Retail chain H&M has reportedly closed one in five stores in the UK to cut costs across the group.
According to British newspaper ‘The Mail on Sunday’, the Swedish fashion giant has closed 56 stores in recent years, leaving the brand with just 192 stores in the region. As early as April, the fashion retailer announced that 240 stores would be closing nationwide this year.
The company joins a number of retailers who have announced they will be reducing their store count as city centers struggle for customers.
Last month, Marks & Spencer announced that it would close 67 of its 247 major stores over the next five years. John Lewis has also closed 16 stores since the beginning of the year, while House of Fraser closed its London flagship earlier this year.
This comes at a time when retailers are facing rising costs and business fees, reducing the appeal of physical locations.
H&M operates in 75 countries and employs around 155,000 people worldwide. Last week, the retailer announced a new retail strategy that will see it transform its Regent Street store in London, adding a clothes rental and beauty bar. Customers can rent women’s, men’s and party wear, including suits, dresses and accessories.
This translated and edited post previously appeared on FashionUnited.uk.