With its Pearse Street mega-store a favourite among shoppers in Ballina, Penneys has become Ireland’s most valuable brand for the first time, overtaking long-standing leader Guinness.
Penneys, who also run a second Mayo outlet in Castlebar, recorded a 9% rise in brand value to €2.4 billion last year.
The retailer overtook AIB in second position, with a brand value of €1.9 billion and Guinness, whose brand value fell by 24% to €1.9 billion last year.
The survey was conducted by Brand Finance Ireland, who said that 2019 marked a strong year for Penneys, with the retailer – which trades as Primark outside of Ireland – celebrating 50 years in business.
It said that Penneys/Primark continued to defy the high street’s gloomy slow down with strong sales performances and consistent store openings throughout the year. The brand now has 370 stores across 12 countries.
But as of April, the retailer has been forced to close all its stores globally, suppliers have been warned that no new orders will be processed and executive staff’s pay has been cut by up to 50%.
According to the same survey, Ireland’s fastest growing brand is spirits brand Baileys.