Stores of Russian brands will open on the site of H&M
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Russian and some foreign brands are actively replacing the closed stores of the H&M retailer, reported Nadezhda Tsvetkova, director, head of CORE.XP retail space leasing, in a comment to TASS.
“H&M sites are actively occupied by the brands of the Russian Melon Fashion Group (MFG), the Russian brand of women’s clothing and accessories Lime, the Snow Queen chain of multi-brand fashion clothing and accessories stores, as well as the Turkish fashion brand Koton and others,” she said.
For example, according to her, MFG Zarina and Befree stores will open in the Surgut City Mall shopping center instead of H&M, and Befree and Kuchenland stores will open in the Collage shopping mall in Penza.
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. Since then, the number of operating points has been reduced as the sale of product balances. One of the real estate consultants told Vedomosti that almost all the retailer’s stores would close by the end of November. On November 24, it was reported that closed already 114 H&M stores in Russia out of 146.
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.
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