H&M Closes More Stores To Beef Up Online Offerings

On Friday, fast-fashion giant announced that they would close 170 of their brick and mortar stores in 2020.

This is 40 more stores than the Swedish brand planned for, after a 50% sales drop due to the coronavirus lockdown.

According to Business Insider, H&M says that they're focusing on beefing up their online sales.

H&M Group CEO Helena Helmersson said "...The rapid changes in customer behavior caused by the pandemic will further speed up the digitalization of fashion retail." H&M isn't the only retail brand to make a shift towards online shopping.

Inditex, which owns Zara and Massimo Dutti, will also be closing up to 2,200 stores as they ramp up their online sales.

Analysts believe that the pandemic will change how people shop, and that those more interested in online shopping will stay with it.