 |
|
 
|
|
|
Sign up now for your FREE subscription to the interactive digital magazine.
|
|
Will open 20 fewer stores in 2010
Hennes & Mauritz AB (Stockholm, Sweden) is cutting back on its store openings plans for 2010, reports The Wall Street Journal. Its revised plans call for opening a net of 220 stores this year, compared with previous plans for 240 openings.
The fashion retailer has been on an aggressive expansion track for several years and operates about 2000 stores across 37 countries. But because of the economic downturn and fewer shopping malls being built, the company says it’s unable to find as many prime locations for new stores, reports The Journal.
H&M is the world's third-largest fashion chain by revenue, behind Gap Inc. and Spain's Inditex SA. The retailer reported profits rose 23 percent during its fiscal third quarter.
Did you enjoy this article? Click here to subscribe to the magazine.
