primark store will act as a key catalyst for the regeneration of the Tottenham Court Road end of Oxford Street," said Paul Marchant of Primark. The shop will be opposite the new Crossrail-Tottenham Court Road tube station, ensuring strong footfall.

Primark is owned by Associated British Foods, in which the Weston family, who own department store Brown Thomas, are significant shareholders.