Fashion giant H&M has closed one in every five of its stores in the UK in order to cut costs.

The company has now closed 56 stores since its peak in the months leading up to the Covid-19 pandemic.

The retailer now has 192 stores in the UK, as town centres continue to struggle.

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Retailers have reduced the number of stores in order to shift investment to their online businesses.

Wages and business rates have also risen which makes physical store locations less appealing.

H&M operates in 75 countries and employs 155,000 people around the world.

The closures are part of a larger cost-cutting strategy across the organisation.

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H&M also announced last week that it will revamp its Regent Street store in London as part of a new strategy, with both clothing rental and a beauty bar.

Customers will be able to rent women’s and men’s partywear, including suits, dresses, shoes, and accessories, from the Swedish fashion giant.

Customers will be able to browse the rental collection online and schedule appointments to try on items in-store, with hire prices ranging from £12.99 to £49.99.

Source: Retail Gazette

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