H&M shuts one in five stores to slash costs
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H&M closes one in five stores to cut costs: Fashion giant closes 56 stores since peak months before pandemic hit
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Swedish clothing retailer H&M has quietly closed one in five stores in the UK, The Mail on Sunday can reveal.
The fashion giant – which has become a mainstay of Britain’s high streets for the past three decades – has closed 56 stores since its peak in the months before the pandemic hit.
The H&M brand lags behind with 192 outlets as many city centers struggle to attract shoppers.
Out of fashion: H&M has closed 56 stores since peaking in the months before the pandemic hit
The cuts follow a series of announcements by well-known retail chains about reducing store numbers.
Marks & Spencer said last month it would close 67 of its 247 larger locations within five years.
John Lewis, among others, has closed 16 stores since Covid hit and Mike Ashley’s House of Fraser closed its iconic London flagship earlier this year.
Retailers have reduced the number of stores to shift investment to their online businesses. Rising costs, including wages and business rates, have also made operating locations less attractive.
Other well-known names, including Debenhams and TopShop, have completely disappeared from the high street.
H&M operates in 75 countries and employs 155,000 people worldwide. The closures are part of a broader strategy to cut costs within the group.
It opened its first UK store in 1976 as part of plans for global domination. H&M also operates COS, & Other Stories and Monki stores in the UK.