LOS ANGELES - Fast-fashion giant H&M announced that it plans to close 350 stores in 2021 while opening 100 new stores — resulting in a net decrease of around 250 locations next year.
The retailer was forced to close 80% of its locations due to the ongoing coronavirus pandemic, and according to a news release by the company, sales decreased in September of 2020 by 5% compared to the same month last year. “More and more customers started shopping online during the pandemic, and they are making it clear that they value a convenient and inspiring experience in which stores and online interact and strengthen each other,” said Helena Halmersson, CEO.