In place of the closed flagship H&M, Stockmann may open
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The Stockmann chain of stores is negotiating the lease of space in the Actor Gallery complex on Tverskaya in Moscow, where the flagship store of the H&M retailer that left Russia used to be. About it told network CEO Gennady Levkin in a comment to TASS.
“We are in negotiations with the landlord… Yes, we want to open [универмаг]. Good place, we are waiting for the decision of the landlord,” he said.
If the negotiations are successful, a classic Stockmann department store will be opened in this place, the investment will amount to at least 100 million rubles, Levkin added.
The Russian Council of Shopping Centers (RSTC) specified to the agency that other large retailers were also interested in the H&M space in Akter Gallery, negotiations are ongoing.
H&M closed 185 Russian stores in March of this year. But in August, he opened most of them for sales before finally leaving both Russia and Belarus. H&M predicted that leaving Russia, the company’s sixth largest market by revenue, would cost it $200 million and mean layoffs of 6,000 employees. How reported Izvestia, citing the retailer’s press service, on December 5, all H&M stores in Russia closed.
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