H&M plans to shutter up to 15% of its Australian store
In an attempt to shift consumers to its recently introduced online site, Swedish shopping giant H&M is planning to shutter up to seven of its Australian outlets.
Swedish retail giant H&M is reportedly looking to close as many as seven of its Australian stores in the latest blow for the battered local fashion industry.
The retailer is looking to shutter up to 15 per cent of its stores while shifting customers towards its newly launched online offering.
H&M first came to Australia in 2014, arriving in Melbourne before it expanded to 49 stores across the nation.
Its performance in Australia one of its best-performing regions also stumbled, after the company poured tens of millions of dollars into its nationwide expansion. From a profit of $2.6 million in 2018, H&M Australia clocked a full-year loss of $1.19 million.In Sydney’s north, the brand’s Chatswood store has already been shuttered.
In October 2020, H&M revealed it was closing 250 of its 5000 stores worldwide.
“More and more customers started shopping online during the pandemic,” the retailer said in a statement at the time.