Money Another Huge Global Retailer Plans to Close Large Number of Stores

01:05  13 february  2018
01:05  13 february  2018 Source:   247wallst.com

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H&M is not among the best-known retailers in the United States, although it has fashion stores in America. The Swedish company is one of the largest store chains in the world. As it announced its earnings for last year, management said it would close 170 stores

Update: Major retailers have already announced plans to close 1,000 stores in 2018. Here’s our list of the major retailers that closed stores in 2017 That number was revised to 3,500 in its latest news release.

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Large . The Wayne, N.J., retailer recently had announced plans to close about 180 stores , affecting approximately 4,500 workers. The latest wave of closings would cut nearly in half the number of U.S. stores it had before its bankruptcy filing, the people said.

Advertisement. The number of store closings in the US is expected to jump at least 33% to more than 12,000 in 2018, and another 25 major retailers Nearly two dozen major chains including Walgreens, Gap, and Gymboree have already announced plans to close more than 3,600 stores this year.

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Marks and Spencer plans to close 100 stores by 2022, accelerating a reorganisation that it says is "vital" for the retailer 's Many experts believe that closing a large swathe of stores is a tough but necessary step. It had intended to open 40 stores this financial year, but has cut that number to 25.

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H&M is not among the best-known retailers in the United States, although it has fashion stores in America. The Swedish company is one of the largest store chains in the world. As it announced its earnings for last year, management said it would close 170 stores, making it the most recent retailer to yield to the advance of e-commerce.

H&M Group owns a number of brands: H&M and H&M Home, COS, & Other Stories, Monki, Weekday and ARKET. Among them, the company has over 4,700 locations in 69 countries. In 2018, it will have net store growth. Management announced:

In 2018 the H&M group plans to open approximately 390 new stores and approximately 170 store closures are planned, resulting in a net addition of approximately 220 stores. New planned H&M store markets are Uruguay and Ukraine.

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Although apparel and accessories retailers have the largest global footprint, they are relatively retailer Suning Commerce Group has made a huge effort to expand its e-commerce business. The retailer plans to convert 600 of its 1,600 stores into this format in the next several years.

A shocking number of retailers have shut down locations and many more closures are coming. It released plans to close 100 stores beginning in August 2016 and had added another 68 to that list as of January 2017.

Additionally, it plans to open e-commerce operations in India, and it has just launched online businesses via franchises in Saudi Arabia, the United Arab Emirates and Kuwait.

CEO Karl-Johan Persson framed the company's challenge, which is faced by virtually every other large retailer in the world:

Our performance during 2017 was mixed, with progress in some areas but also difficulties in others. We delivered growth of 3 percent in 2017 which is clearly below our expectations. In the fourth quarter our sales overall decreased by 2 percent in local currencies. Our online sales and our newer brands performed well but the weakness was in H&M’s physical stores where the changes in customer behaviour are being felt most strongly and footfall has reduced with more sales online.

It is more than a broad hint that the future of H&M Group is not in stores but via e-commerce. And, as it expands online, it has found itself and will continue to be tremendously challenged by Amazon.com and Amazon-like operations around the world. It is only a matter of time that H&M will continue to retreat from some markets. And, eventually in most of its markets, physical stores will be harder and harder to maintain.

Like most of the few other huge global retailers, particularly Walmart, H&M has the sale heft to expand opportunistically in markets in which it believes stores can still prosper. Like Walmart, it has the balance sheet and brands to make a larger push online than almost any other retailer. However, it will need to drop its store count as it suffers from the inexorable advance of consumers who prefer to shop from their personal computers and smartphones.

Exclusive: Walmart in talks to buy more than 40 percent of India's Flipkart - sources .
A deal with Walmart would give Flipkart much needed muscle in its fight against Amazon, which has committed to investing $5 billion in India as it expands aggressively, including into online grocery deliveries. For Bentonville, Arkansas-based Walmart, a deal would open a new front in its efforts to take on Amazon, giving the world's largest brick-and-mortar retailer access to an e-commerce market that Morgan Stanley has estimated will rapidly grow to be worth $200 billion in a decade.

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