Business
Can Primark stay relevant, or is Shein taking over?
BBCPrimark has long been a staple of UK high streets, luring in shoppers with low-priced clothes, accessories and homeware.
But in its UK and Ireland stores, like-for-like sales – a key metric in the retail industry – were down 3.1% in the year to September, which it attributed to a “weak” consumer environment and fewer people buying winter clothes during last year’s mild autumn.
As online stores like Shein and Vinted continue to attract young shoppers, does Primark face a fight to remain relevant – or is it just fine?
“While the UK clothing market is seeing subdued growth, Primark has significantly underperformed the overall market,” says Tamara Sender-Ceron, an associate director at market-research agency Mintel, adding that it faces “increased competition”.
Some shoppers point out that online marketplaces like Shein and Temu have even lower prices, a huge range of products, and – crucially – home delivery, something Primark lacks.
At Primark’s biggest London store on Oxford Street, which BBC News visited this week, Serena Milius has just popped in with her 12-year-old daughter to look at pyjamas, socks and the new Stranger Things range.
Serena used to do most of her shopping at Primark – until Shein took over.
“Shein’s our main thing,” the 34-year-old finance manager from Tooting, south-west London, says.
She says her wardrobe is now 90% Shein, and goes to Primark for “little bits and bobs” like flipflops, candles, socks and cosmetics dupes.
Serena MiliusOthers tell the BBC they’d rather splash out on better-quality products. This includes Martha, a 23-year-old student in Leeds, who only shops at Primark for basics like T-shirts, socks, underwear and cotton buds. For other items, she turns to Weekday, Zara and independent shops.
“I like to buy more expensive items that I’m going to wear over the years,” she tells the BBC as she browses clothes in a Primark store with her mum. With Primark, “it’s not always a lasting item,” she says.
The store was busy when the BBC visited on a late Wednesday afternoon, with mainly female shoppers browsing alone or in pairs. Some said they’d gone out of their way to visit, others popping in after finding themselves in the area.
Some say they’re deterred by Primark’s huge, sprawling stores which can sometimes get very busy.
“I do not enjoy shopping in a Primark,” says Abbi Lily, a 24-year-old content creator from near Bournemouth. She describes the experience as “very overwhelming” and “overstimulating” and says it can be “impossible” to find things.
Abbi LilyShe used to buy most of her clothes from Primark, but feels it isn’t as cheap as it used to be. “They just don’t have the bargains as much anymore,” she says, echoing comments some other shoppers made to the BBC.
Though Abbi sometimes shops at Shein, she’s trying to become more “intentional” with her shopping and buy more second-hand items, including through Vinted and Depop.
A Primark spokesperson told BBC News that 85% of its products were £10 or under, and said it “continually benchmarks” its prices against competitors.
Shein uses AI to identify trends and launch “thousands of new styles daily”, says Ms Sender-Ceron at Mintel.
According to a survey by Mintel in May, 46% of UK women aged 16 to 34 had bought fashion items from Shein in the last 12 months.
It has held pop-up shops in London and this week opened its first permanent physical shop in a department store in Paris, with long queues of people waiting to get their hands on cut-price garments.
“You can buy anything from Shein,” said one shopper waiting in the French capital to visit on its opening day. “It’s such a cool thing for people my age who are struggling in this economy.”
Critics point to the environmental impact of fast fashion and working conditions in its factories. At the Paris launch, protestors gathered outside calling for a boycott of the brand.
Firas Abdullah/Anadolu via Getty ImagesShould Primark offer delivery?
With Shein specialising in delivering clothes to your door, Primark does offer click-and-collect services in its nearly 200 UK stores – but not deliveries.
Some high-street retailers have been struggling in the UK, but Primark has largely bucked the trend – it’s closing a store in Dartford, Kent, next year, which reports say will be its first store closure in a decade. It also opened dedicated Primark Home stores in Belfast and Manchester.
Primark relies on its customers shopping in bulk, Mr Stevenson says. “You might be going in for one thing, but you end up buying seven things that you hadn’t really thought about,” he says. This doesn’t happen as much with online shopping, he says.
Would Primark’s sales be boosted if it did offer delivery? Mr Stevenson is sceptical, saying “it doesn’t feel like they’re losing out by not doing that”, but that it could be an option in future.
“If you wanted to buy a couple of things from Primark for £5 each, are you going to pay 50% of that in delivery charge?” he asks. “Because buying £10 of stuff is going to cost me £5 to get it tomorrow.”
Primark’s spokesperson said that its online model was a “deliberate choice to streamline operations and pass the savings directly to customers”.
Jason Alden/Bloomberg via Getty ImagesThough Primark’s like-for-like sales in the UK and Ireland are down, “I absolutely don’t think they’re doing badly,” says Mr Stevenson, the Peel Hunt analyst. Its UK and Ireland market share has grown, according to data from market-research company Kantar.
And its total sales globally in the year to September were up 1% compared to the previous year as it opened more stores in Europe and the US.
For some shoppers, Primark will always have a hold on them. “I absolutely love Primark,” says Khloe Lightholder, a 34-year-old childcare worker from Essex.
She says Primark is “actually quite good quality for the price” and she visits every few months for a couple of hours, usually spending £200 or more on shoes, bags, perfume and homeware. She sets herself a monthly budget, “but every time I go to Primark that budget is out of the window”.
How much of a threat Shein and other budget retailers pose is an ongoing challenge, but it doesn’t feel like Primark’s brown shopping bags will disappear from our high streets any time soon.
Business
Piyush Goyal Dismisses Rahul Gandhi’s Farmer Meet Video, Rebuts ‘Fake Narrative’ On India-US Trade Deal
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The minister offered a detailed reality check to counter what he termed ‘Rahul ji’s fakery’

Goyal reiterated that Prime Minister Narendra Modi’s policies are intrinsically linked to farmer welfare. (File Photo: PTI)
Union Commerce Minister Piyush Goyal has accused Congress leader Rahul Gandhi of orchestrating a “fake narrative” aimed at provoking India’s farming community. Responding to a video released on social media by the Leader of the Opposition on Friday, Goyal dismissed the interaction as a stage-managed performance featuring Congress activists masquerading as genuine farmer leaders. He asserted that the dialogue followed a predetermined script designed to mislead the public regarding the safeguards in the recent India-US trade deal.
Rahul Gandhi has alleged that “any trade deal that takes away the livelihood of farmers or weakens the food security of the country is anti-farmer”. He was pointing to the recently concluded India-US framework agreement for bilateral trade, which is expected to be signed after tweaks by the end of March.
Piyush Goyal offered a detailed reality check to counter what he termed “Rahul ji’s fakery”, placing on record that the Narendra Modi government has fully protected the interests of annadatas, fishermen, MSMEs, and artisans. The minister categorically clarified that sensitive crops like soyameal and maize have been granted no concessions whatsoever in the agreement, ensuring that domestic farmers remain shielded from competitive pressure. He criticised the opposition for repeating “baseless allegations” in an attempt to instill unnecessary fear among the rural population.
Addressing specific claims regarding apple and walnut imports, the minister provided a technical breakdown of the protectionist measures in place. He noted that while India already imports approximately 550,000 tonnes of apples annually due to high domestic demand, the new US deal does not allow unlimited entry. Instead, a strict quota has been established, far below current import levels, and subject to a Minimum Import Price (MIP) of Rs 80 per kg. With an additional duty of Rs 25, the landed cost of US apples will be roughly Rs 105 per kg—significantly higher than the current average landed cost of Rs 75 per kg from other nations—thereby ensuring Indian growers are not undercut. Similarly, for walnuts, the US has been offered a modest quota of 13,000 metric tonnes against India’s total annual import requirement of 60,000 metric tonnes, making it impossible for the deal to harm local producers.
Goyal also took a swipe at the historical record of the Congress party, pointing out the irony of its current stance. He reminded the public that during the Congress-led UPA era, India imported nearly $20 billion worth of agricultural products, including dairy items, which the current administration has strictly excluded from the US pact. He challenged Rahul Gandhi to explain his “betrayal of farmers” and questioned how much longer the opposition intended to peddle fabricated stories.
Concluding with the slogan “Kisan Surakshit Desh Viksit”, Goyal reiterated that Prime Minister Narendra Modi’s policies are intrinsically linked to farmer welfare. He maintained that the India-US agreement is a balanced framework that opens new markets for Indian exports like basmati rice and spices while keeping the nation’s agricultural backbone secure.
February 14, 2026, 05:29 IST
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Business
AI disruption could spark a ‘shock to the system’ in credit markets, UBS analyst says
Mesh Cube | Istock | Getty Images
The stock market has been quick to punish software firms and other perceived losers from the artificial intelligence boom in recent weeks, but credit markets are likely to be the next place where AI disruption risk shows up, according to UBS analyst Matthew Mish.
Tens of billions of dollars in corporate loans are likely to default over the next year as companies, especially software and data services firms owned by private equity, get squeezed by the AI threat, Mish said in a Wednesday research note.
“We’re pricing in part of what we call a rapid, aggressive disruption scenario,” Mish, UBS head of credit strategy, told CNBC in an interview.
The UBS analyst said he and his colleagues have rushed to update their forecasts for this year and beyond because the latest models from Anthropic and OpenAI have sped up expectations of the arrival of AI disruption.
“The market has been slow to react because they didn’t really think it was going to happen this fast,” Mish said. “People are having to recalibrate the whole way that they look at evaluating credit for this disruption risk, because it’s not a ’27 or ’28 issue.”
Investor concerns around AI boiled over this month as the market shifted from viewing the technology as a rising tide story for technology companies to more of a winner-take-all dynamic where Anthropic, OpenAI and others threaten incumbents. Software firms were hit first and hardest, but a rolling series of sell-offs hit sectors as disparate as finance, real estate and trucking.
In his note, Mish and other UBS analysts lay out a baseline scenario in which borrowers of leveraged loans and private credit see a combined $75 billion to $120 billion in fresh defaults by the end of this year.
CNBC calculated those figures by using Mish’s estimates for increases of up to 2.5% and up to 4% in defaults for leveraged loans and private credit, respectively, by late 2026. Those are markets which he estimates to be $1.5 trillion and $2 trillion in size.
‘Credit crunch’?
But Mish also highlighted the possibility of a more sudden, painful AI transition in which defaults jump by twice the estimates for his base assumption, cutting off funding for many companies, he said. The scenario is what’s known in Wall Street jargon as a “tail risk.”
“The knock-on effect will be that you will have a credit crunch in loan markets,” he said. “You will have a broad repricing of leveraged credit, and you will have a shock to the system coming from credit.”
While the risks are rising, they will be governed by the timing of AI adoption by large corporations, the pace of AI model improvements and other uncertain factors, according to the UBS analyst.
“We’re not yet calling for that tail-risk scenario, but we are moving in that direction,” he said.
Leveraged loans and private credit are generally considered among the riskier corners of corporate credit, since they often finance below-investment-grade companies, many of them backed by private equity and carrying higher levels of debt.
When it comes to the AI trade, companies can be placed into three broad categories, according to Mish: The first are creators of the foundational large language models such as Anthropic and OpenAI, which are startups but could soon be large, publicly traded companies.
The second are investment-grade software firms like Salesforce and Adobe that have robust balance sheets and can implement AI to fend off challengers.
The last category is the cohort of private equity-owned software and data services companies with relatively high levels of debt.
“The winners of this entire transformation — if it really becomes, as we’re increasingly believing, a rapid and very disruptive or severe [change] — the winners are least likely to come from that third bucket,” Mish said.
Business
Without Rera data, real estate reform risks losing credibility: Homebuyers’ body – The Times of India
New Delhi: More than 75% of state real estate regulators, Reras, have either never published annual reports, discontinued their publication or not updated them despite statutory obligation and directions from the housing and urban affairs ministry, claimed homebuyers’ body FPCE on Friday. It released status report of 21 Reras as of Feb 13.The availability of updated annual reports is crucial as these contain details of data on performance of Reras, including project completion status categorised by timely completion, completion with extensions, and incomplete projects. The ministry’s format for publishing these reports also specifies providing details such as actual execution status of refund, possession and compensation orders as well as recovery warrant execution details with values and list of defaulting builders.FPCE said annual report data is not only vital for homebuyers to assess system credibility, but is equally necessary for both state and central govts to frame effective policies, design incentivisation schemes, and develop tax policy frameworks.“Unless we have credible data proving that after Rera the real estate sector has improved in terms of delivery, fairness, and keeping its promises, we are merely firing in the air,” said FPCE president Abhay Upadhyay, who is also a member of the govt’s Central Advisory Council on Rera.As per details shared by the entity, seven states — Karnataka, Tamil Nadu, West Bengal, Andhra Pradesh, Himachal Pradesh and Goa — have never published a single annual report since Rera’s implementation, and nine states, including Maharashtra, Uttar Pradesh and Telangana, which initially published reports, have discontinued the practice.Upadhyay said when regulators themselves don’t follow the law, they lose the legal right to demand compliance from other stakeholders. “Their failure emboldens builders and weakens the very system they are meant to safeguard,” he said.
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