Primark has leapfrogged George at Asda to become the UK’s leading value fashion retailer, according to Verdict.

Primark has increased its market share by 4.1 percentage points to 18.5 per cent this year, while George at Asda has slipped 0.9 percentage points to 16.3 per cent over the past year.

Verdict cited Primark's addition of 2.5 million sq ft of sales space in the UK since 2002 and its continuing drive to combine fast fashion at low prices with high-quality, contemporary stores in prime locations, as reasons for its success.

Over the past decade, the value sector has grown rapidly to register sales of£8.5 billion this year, which accounts for nearly 25 per cent of all clothing expenditure in the UK.

Verdict lead analyst Maureen Hinton said: “The value sector has had a massive influence on the clothing market in the UK over the past decade, causing the whole market to shift prices down.”

However, she warned that the challenge for all value retailers will be maintaining growth and profit levels. International expansion will be critical, as they reach both space and demand capacity in the UK, she said. The top five value retailers, Primark, George, Tesco, New Look and TK Maxx, have made moves onto the Continent already – some more advanced than others, Hinton added.

Tesco, which ranked third, has a 10.9 per cent market share, New Look has 10.8 per cent and TK Maxx has a 10.7 per cent share.

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