Swedish fashion retailer H&M is to open its first ever store in the Eastern European nation of Bulgaria, it was confirmed today.
Contracts have been signed by the global firm on a 2,200 sq ft store in The Mall shopping centre in the country’s capital city Sofia.
Spread over two sales floors the outlet with be full-concept and bring H&M’s brand of affordable high street fashion to the ex-communist state for the very first time when it opens in March 2012.
Karl-John Persson, CEO of H&M, commented: “We see this as a natural step in our expansion strategy; to now be able to offer our customers in Bulgaria a chance to buy fashion and quality at the best price.
“We see great potential for expansion in the country.”
Bulgaria is 15th largest country in Europe and despite having several mountainous areas has a population of over seven million people.
In recent results H&M revealed a six per cent drop in like-for-like sales worldwide over July, but fast growing economies such as China and Russia still managed to produce strong growth for the firm.
Although not as dynamic and attractive as some larger growth markets, Bulgaria still has large untapped potential for retailers in contrast to the slow-growth western European economies.