// H&M closes one in five of its stores across the UK
// It closed 56 stores since its peak in the months before the pandemic struck
H&M has shuttered one in five of its stores across the UK as it seeks ways to cut costs.
The fashion retailer has closed 56 stores since its peak in the months before the pandemic struck.
This leaves H&M with 192 outlets in the UK, as many town centres struggle to attract footfall.
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Retailers have cut shop numbers to shift investment to their online businesses.
Rising costs, including wages and business rates, have also made physical store locations less appealing.
H&M operates in 75 countries and employs 155,000 staff around the world. The closures are part of a wider strategy to cut costs across the group.
As part of a new strategy, H&M said last week it will revamp its store on London’s Regent Street, with both clothing rental and a beauty bar.
The Swedish fashion giant will give shoppers the option of renting womenswear and menswear partywear, including suits, dresses, shoes and accessories.
Customers will be able to view the rental range online and book appointments to try on items in-store with hire prices ranging from £12.99 to £49.99.
