H&M is one in a growing number of UK retailers to confirm several store closures across the country. In the latest hit to the high street, the fashion brand has blamed a “rapid change in customer behaviour” for the decision. A handful of stores will shut their doors for good in the coming weeks and months. Locations spanning as far north as County Durham down to the Isle of Wight off the south coast, are said to be affected. A spokesperson for H&M UK & Ireland said: "During the last few years, we have seen a rapid change in customer behaviour that we cannot ignore. We continuously need to evaluate and develop our business to meet our customers’ needs and offer the best possible shopping experience, whether it’s online or in our physical stores, this means that we sometimes need to close stores." The announcement comes at a time where H&M has been bearing the brunt of rising costs during the ongoing financial crisis hitting the country. The chain’s profits were down significantly between the September to November quarter. Explaining the decision further, speaking at a news conference on January 27, H&M’s chief executive Helena Helmersson, said: “Rather than passing on the full cost to our customers, we chose to strengthen our market position further. It will still be very challenging in the first quarter of 2023, and then of course we need to increase prices”.
