H&M to Close Stores

H&M (Stockholm) has announced that it will close stores after reporting its weakest sales in eight years. Its revenues were impacted most by a decrease in its store sales.

While it hasn’t mentioned how many or which stores it will close, it has signaled its intention to ramp up its initiatives this spring on Alibaba’s Tmall, where it will soon launch its namesake and H&M Home labels, reports Women’s Wear Daily. The company has already seen success on the platform with its brand Monki.

To improve its existing stores, it plans to incorporate an omnichannel approach. “This includes continued integration of the physical and digital stores, and intensifying the optimization of the H&M brand’s store portfolio – leading to more store closures and fewer openings,” the company said.