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The death of the store within H&M is a direct result of the ever-changing shopping pattern among customers with an increase in online purchases and fewer visits to physical stores.
This year, H&M had planned a “net closure” of 170 stores. Now it’s changing to close 180 stores this year and next year H&M will close its doors to 250 stores worldwide. Actually, 350 stores are closed around the world, but since the company simultaneously opens 100 new stores, the total number of 250 closed H&M stores ends.
H & M’s economic recovery from the apparel giant is better than expected after the recession in relation to the corona pandemic, the company’s nine-month report shows. Already a few weeks ago, the company came out and noted that things were going better than expected after the collapse of the crown.
Analysts had on average expected a pre-tax profit of around SEK 2 billion, but it ended at SEK 2.267 billion, according to the Dagen industri newspaper.
The company’s CEO, Helena Helmersson, says the swift action made the recovery better than expected.
“Although the challenges are far from over, we believe that we have left the worst behind and we see good conditions to emerge stronger from the crisis.”it says in a press release.
Despite the result, H&M will close 250 stores next year.
