H&M To Open 335 Stores, Mostly Outside Of The U.S. And Europe

H&M will shift its expansion strategy toward developing markets in fiscal 2019. The retailer plans to open a total of 335 stores, mostly outside the U.S. and Europe, and shutter 160 others. Europe will be hit hardest by the closures; H&M plans to reduce its footprint on the continent by approximately 50 locations.

The retailer improved net sales by 5% in fiscal 2018, but that improvement was lower than Wall Street expectations, according to Springfield News-Sun. Norway (where overall sales fell 4%) and the U.S. (down 2%) were two of the retailer’s most challenging markets, while 38% online sales growth in the UK offset a 1% brick-and-mortar sales decline, resulting in…