H&M shuts one in five stores to slash costs

Date:


H&M shuts one in five stores to slash costs: Fashion giant closes 56 stores since its peak in months before pandemic struck

Swedish clothing chain H&M has quietly closed one in five of its shops in the UK, The Mail on Sunday can reveal. 

The fashion giant – which has become a mainstay of British high streets over the past three decades – has closed 56 stores since its peak in the months before the pandemic struck. 

It leaves the H&M brand with 192 outlets here, as many town centres struggle to attract shoppers. 

Out of fashion: H&M has closed 56 stores since its peak in the months before the pandemic struck

Out of fashion: H&M has closed 56 stores since its peak in the months before the pandemic struck

The retrenchment follows a series of announcements from famous retail groups about slashing shop numbers. 

Marks & Spencer said last month it would close 67 of its 247 larger locations within the next five years. 

John Lewis has shut 16 outlets since Covid struck and Mike Ashley’s House of Fraser closed its iconic London flagship earlier this year, among others. 

Retailers have cut shop numbers to shift investment to their online businesses. Rising costs, including wages and business rates, have also made operating sites less attractive. 

Other household names, including Debenhams and TopShop, have disappeared from high streets altogether. 

H&M operates in 75 countries and employs 155,000 staff around the world. The closures are part of a wider strategy to cut costs across the group.

It opened its first British store in 1976 as part of plans for global domination. H&M also operates COS, & Other Stories and Monki stores in the UK. 

Advertisement



LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

‘I have to go!’ Emma Bunton waves goodbye to hosts as she walks off Sunday Brunch

On the most recent instalment of Sunday Brunch,...

Xi Jinping set to unleash ‘brutal military repression’ to stop lockdown protests in China

Australian MP Michael Danby has blasted the hard internal...

Meghan and Harry's HRH 'titles will be removed' after 'provoking' the King, claims expert

Meghan Markle and Prince Harry's six-part Netflix docuseries...

Christmas misery as more than one third say they will spend less on festive season

According to the polling the worst hit are...