Stores of Russian brands will be opened on the site of H&M
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Retail outlets of Russian brands will be opened instead of H&M stores, said Nadezhda Tsvetkova, director and head of CORE.XP retail space leasing. Among them are Melon Fashion Group (Zarina, befree, Love Republic), Lime, Snow Queen. Also, the stores will be occupied by the Turkish brand Koton.
Ms. Tsvetkova cited Surgut City Mall as an example. In it, the H&M space was shared by Zarina and Befree. Stores are expected to open in March 2023. Befree and Kuchenland will appear in the Penza shopping center Collage in December 2022 and March 2023, respectively.
The opening date is related to the condition of the premises and the configuration (whether the entire premises is rented out or shared by several tenants). “Also, fashion brands prefer to open with a new collection, and not during the sales period of December-February,” said Ms. Tsvetkova TASS.
H&M suspended sales in Russia in early March and began winding down operations in July. As part of the liquidation process, the retailer opened stores to sell off the remaining inventory. H&M fully intends leave Russia before the end of the year. At the moment closed 80% of brand stores.
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