H&M ‘quietly’ closes one in five UK stores to cut costs

Retail chain H&M has reportedly closed one in five of its UK-based stores as it looks to cut costs across the group.

According to The Mail on Sunday, the fashion giant has closed 56 stores over the last few years, leaving the brand with 192 outlets in the region.

It joins a number of other retailers that have announced they would be slashing store numbers as town centres struggle to bring in shoppers.

Last month, Marks & Spencer said it would be closing 67 of its 247 larger locations within the next five years.

Additionally, John Lewis also closed the doors of 16 locations since covid, while House of Fraser shut its London flagship earlier this year.

It comes as retailers face rising costs and business rates, making physical operating sites less attractive.

H&M operates across 75 countries and employs some 155,000 staff globally.

Last week, the retailer announced a new retail strategy which will see it revamp its London Regent Street store, introducing clothing rental and a beauty bar to the location.

Shoppers will be able to rent womenswear, menswear and partywear, including suits, dresses and accessories in-store.