American Shoppers And Sequential Store Reopenings Pump Up H&M Sales

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  • Date: 02-Jul-2021
  • Source: Forbes
  • Sector: Retail
  • Country: Qatar
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American Shoppers And Sequential Store Reopenings Pump Up H&M Sales

H&M store in London's Oxford Street. (Photo by Dave Rushen/SOPA Images/LightRocket via Getty Images) Swedish fast fashion house H&M has seen a progressive recovery in sales in the six months to the end of May as its shops have gradually reopened"”a signal that physical retail remains relevant to mass brands. The pandemic has heightened consumer demand for value-for-money fashion from the likes of quick-thinking retailers like Primark and Uniqlo and this has created a highly competitive environment. Some have not kept up and Gap's decision to exit company-operated stores in Britain is one example of how the once mighty can fall. H&M"”whose brands include Arket; Cos; Monki; & Other Stories; and Weekday"”has adapted quite well so far. The group's sales over the half-year to May were up 12% to reach $10. 1 billion (or 86. 6 billion Swedish Krona), helped by a 75% surge (in local currency) in the second quarter. While just over a third of the group's retail estate was temporarily closed at the end of 2020"”equivalent to around 1, 800 stores"”they were sequentially reopened as restrictions where relaxed. By March, when H&M's second quarter started, around 1, 300 stores were still closed, and by the end of

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