H&M Group, the renowned fast-fashion company, has unveiled plans to bolster its physical store presence by investing in refurbishments and strategic openings. Despite recent closures in response to growing e-commerce trends, the company intends to slow down the pace of shutdowns this year. In 2023, while 101 new stores were launched, 197 were closed globally. This year, around 100 new stores are slated for opening while approximately 160 will close, with a net reduction of 60. Notably, H&M will refurbish roughly 250 stores worldwide, aiming to enhance customer experience and sustainability initiatives.
Former CEO Helena Helmersson emphasized the significance of physical stores in providing customers with inspiration and the opportunity to try on clothes. The company’s commitment to sustainability is evident in its store operations, with initiatives such as repair services and the use of RFID technology for inventory management. H&M also plans to expand into new markets, with the H&M brand set to debut in Brazil by 2025.
Despite a slight decline in Q1 sales, H&M remains optimistic about its future prospects, focusing on enhancing the shopping experience and strengthening its global footprint.
