Fashion Retailer H&M With 35 FL Locations To Close 250 Stores

FLORIDA — H&M, a low-cost fashion retailer based in Sweden with a heavy mall presence in Florida, said it plans to close up to 250 stores next year because of decreased foot traffic amid the coronavirus pandemic.

The announcement by parent company H&M Group came in an earnings summary released Thursday.

In September alone, sales decreased by 5 percent. H&M currently has 166 stores, or about 3 percent of its total number of stores, still closed. At the peak of the pandemic, about 80 percent of H&M’s 5,000 stores worldwide were closed.

Many stores that are open still have local restrictions and limited opening hours, officials said. For example, some mall stores in Florida have shorter hours than they did before the pandemic. More customers are shopping online, the report notes.

Even before boutiques and malls were shut down by the coronavirus outbreak, traditional brick-and-mortar establishments were losing revenue and

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Fashion Retailer H&M With 16 GA Locations To Close 250 Stores

GEORGIA — H&M, a low-cost fashion retailer based in Sweden with a heavy mall presence in Georgia, said it plans to close up to 250 stores next year because of decreased foot traffic amid the coronavirus pandemic.

The announcement by parent company H&M Group came in an earnings summary released Thursday.

In September alone, sales decreased by 5 percent. H&M currently has 166 stores, or about 3 percent of its total number of stores, still closed. At the peak of the pandemic, about 80 percent of H&M’s 5,000 stores worldwide were closed.

Many stores that are open still have local restrictions and limited opening hours, officials said. For example, many mall stores in Georgia do not open until 11 a.m. and close an hour or more earlier than they did before the pandemic. More customers are shopping online, the report notes.

Even before boutiques and malls were shut down by

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Fashion Retailer H&M With 16 MD Locations To Close 250 Stores

MARYLAND — H&M, a low-cost fashion retailer based in Sweden with a heavy mall presence in Maryland, said it plans to close up to 250 stores next year because of decreased foot traffic amid the coronavirus pandemic.

The announcement by parent company H&M Group came in an earnings summary released Thursday.

In September alone, sales decreased by 5 percent. H&M currently has 166 stores, or about 3 percent of its total number of stores, still closed. At the peak of the pandemic, about 80 percent of H&M’s 5,000 stores worldwide were closed.

Many stores that are open still have local restrictions and limited opening hours, officials said. For example, many mall stores in Maryland do not open until 11 a.m. and close an hour or more earlier than they did before the pandemic. More customers are shopping online, the report notes.

Even before boutiques and malls were shut down by

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Why The Fashion Retailer Is Closing 250 Locations

Fashion retailer H&M (HM-B.ST) is looking to close 250 brick-and-mortar stores by 2021 as it sees a consumer shift to online shopping.

H&M said the coronavirus pandemic has sped up the digital shift for consumers, making it necessary for it to accelerate its store closing plan. The company said a net decrease of 50 stores will occur in 2020, with 350 stores to close in 2021. This will create a net decrease of about 250 stores as just over 100 new locations will open in the same year. H&M previously announced it would be closing 170 stores in 2020. 

Based on the impact of the coronavirus, H&M said it renegotiated or exited about a quarter of its rental leases as it looks to improve rental terms at its stores. The company is the first retailer to announce store closures in October and follows location closure announcements by American Eagle, Century

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