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