H&M COMPANY CLOSES 170 STORES

The consequences of the pandemic left their mark both on the retail industry as a whole and on its individual representatives.

The leadership of the Swedish clothing brand H&M decided to close 170 more stores selling their products all around the world.

According to the company's management, the sales of goods have fallen by half over the past few months, which cannot be said about online trading that has just “flourished”.

Speaking of the plans of the company, the CEO of H&M said that initially there was a question of closing part of the points of sale, not so many of them, but the time has made adjustments. In addition, she noted that in this situation, special attention would be paid to the issue of opening new stores.  

Despite the reduction in the number of points of sale, the Swedish retailer assures its employees that no one will be fired, as the company plans to direct its efforts to the development of online trading.

According to the company’s management, the pandemic has changed the habits of consumers - now they like to shop on the Internet, and moreover, during the quarantine period, this particular direction has shown its effectiveness and profitability.