Retailer H&M With 35 FL Locations To Close 250 Stores

Sarasota FL

03 October, 2020

2:20 PM

Description

FLORIDA — H&M, a low-cost fashion retailer based in Sweden with a heavy mall presence in Florida, said it plans to close up to 250 stores next year because of decreased foot traffic amid the coronavirus pandemic. The announcement by parent company H&M Group came in an earnings summary released Thursday. In September alone, sales decreased by 5 percent. H&M currently has 166 stores, or about 3 percent of its total number of stores, still closed. At the peak of the pandemic, about 80 percent of H&M's 5,000 stores worldwide were closed. Many stores that are open still have local restrictions and limited opening hours, officials said. For example, some mall stores in Florida have shorter hours than they did before the pandemic. More customers are shopping online, the report notes. Even before boutiques and malls were shut down by the coronavirus outbreak, traditional brick-and-mortar establishments were losing revenue and customers to e-commerce giants such as Amazon, Target and Walmart. "The rapid changes in customer behavior have been accelerated by Covid-19," according to the earnings report. "The H&M group is therefore now stepping up the pace of its transformation work further, with digital investments, optimization of the store portfolio and increasingly integrated channels." H&M officials said about a quarter of its stores have a contractual right to renegotiate or exit their leases each year and put the potential closure total at 250 stores. Specific stores slate for closure were not disclosed in the earnings report. H&M's Florida stores include: Altamonte Mall in Altamonte Springs Aventura Mall in AventuraBoynton Beach Mall in Boynton BeachCityPlace in West Palm BeachCoastland Center in NaplesCordova Mall in PensacolaDestin Commons in DestinDolphin Mall in MiamiInternational Plaza in TampaLakeland Square in LakelandLincoln Road Mall in Miami BeachMelbourne Square in MelbourneMiami International Mall in DoralMiromar Outlets in EsteroOrlando International Premium Outlets in OrlandoPembroke Lakes Mall in Pembroke PinesRosemary Square in West Palm BeachSarasota Square Mall in SarasotaSawgrass Mills in SunriseSeminole Towne Center in SanfordSt. Augustine Outlets in St. AugustineThe Avenues in JacksonvilleThe Florida Mall in OrlandoThe Galleria Fort Lauderdale in Fort LauderdaleThe Gardens Mall in Palm Beach GardensThe Mall at Millenia in OrlandoThe Mall at University Town Center in SarasotaThe Mall at Wellington Green in WellingtonThe Oaks Mall in GainesvilleTyrone Square Mall in St. PetersburgVolusia Mall in Daytona BeachWestfield Broward Mall in PlantationWestfield Citrus Park in TampaWestland Mall in HialeahWestShore Plaza in Tampa Lord & Taylor is closing all of its stores, including the last Florida location in Boca Raton, as the retailer gears up for a series of going-out-of-business sales. Other staples of the retail landscape have announced closing plans this year, which in some cases were accelerated by the pandemic. Macy's officials in February said the iconic department stores plans to close 125 stores over the next three years, representing a fifth of the retail giant's locations. Four Macy's locations at Pompano Beach, Sanford, Vero Beach and Miami are expected to close in the first part of 2020. Chains that are closing Florida stores include Pier 1 Imports, Bed Bath & Beyond, Papyrus, Gap, Motherhood Maternity, Dressbarn and more. In early June, JCPenney announced it will close 154 locations nationwide, including nine stores in Florida after filing for bankruptcy. And in May, the company that owns Victoria's Secret, PINK and Bath & Body Works stores said that a total of about 300 stories would close nationwide in the coming months. Florida has 17 PINK stores and dozens of Bath & Body Works stores. A record 9,300-plus store closings were announced in 2019, and that number could be even higher in 2020, according to a report by Business Insider. Related: Lord & Taylor Closing Last Florida Store In Nationwide ShutdownVictoria's Secret Closing 250 Stores; See Locations In FloridaMore JCPenney Stores Closing, 9 In Florida To Shut Down4 Gap Clothing Stores In Florida Close7 Florida Pier 1 Stores Marked For ClosureLucky's Market Closing All But One Florida Store