Fashion giant H&M previously announced plans to reduce its portfolio across all its brands by 128 locations over a 12-month period – it will now close more sites in an effort to stay competitive
A massive retail chain will close more than 130 stores across the globe in a bid to stay competitive.
Fashion giant H&M previously announced plans to reduce its portfolio across all its brands by 128 locations over a 12-month period. Brand include Cos, Weekday, & Other Stories, Arket and H&M Home.
But H&M’s brands have already dropped from 4,166 shops to 4,036 in a year, and the retailer’s half-year report now confirms more closures are coming.
H&M, which was was founded by Erling Persson in 1947, revealed that it has shut 97 sites shops across its Asia, Oceania and Africa market.
Twenty stores were closed in Western Europe, with an additional 17 outlets closed in the Nordics and four in Eastern Europe.
“At H&M Group, we continuously evaluate and develop our store portfolio to meet our customers’ needs and offer the best possible shopping experience, both online and in our physical stores,” a spokesperson for the company told The Sun.
“As part of this ongoing work, we continue to optimise our store portfolio, with stores being opened, upgraded, and closed as needed.”
H&M’s organisational strategy also involves the launch of about 90 new shops this year. Plans to axe 170 sites will lead to a net reduction of 80 stores, however.
The retailer recently opened two shops in Southern Europe and eight new sites across North and South America.
The retailer’s first stores in Malta, Paraguay and Azerbaijan will open later this year.
