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Credit: H&M
Credit: H&M

H&M closes one fifth of its stores in Spain

H&M Group brands are available in 4,375 stores in 77 markets worldwide and online in 60 markets via physical and digital channels.

With such a large number of locations and changing shopping behavior, it is important to remain competitive. This may also include the closure of stores for economic reasons.

A development that is not only evident at H&M, other brands are also focusing on their flagship stores, expanding them to attract even more customers and abandoning the smaller, less efficient locations.

Angeles Rodriguez, a CCOO chairman, said the unions were surprised by the layoff announcement.
“The company has never exhibited strange behavior and has stuck to a wage increase agreed to last year,” she said. H&M had granted substantial pay rises last year after workers protested and went on strike.

“We believe that the measure is too aggressive and that it is possible to look for solutions that do not involve job losses,” the union said.

Jobs have already been cut worldwide in recent years, with around 400 redundancies in 2021 and around 1,500 the following year.

In the global ranking of listed clothing retailers, H&M follows the Spanish Inditex Group in second place.