H&M will reportedly open up 240 stores across the board (primarily in China and the United States) in the fourth quarter — potentially three a day. H&M is expanding in a maybe risky market.
“We have a positive long-term view on China, our position there is strong, as is our profitability. As far as the overall Chinese market goes in the third quarter we have heard that there has been a slight slowdown from very a strong sales pace increase to somewhat calmer levels,” CEO Karl-Johan Persson said to the newspaper.
It’s a good place to be for H&M; the retail giant’s sales increased by 11% in China in the third quarter. Still, betting on China’s consumers isn’t the sure thing it once was. The country’s employment market has shown strains and economists are quickly ratcheting down expectations for economic growth. In July, Dalian Wanda, announced that it would close 80 karaoke dens and 40 department stores in the country……..
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