Business

H&M closes 128 locations in major retail shift

The retailer is shifting its focus and making its online e-commerce platform a bigger priority. ©Image Credit: Unsplash / Sei

It's starting to feel like a landmine in the retail industry, with yet another big chain announcing closures. The fast-fashion retailer H&M has announced 128 store closures, continuing its efforts to downsize its brick-and-mortar footprint.

H&M is speeding up its downsizing goal

H&M has been restructuring for years, but it looks like the company is speeding up the process now with another 128 stores closing. This comes after they've already shuttered hundreds of stores.

The retailer blames changing consumer habits, rising operational costs, and more competition in the e-commerce space. It's all very familiar and sounds like what many big retailers are experiencing.

No retailer is immune

How widespread are these downward trends in retail? Just take a look at current headlines, and you'll see that H&M's moves aren't being made in a silo.

Consumers want bang for their buck, and if they don't feel like they're getting it, they'll shop elsewhere.

“The purpose of the change is to make sure that we become more relevant for our customers by becoming close to our customers and move mandate and decision making closer to our customers so we take quicker decisions to become more relevant,” said H&M CEO Daniel Ervér.

The e-commerce landscape has drastically changed the game

The changing landscape of e-commerce is also playing a big role. When you've got online platforms like Temu and Shein providing fast fashion at often eye-popping low prices, it's hard for any retailer to compete.

Not only do these platforms compete in terms of pricing, but you also can't argue that they beat typical retailers when it comes to variety, too.

H&M seems well aware of the competition and is shifting its focus to its online platform.

You may need to change up your habits

The next time you feel like shopping at H&M, you may need to use its retail platform instead, as more and more locations close.

Source: TheStreet

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