The company expects to return to some locations where stores have been closed in recent years.H&M is considering opening smaller format stores in the UK. The Swedish giant will develop up to 8,000 square feet of formats in the local market. By comparison, the area of a standard H&M store is more than 20,000 square feet.
With the new development strategy, the company expects to return to some locations where stores have been closed in recent years. Since 2020, H&M has had to close 56 outlet stores to cut costs.
H&M first announced its intention to open smaller European stores in 2019. Four cities later, the fashion giant is ready to scale the project in one of its key markets.
In August, H&M also announced its intention to reopen most of its stores in Ukraine, which were closed in February 2022. The company also plans to launch a new retail concept in Manchester, with the prospect of rolling out a new store across the chain in the UK.
H&M (Hennes & Mauritz) is a Swedish mass fashion brand that is one of the largest and best-known brands in the world in this segment. It was founded in 1947 in Vesteros, Sweden by Erling Persson. Since then, H&M has grown into an international retailer with more than 5,000 stores worldwide.