H&M shuts down high-profile Singapore store

H&M closes its store in Ion Orchard shopping mall in Singapore, after more than a decade at the site.

“We are closing March 12, 2023,” the brand announced on its social media, saying “they hope customers would meet them in other locations.”

The move followes the closure of two other H&M Singapore stores in 2020 and 2021.

H&M has gradually been shrinking its portfolio of global retail stores. Last year alone it closed 185 stores and instead focused on increasing its digital presence.

The Swedish group recently reported a large dive in the operating profits for September-November.

The group’s fourth quarter’s operating profit was US$79.7 million against $607.8 million the year before.

Source: insideretail.asia

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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