H&M
Last year, H&M shuttered 180 stores and plans to do this to 250 more locations this year. The decision was motivated by the COVID-19 pandemic, as well as a transition to e-commerce instead. Helena Helmersson is the CEO of the fast-fashion retailer. She explained, “More and more shoppers began shopping online after the pandemic, and they are making it evident that they enjoy a comfortable and empowering environment in which shops and online connect and reinforce each other.”
H&M
Victoria’s Secret
Over the course of the next two years, Victoria’s Secret is set to shutter more stores. Last year, the clothing retailer already shuttered 250 stores in North America. In May 2020, CEO Stuart Burgdoerfer took part in an earnings call and told investors more about the upcoming closures. USA Today quoted him saying, “We will anticipate a meaningful amount of incremental store closures outside the 250 that we’re pursuing this year, suggesting there will be more in 2021 and perhaps a little more in 2022.”
Victoria’s Secret
