H&M Shuts one in five stores to slash costs
Swedish clothing chain H&M has quietly closed one in five of its shops in the UK according to reports.
The fashion giant has closed 56 stores since its peak in the months before the pandemic struck. The Ipswich branch of H&M has confirmed that it will be closing its doors before Christmas.
It leaves the H&M brand with 192 outlets here, as many town centres struggle to attract shoppers.
The cut follows a series of announcements from famous retail groups about slashing shop numbers.
Marks & Spencer said last month it would close 67 of its 247 larger locations within the next five years.
John Lewis has shut 16 outlets since Covid struck and Mike Ashley’s House of Fraser closed its iconic London flagship earlier this year.