Massive Clothing Retailer is Planning to Close Some of Its Stores for Good
A well-known clothing retailer is planning to close down some of its stores in the future.
Massive retailer H&M recently announced that it is anticipating more store closures in the company’s future, mainly due to low physical sales.
While H&M has continued to grow throughout the year, the company states that growth was dampened by sales development falling significantly below expectations during the year’s fourth quarter (September 1, 2017 to November 30, 2017).
The quarter was weak for the brand's physical stores, citing “a challenging market situation with reduced footfall to stores due to the ongoing shift in the industry.” Meanwhile, the brand’s online sales are continuing to do well, indicating a push for H&M to start taking a more digital approach.
In order to meet customer demands, the company is focusing on integrating its physical and digital stores, a move that it believes will inevitably lead to more store closures and fewer openings.
At this time, the brand has not stated exactly which of its stores and locations are at risk of closing.
There are H&M stores at Oakville Place and Mapleview.