H&M Is Closing 250 Stores Worldwide

H&M Is Closing 250 Stores Worldwide

There’s more sad news on the retail front: H&M has announced plans to close 250 stores in 2021 due to the COVID-19 pandemic.

The company saw a 5% sales decline in September after it temporarily closed 80% of its brick-and-mortar locations. The good news? Online shopping continues to gain popularity.

“More and more customers started shopping online during the pandemic,” H&M CEO Helena Helmersson said in a statement. “We are increasing digital investments, accelerating store consolidation and making the channels further integrated.”

With more than 5,000 stores globally, the upcoming closures will account for 5% of the company’s total number of stores.

However, the company is looking optimistically towards the future.

“Although the challenges are far from over, our assessment is that the worst is behind us and we are well placed to come out of the crisis stronger,” Helmersson said.

We’ll be watching closely to see if there will be any more shutterings to come for this fast fashion giant.

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