UK giant H&M to close more than 130 stores in major blow for High Street

Brands include Cos, Weekday, H&M Home, & Other Stories and Arket. H&M’s brands have already dropped from 4,166 shops to 4,036 in a year.

The retailer’s half-year report now confirms additional closures.

H&M, which was founded by Erling Persson in 1947, said that it has shut 97 sites shops across its Asia, Oceania and Africa market.

20 stores were closed in Western Europe, 17 outlets shut in the Nordics and four in Eastern Europe.

“At H&M Group, we continuously evaluate and develop our store portfolio to meet our customers’ needs and offer the best possible shopping experience, both online and in our physical stores,” a spokesperson for H&M told The Sun.

“As part of this ongoing work, we continue to optimise our store portfolio, with stores being opened, upgraded, and closed as needed.”

The company’s organisational strategy also involves the launch of about 90 new shops this year, however, plans to close 170 sites will lead to a net reduction of 80 stores.

The group recently opened two shops in Southern Europe and eight new sites across North and South America.

Its first stores in Malta, Paraguay and Azerbaijan will open before the end of the year.