H&M Slows Expansion Plans For 5,000 Stores Globally
Fashion retail giant H&M first reached Singapore’s shores in 2011, welcomed by massive queues at their flagship Somerset outlet.
9 years on, the brand has expanded to the far reaches of the West and East on our island. But like many other brick & mortar stores, they are dealing with the economic fallout of 2020’s Covid-19 pandemic.
H&M announced plans to push for online retail in 2021, justifying at least 250 store closures globally, reports BBC.
More details on exactly where these store closures are located will probably be released, closer to the date.
Online retail strategy for 2021
Some of us may already be used to ordering clothes via online portals, having them delivered for free or returned at no charge.
H&M hopes to delve into a slice of the online retail pie, with this strategy.
As one of the largest retailers for clothes in the world, industry leaders are looking to them for direction on whether there’s still a demand for the physical retail scene.
H&M will be set to delay expansion of physical stores, consistent with their strategy before the onset of Covid-19, as rival brands aim to invest resources in catering to the convenience of purchasing clothes online.
Better Q3 profits than expected
Though we will miss walking in stores to hunt for that perfect pair of jeans, the store closures by the brand could be a smart move to cut their losses.
H&M shared that they believed the “worst is behind us” and that with prudent measures, they will survive the crisis & emerge “stronger”.
10 H&M outlets in S’pore remain
As for Q3 profits, the brand also posted better results than expected. Hopefully, this is a sign that things are on the uptick for the second largest fashion retailer in the world.
There are 10 H&M outlets currently in Singapore, based on their store locator function online here.
You can check which is nearest you, if you plan to head down for a spot of retail therapy.
Hang in there, H&M Singapore
The satisfaction of matching your latest date-night ensemble in a dressing room can’t be replicated online, but it may soon become the new normal as stalwart fashion retailers adapt to the new normal.
However, we do hope that H&M Singapore stores will remain well-placed to ride out the crisis, despite the store closures that are planned for 2021.
You’ll still be missed H&M Tampines Mall (2015-2020).
Featured image adapted from Google Maps.
