The closures will account for 5 percent of the company's retail spaces.
It comes as no surprise that many businesses have lost revenue during the COVID-19 pandemic, and H&M joins the list of fashion empires that will have closed a good number of their brick-and-mortar retail stores.
In a recent press release, H&M revealed that 250 stores will close in 2021 because of the drop in sales over the last quarter and the increase of online shopping. The retailer hasn't announced exactly which stores will close, but the amount of closures will account for 5 percent of H&M's physical retail spaces.
"More and more customers started shopping online during the pandemic," following temporary store closures that, at its peak, totaled about 80% of its store count, H&M said in a statement.
Back in 1947, H&M opened its first store in Sweden, called "Hennes," after entrepreneur Erling Persson visited New York and was inspired to start a women's fashion line. In 1968, Hennes bought out "Mauritz Widforss," which was a Swedish hunting and fishing apparel retailer. With the addition of the newly aquired stores, Hennes added on to its name to become "Hennes & Mauritz." In the late '80s, they shortened the name to H&M and expanded the store to other countries in Europe. In 2000, H&M opened its first major flagship store outside of Europe in New York on Fifth Avenue. Throughout the 2000s, H&M continued to expand as a global brand and now has over 5,000 stores. This fast-fashion brand offers "world fashion and design in an exciting and sustainable way."
Courtesy of H&M's Facebook
Have you shopped at a brick-and-mortar store for clothes lately, or are you more of an online retail shopper? Has the pandemic changed your shopping habits? Let us know in the comments below!