H&M announces store expansion in Australia
Sweden based global fashion retailer H&M has announced its store expansion plan for Australia. The retailer will open its overall 29th store in the country and 9th in Queensland next month. The fashion retailer has identified Robina Town Centre on the Gold Coast in Queensland to locate its latest store spanning 2800 sqm in the country, slated to be inaugurated on August 2.
The upcoming store will feature apparel, underwear, and accessories for men, women, kids, baby and the retailer’s home concept. In addition to Queensland store, H&M also unveiled its plan for two new openings in Melbourne later this year.
The retail expansion plan for Australia has been announced by the retailer at a time when it reported struggling performance during the first half-year concluded May 31, 2018. Increase in number of unsold clothes and logistics issues that interrupted shipments, have been cited as major reasons for this loss by the world’s second largest fast fashion retailer.
The fashion giant which has been going through a period of transformation to make the company even more customer-driven, efficient, and flexible, reported 2 per cent increase in sales including VAT during second quarter to SEK 60,463 m (59,538). Considerably faster growth in Sweden, Norway, Denmark, and Eastern Europe as compared to other markets has given a ray of hope to retailer to come out of this struggling situation. Digital investments and improvement work have started delivering results for the retailer.
