H&M is the latest chain to be affected by COVID-19. According to the New York Post, the brand will close 250 stores in 2021. The Swedish store will instead focus more their attention on online sales.
H&M CEO said in a statement, “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 interactions that strengthen each other.”
She adds, “Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger.”
H&M currently has over 5,000 stores worldwide, so the shutdowns will account for roughly five percent.
Because of coronavirus, H&M closed around 80 percent of their shops earlier in the year, and their net sales dropped 19 percent.